The Farmers National Bank of Emlenton Profit Sharing Plan Summary
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Profit Sharing Plans
Summary
This agreement outlines the Profit Sharing Plan for The Farmers National Bank of Emlenton, available to eligible full- and part-time employees who do not participate in certain executive or incentive programs. Employees receive payments based on a percentage of their annual salary if the Bank achieves specific net income targets. The plan is managed by the Human Resources Committee, which reviews it annually and recommends any changes to the Board of Directors for approval.
EX-10.6 4 a4896070ex106.txt EMCLAIRE FINANCIAL CORP. EXHIBIT 10.6 EXHIBIT 10.6 THE FARMERS NATIONAL BANK OF EMLENTON PROFIT SHARING PLAN (SUMMARY) The Farmers National Bank of Emlenton Profit Sharing Plan is open to all full- and part-time employees of the Bank who meet certain criteria. However, those participating in the Executive Management Bonus Program and the Corporate Banking Incentive Program are not eligible for awards under the plan. Payments are based on a percentage of the employee's annual salary in the event the Bank reaches targeted net income goals. The plan is administered by the Human Resources Committee and reviewed annually by the Committee with any changes being recommended to the full Board of Directors of the Bank for approval.
