Loan Officer Incentive Bonus Plan Summary for Named Officers
This agreement outlines an incentive bonus plan for specific bank officers, including James R. A. Stanley, Jr., Keith B. Hawkins, J. Frank Taylor, John T. Mounie, and Suzanne C. Galbreath. To qualify for the bonus, officers must be employed on December 31st, meet certain loan portfolio standards, and have an average outstanding loan portfolio of at least $8 million. The bonus is $1,500 for every $1 million in average loans above the previous year's average, but is only paid if the bank achieves at least 75% of its budgeted after-tax earnings.
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. |
