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Title: |
Employment Agreement |
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Date: |
2005 |
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Preview shows 5KB of 20KB total |
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Price: |
$30 |
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ID: |
#839132 |
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EMPLOYMENT AGREEMENT
This Employment Agreement is entered into as of the date set forth below by and between EAST-WEST BANK, (hereinafter referred to as "Company"), and William J. Lewis hereinafter referred to as "Executive").
W I T N E S S E T H
WHEREAS, in order to insure the successful management of its business, Company desires to avail itself of the experience, skills, abilities and knowledge of Executive; and
WHEREAS, both the Company and the Executive desire to embody the terms and conditions of Executive's employment in this written agreement which supersedes all prior agreements, whether written or oral; and
WHEREAS, the employment, the duration thereof, the compensation to be paid to Executive, and other terms and conditions of employment provided in this Agreement were duly fixed, stated, approved and authorized for and on behalf of the Company by action of its Board of Directors at a meeting held on January 23, 2002, at which meeting a quorum was present and voted, exclusive of Executive.
NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions, hereinafter set forth, the sufficiency of which is acknowledged, the parties hereto covenant and agree as follows:
1. TERM
Company agrees to employ Executive as Executive Vice President and Chief Credit Officer, and Executive hereby accepts employment with Company commencing on January 28, 2002 ("Commencement Date") and shall continue until terminated as set forth below. The period of employment shall be referred to herein as "the Term".
2. DUTIES
2.1 Generally. At the commencement of this Agreement Executive shall serve as Executive Vice President and Chief Credit Officer subject to the powers by law vested in the Board of Directors of Company and in Company's shareholders. During the term of this Employment Agreement, Executive shall perform his duties faithfully, diligently and to the best of his ability, consistent with the highest and best standards of the banking industry and in compliance with all applicable laws and the Company's Articles of Association and Bylaws. The Executive may be assigned other titles and job responsibilities at the sole discretion of the Company.
2.2 Performance. Executive shall devote substantially his full energies, interest, abilities and productive time to the business of the Company. Executive shall at all times loyally and conscientiously perform all of these duties and obligations hereunder and shall at all times strictly adhere to and obey, and instruct and require all those working under and with him strictly to adhere and obey, all Company policies and procedures whether written or oral and all applicable federal and state laws, statutes, rules and regulations to the end that the Company shall at all times be in full compliance with such laws, statutes, rules and regulations.
3. COMPENSATION
3.1 Operating Period. During the Term, Executive shall receive an annual base salary in the amount of One Hundred Sixty Thousand Dollars ($160,000.00) payable in accordance with the normal payroll practices of the Company. Annual salary increases shall be according to Company policy which are based on merit and the Company's financial performance for the previous year. Annual increases are in the sole discretion of the Company.
3.2 Bonus. In addition to the base salary set forth in Section 3.1 hereof, during the Term, Executive may participate in the Company's Management Incentive Program with the opportunity to earn an annual bonus, based upon achievement. Bonus potential is established pursuant to the Management Incentive Program currently at 30% of calendar year base salary earnings prorated for service less than the full twelve (12) month cycle. The percentage may be changed at the sole discretion of the Company with or without notice. Executive shall not receive any bonus if employment is terminated prior to Executive completing any full calendar year and being employed on the bonus payment date, which is generally in the first quarter of the next calendar year; there shall be no proration of bonus earnings. Executive is guaranteed 30% bonus payment for 2002 actual earnings if employed on the payment date for 2002 bonuses.
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