Management Incentive Compensation Plans for Directors and Officers
This agreement outlines the incentive compensation plans for directors and officers of the company. Under these plans, directors' fees and certain officers' cash awards are tied to the performance of the company's operating subsidiaries. The Board of Directors sets annual performance goals that determine the amount of compensation awarded. The plans are designed to align compensation with company performance and are reviewed and adjusted each year.
EXHIBIT 10.4
MANAGEMENT INCENTIVE COMPENSATION PLANS
(SUMMARY)
The Registrant has established a Directors’ Incentive Compensation Plan and an Officers’ Incentive Compensation Plan pursuant to which portions of directors’ fees and certain officers’ cash awards, respectively, are determined based upon various performance measures of the Registrant’s operating subsidiaries. Target levels of performance goals are determined by the Registrant’s Board of Directors on an annual basis.
