This excerpt taken from the SIFI DEF 14A filed Apr 9, 2007.
SI Financial and Savings Institute have entered into employment agreements with Messrs. Brouillard and Hull. The employment agreements provide for a three-year term and may be renewed by the Board of Directors on an annual basis for an additional year, unless written notice of non-renewal is given. The current base salaries under the employment agreements for Messrs. Brouillard and Hull are $283,199 and $172,000, respectively. The Compensation Committee of the Board of Directors reviews each executives base salary on an annual basis. In addition to the base salary, the employment agreements provide for, among other things, discretionary bonuses, participation in stock benefit plans and other fringe benefits applicable to executive personnel. The employment agreements also provide the executives with certain benefits and payments upon termination of employment. See Potential Post-Termination Benefits Employment Agreements.
Savings Institute will pay all reasonable costs and legal fees paid or incurred by Messrs. Brouillard or Hull in any dispute or question of interpretation relating to the employment agreements if they are successful on the merits in a legal judgment, arbitration or settlement. SI Financial and Savings Institute will also indemnify the executives to the fullest extent legally allowable. If Messrs. Brouillard or Hull terminate employment for reasons other than cause or in connection with a change in control (as defined in the agreements) the executives will be subject to a one year non-competition agreement.