Gulf West Banks, Inc. Senior Executive Officer Bonus Program (as Amended November 18, 2000)

Summary

Gulf West Banks, Inc. has established a bonus program for its Senior Executive Vice Presidents and higher-ranking officers. To qualify for a bonus, an officer must be employed at the time the bonus is paid. Bonuses are based on the annual percentage increase in the company's basic earnings per share, as reported in its SEC filings. No bonus is paid unless earnings per share increase by at least 10% over the previous year. The bonus amount matches the percentage increase in earnings per share and is calculated as a percentage of the officer's base salary. The program is reviewed annually by the Board.

EX-10.6 2 0002.txt EXHIBIT 10.6 GULF WEST BANKS, INC. SENIOR EXECUTIVE OFFICER BONUS PROGRAM AS AMENDED NOVEMBER 18, 2000 TERM: Continuous with annual review by Board. ELIGIBILITY: Only Executive officers with a position of Senior Executive Vice President and above are eligible, however, to receive any bonus the officer must be employed by the Bank at the time the bonus is paid BONUS CALCULATION: Bonus payments will be determined by the percentage increase in BASIC EARNINGS PER SHARE (as reported in the Company's Annual 10-K filing with the SEC) for the current calendar year over the preceding calendar year. The percentage increase in BASIC EARNINGS PER SHARE must be 10% or more before a bonus will be paid. The amount of the bonus will be a percentage of the officer's base salary that is equivalent to the percentage increase in BASIC EARNINGS PER SHARE, i.e. an 11.50% in BASIC EARNINGS PER SHARE will result in 11.50 % of salary bonus payment. The year-to-year increase in earnings will be calculated inclusive of accruals for bonus payments.