The Employee shall be entitled to twenty (20) days of vacation per calendar year (January 1 through December 31) in accordance with the policies that the Board periodically establishes for certain senior management employees of the Bank, which shall comply with any applicable federal or state laws or policies. Employee’s days of vacation shall be prorated in the first and final calendar years of this Employment Agreement. Vacations shall be scheduled in a reasonable manner approved by the CEO. The Employee shall not be entitled to receive any additional compensation from the Bank on account of his failure to take a vacation nor shall he be entitled to accumulate unused vacation from one fiscal year to the next, except to the extent authorized by the Board.