Loan Officer Incentive Bonus Plan Summary
EX-10.11 7 dex1011.htm EXHIBIT 10.11 Exhibit 10.11
Exhibit 10.11
Loan Officer Incentive Bonus Plan Summary
| 1. | The officer must be employed on December 31st of each year to be eligible for payment of any bonus earned. |
| • | Officers eligible for bonus are listed below: |
| • | James R. A. Stanley, Jr.—Executive VP & Chief Credit Officer |
| • | Keith B. Hawkins – Executive VP and Commercial Loan Officer |
| • | J. Frank Taylor – Vice President |
| • | John T. Mounie – Assistant Vice President |
| • | Suzanne C. Galbreath – Branch Manager |
| • | Certain standards apply to the satisfactory performance of the officers loan portfolio. |
| 2. | Incentive Bonus – Officer will be paid $1,500 per each $1 million in average loans produced in excess of the previous year’s average loans. |
| 3. | Minimum Requirement – Officer’s portfolio must reach a minimum of $8 million in average outstanding loans before he/she is eligible for the Incentive Bonus. |
| 4. | The Bank’s minimum after tax earnings must reach 75% of budget before Bonus is paid. |
