SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company or the Banks. Payments pursuant to this Agreement shall be allocated between the Company and the Banks in proportion to the approximate level of activity and the time expended on such activities by the Executive as determined by the Company and the Banks on a quarterly basis, unless the applicable provision of this Agreement specifies that the payment shall be made by either the Company or the Banks. In no event shall the Executive receive duplicate payments or benefits from the Company and the Banks.
Appears in 4 contracts
Samples: Employment Agreement (Bankwell Financial Group, Inc.), Employment Agreement (Bankwell Financial Group, Inc.), Employment Agreement (Bankwell Financial Group, Inc.)
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company or the BanksBank. Payments pursuant to this Agreement shall be allocated between the Company and the Banks Bank in proportion to the approximate level of activity and the time expended on such activities by the Executive as determined by the Company and the Banks Bank on a quarterly basis, unless the applicable provision of this Agreement specifies that the payment shall be made by either the Company or the BanksBank. In no event shall the Executive receive duplicate payments or benefits from the Company and the BanksBank.
Appears in 4 contracts
Samples: Employment Agreement (Bankwell Financial Group, Inc.), Penko Ivanov Employment Agreement (Bankwell Financial Group, Inc.), David Dineen Employment Agreement (Bankwell Financial Group, Inc.)
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company or the BanksBank. Payments pursuant to this Agreement shall be allocated between the The Company and the Banks in proportion to the approximate level of activity Bank shall be jointly and the time expended on such activities severally liable for any obligations imposed by the Executive as determined by the Company and the Banks on a quarterly basis, unless the applicable provision of this Agreement specifies upon the Company; provided, however, that the payment shall be made by either the Company or the Banks. In in no event shall the Executive receive duplicate payments or benefits from the Company and the BanksBank.
Appears in 1 contract
Samples: Gruseke Employment Agreement (Bankwell Financial Group, Inc.)
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company or the BanksBank. Payments pursuant to this Agreement shall be allocated between the Company and the Banks Bank in proportion to the approximate level of activity and the time expended on such activities by the Executive Vice Chairman as determined by the Company and the Banks Bank on a quarterly monthly basis, unless the applicable provision of this Agreement specifies that the payment shall be made either by either the Company or the BanksBank. In no event shall the Executive Vice Chairman receive duplicate payments or benefits from the Company and the BanksBank.
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