Paramount Bank Executive Bonus Plan for 2005

Summary

This agreement outlines the 2005 Executive Bonus Plan for Paramount Bank, covering participants Buddy Bryant, Rodney Mitchell, and Sarita Grace. The plan establishes a bonus pool based on a percentage of participants' base salaries and sets financial and performance goals, including net earnings, asset levels, and credit quality. Bonus distribution depends on the bank's return on average equity, with specific percentages allocated based on performance. Individual bonus amounts are recommended by the Compensation Committee and approved by the Board of Directors, with input from the CEO for certain participants.

EX-10.2 3 c93707exv10w2.txt FORM OF PARAMOUNT BANK EXECUTIVE BONUS PLAN FOR 2005 EXHIBIT 10.2 PARAMOUNT BANK EXECUTIVE BONUS PLAN FOR 2005 Participants - Buddy Bryant - Rodney Mitchell - Sarita Grace Accrual of Bonus Pool: ____% of the base salaries of the participants as of 1/1/05: Goals: - Net Earnings After Tax of $ _____________________________ - Total Assets on 12/31/05 of $ ___________________________ - Loan Loss Provision of no more than $ ___________________ - Maintain/improve credit quality - Reduce ORE and non-accruals - Maintain current rating - Develop "A" employees Amount of Pool to be distributed to the Group: Return on Average Equity Distribution 0-4% 0% 5% 50% 6% 60% 7% 70% 8% 80% 9% 90% 10% 100% 11% 110% 12% 120% Amount of Distribution to be allocated to Individuals: - - Buddy Bryant - suggested by the Compensation Committee and determined by the Board of the Directors - - All other - with guidance from the CEO, suggested by the Compensation Committee and determined by the Board of Directors