Annual Incentive Plan for Named Executive Officers
This agreement outlines an annual incentive plan for named executive officers, allowing them to earn up to 30% of their base salary as a bonus, subject to the discretion of the Board of Directors. The bonus is based on meeting specific performance goals, financial targets, regulatory compliance, and risk management standards. The Board may adjust the bonus amount based on its judgment and typically decides the payout percentage each February or March, depending on when audited financial statements are available.
EXHIBIT 10.4
ANNUAL INCENTIVE PLAN
Named Executive Officers are eligible to receive an annual incentive of up to 30% of Base Salary at the discretion of the Board of Directors. Performance expectations are established around the attainment of specific performance ratios, performance to current year financial plan, and satisfactory compliance with regulatory and audit reviews as well as consideration of the potential impact of executives’ actions on safe and sound operations and appropriate risk management controls. The Board retains the flexibility to make discretionary adjustments up or down based on performance judgments that may be subjective. The Board of Directors annually determine what percentage is to be paid, generally at a meeting of the Board of Directors in February of each year, or, if the audited financial statements for CSB are not prepared at least seven (7) days before such meeting, at a meeting of the Board of Directors in March.
