CrossFirst Bankshares, Inc. Annual Incentive Plan (AIP) Award Worksheet and Terms

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the Annual Incentive Plan (AIP) for eligible employees of CrossFirst Bankshares, Inc. It specifies how incentive payouts are calculated based on company and individual performance metrics over a calendar year. Employees must remain in good standing and in an eligible role through the end of the performance period to receive payment. The company may adjust, reduce, or recover payouts under certain conditions, including poor performance or as required by company policy. All payments are subject to tax withholding, and employment remains at-will.

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EX-10.5 3 exhibit105.htm EX-10.5 exhibit105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Incentive Plan (AIP) Worksheet
Pursuant to the CrossFirst Bankshares, Inc. Annual Incentive Plan (Amended and Restated February 26, 2020)
Employee Name:
Employee Title:
Employee Department:
Base Salary:
$
 
___________
Target Incentive:
__% of Base Salary
Target AIP Opportunity:
$
 
__________
Stretch Incentive:
___% of Base Salary
Stretch Opportunity:
$
 
___________
Total Maximum AIP Opportunity:
Your AIP payout for the period
 
will be based on attainment of the following performance metrics.
 
The applicable targets for each performance metric and each
applicable payout percentage are listed below.
 
Your AIP payout percentage will be
 
interpolated on a straight-line basis for performance between the listed achievement
levels and rounded to the nearest tenth of a percentage.
Performance Metric
AIP Plan
Weighting
Threshold
 
(50%
payout)
Target
 
(100%
payout)
Bank Performance
70%
Individual Performance
30%
Total Weighting
100%
1 Funding of the total AIP pool for CrossFirst Bankshares, Inc. (the Company) is based on the attainment of Adjusted
 
PPCM of the Company. If the Company
achieves Adjusted PPCM at Target, 100%
 
of the pool for all employees assigned to the Company eligible for AIP during the performance period may be funded.
 
If the attainment of Adjusted PPCM for the Company is less than Target,
 
the total AIP pool for the Company will be funded at an amount less than Target
 
using
linear interpolation.
Employee
Manager
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Payment Terms, Schedule and Criteria
This award issued under the CrossFirst Bankshares,
 
Inc. Annual Incentive Plan (as amended
 
and restated February 26,2020) (as amended,
 
modified,
supplemented or restated, the “Plan”) is
 
subject to the following terms and conditions.
Terms.
 
Payment based on attainment of each
 
performance metric will be calculated annually
 
based on approved full-year targets for the performance
period from January 1 through December
 
31 of the year noted on page one of this
 
award (the “Incentive Period”). If
 
you are in an eligible role under
the Plan for less than a full calendar
 
year, your Target AIP Opportunity will be pro rated for that year. Corrections to prior period
 
payments may be
made and applied to current period payments
 
earned to ensure accurate incentive
 
payments
.
Timing.
 
Payment of earned AIP incentive payout
 
will be made not more than sixty (60)
 
days after the end of the applicable performance
 
period,
subject to satisfaction of the eligibility criteria
 
below
.
Eligibility Criteria.
You must be in good standing on the date that your incentive payment
 
is paid to receive an AIP incentive payment
 
for the
performance period
.
 
Termination of Eligibility
. Your eligibility under the Plan will be terminated immediately
 
in the event of termination of employment
 
with CrossFirst
Bankshares, Inc. or any of its subsidiaries
 
("CrossFirst"), for any reason (voluntarily
 
or involuntarily), or transfer to a non-AIP
 
eligible role.
Payments are earned only for the completed
 
Incentive Period (i.e., if employment
 
with CrossFirst is terminated or if participation
 
in the Plan is
otherwise terminated at any time before
 
the completion of an Incentive Period, no
 
incentive is considered earned or will
 
be paid for that period). You
will earn and be entitled to payment for the
 
incentive only if you are employed in
 
your AIP-eligible role on the last day of
 
the applicable incentive
period
.
 
Discretionary Adjustments.
 
At the discretion of the Compensation Committee or management, your AIP payout for
 
the Incentive Period may be
decreased or increased based on consideration of your individual
 
performance or other factors deemed relevant.
 
Additionally, the Compensation
Committee or management may partially
 
or fully reduce your AIP payout if you are
 
not in good standing on the incentive
 
payment date
.
Tax Withholding.
All payments under this AIP award will
 
be subject to applicable federal, state, and
 
local payroll and withholding taxes, for which
CrossFirst will collect and withhold
.
No Employment Right.
Nothing in this award shall interfere with or
 
limit in any way the right of CrossFirst
 
to terminate your employment at any
time, with or without cause
.
Incentive Payment Recovery; Clawback.
 
This award, and any right to receive and retain
 
any incentive payout hereunder, is subject to rescission,
forfeiture, cancellation or recoupment, in
 
whole or in part, if and to the extent so
 
provided under the Plan or the CrossFirst
 
Bankshares, Inc.
Clawback Policy
,
as in effect from time to time, or any other
 
applicable clawback, adjustment or
 
similar policy in effect on or established after
 
the
date of this award (the "Clawback Policy").
 
By accepting this award of AIP, you agree that you are obligated
 
to provide all assistance necessary to
CrossFirst to recover or recoup any of
 
the incentive payout under this award
 
which is subject to recovery or recoupment
 
pursuant to the Clawback
Policy. Such assistance shall include completing any documentation
 
necessary to recover or recoup any portion
 
of the incentive payout received
pursuant to this AIP award from any accounts
 
you maintain.
 
CrossFirst may deduct the amounts owed
 
from any pending or future compensation
 
or
expense reimbursements owed to you by
 
CrossFirst. To the extent such amounts are not setoff, you will remain
 
liable for any remaining balance
.
Modifications to this Award.
The Plan Administrator (as defined in the Plan)
 
reserves the right, in its sole discretion,
 
to interpret and modify this
award agreement: (a) during the performance
 
period to coincide with changing corporate
 
objectives, and (b) during or after the
 
performance period
to: (i) avoid windfall payments unintentionally
 
derived from the plan design that may result
 
from the highly variable nature of many loans,
 
deposits
or market conditions and/or (ii) adjust
 
payments or terminate this AIP award when
 
your performance has been documented by
 
management to be
unacceptable. Such modifications will occur
 
only under the authority of the Plan Administrator(s),
 
in its sole discretion. Any component of
 
this
award may be adjusted to ensure that you
 
receive adequate, yet reasonable, compensation.
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