Extant theories suggest that individuals' perceptions of the fairness of their pay causally intervene between the salary/wages they receive and their emotional responses (e.g., satisfaction) to that level of pay. In addition, the impact of an event evaluated by an individual as unfair may depend on the importance of fairness to that individual - an unfair event has a greater effect for those who place greater importance on distributive justice. Despite the centrality of these arguments in the justice literature, current research has not adequately tested them. This article proposes a general theoretical model based on these arguments. It then estimates a structural equation model using data from a national sample of Protestant clergy. Findings support both the mediating role of ministers' perceptions of distributive justice and the moderating role of the importance of justice in explaining their level of pay satisfaction. Notes, figure, tables, appendix, references