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

Summary

This agreement outlines the bonus program for Executive Vice Presidents at Gulf West Banks, Inc. Only those holding this title and employed at the time of payment are eligible. Bonuses are based on the annual percentage increase in the company's basic earnings per share, as reported in SEC filings. A minimum 10% increase is required for any bonus to be paid, and the bonus amount equals 50% of the percentage increase, applied to the officer's base salary. The program is ongoing, subject to annual board review.

EX-10.8 3 0003.txt EXHIBIT 10.8 GULF WEST BANKS, INC. EXECUTIVE VICE PRESIDENT BONUS PROGRAM AS AMENDED NOVEMBER 18, 2000 TERM: Continuous with annual review by Board. ELIGIBILITY: Only Executive Vice Presidents 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 50% of the percentage increase in BASIC EARNINGS PER SHARE, i.e. an 11.50% in BASIC EARNINGS PER SHARE will result in a 5.75 % of salary bonus payment. The year-to-year increase in earnings will be calculated inclusive of accruals for bonus payments.