Juniata Valley Financial Corp Executive Annual Incentive Plan (2010)
This agreement outlines the 2010 Executive Annual Incentive Plan for Juniata Valley Financial Corp, specifying eligible executives and senior managers. The plan sets performance goals based on the company's earnings per share and return on average equity, with awards tied to achieving these targets. Individual performance also affects payouts, and employees must meet minimum performance standards to qualify. The Board may adjust awards by up to 10% based on individual results. Payments are calculated as a percentage of base pay, with specific thresholds and targets for each participant category.
Juniata Valley Financial Corp
EXECUTIVE ANNUAL INCENTIVE PLAN
Exhibit A – Participation
Plan Year 2010
(Participating employees and their participant categories should be listed at the beginning of each year and adjusted for changes in participation throughout the year.)
Category 1 –Francis Evanitsky – President and Chief Executive Officer
Category 2 - Marcie Barber – COO, SVP-Community Banking Division Manager
JoAnn McMinn – CFO, SVP
Category 3 –Pamela Eberman – SVP-Human Resource Manager
Wesley Weymers – SVP-Loan Division Manager
Steven Kramm – SVP-Operations/Technology Division Manager
Donald Shawley – SVP-Trust and Investment Management Division
Patricia Yearick – SVP-Community Banking Division
Juniata Valley Financial Corp
Executive Annual Incentive Plan
Exhibit B – Bank Performance Factors and Award Schedule
Plan Year 2010
Category 1 – CEO Position
| Goals | ||||||||
| Performance Measures | ||||||||
| (Basic) Earnings Per Share (75%) | ||||||||
| Threshold | Target | Optimum | ||||||
| $ | 1.17 | $1.23 | $ | 1.35 | ||||
| Return on Average Equity (25%) | ||||||||
| Threshold | Target | Optimum | ||||||
| 9.44 | % | 9.94% | 10.94 | % | ||||
| Awards (% of Base Pay) | ||||||||
| Threshold | Target | Optimum | ||||||
| 12 | % | 20% | 30 | % | ||||
Parameters
1. Company measures will be 75% EPS and 25% ROAE.
2. After the award is calculated according to the above schedule, the Board has the authority to adjust the award plus or minus 10% based on the participant’s individual performance for the year.
| 3. | Both Financial Measures must meet threshold to initiate an award in the plan. |
| 4. | Will interpolate awards between threshold, target, and optimum. |
| 5. | Will pay for performance above optimum at a scale of one-half the increase between target and optimum. |
| 6. | Pay is defined as total base pay for the applicable plan year. |
Juniata Valley Financial Corp
Executive Annual Incentive Plan
Exhibit B – Bank Performance Factors and Award Schedule
Plan Year 2010
| Category 2 | ||||||||||||||||||||||
| Bank Goal – EPS and ROAE (same as Category 1) | ||||||||||||||||||||||
| Threshold | Target | Optimum | ||||||||||||||||||||
| Award as a % of pay | 4.0 | % | 10.0 | % | 15.0 | % | ||||||||||||||||
| Individual Award | ||||||||||||||||||||||
| Not Meet | Meets Minimal | Meets | Exceeds Some | Exceeds Most | ||||||||||||||||||
Award as a % of pay | 0 | % | 2-2.5 | % | 4-6 | % | 6-7 | % | 8-10% | |||||||||||||
| Notes: | ||||||||||||||||||||||
| 1. | Bank must achieve minimum of $1.17 EPS and 9.44% ROAE to generate any payment. | |||||||||||||||||||||
| 2. | Bank performance between EPS and ROAE points is interpolated for awards. | |||||||||||||||||||||
| 3. | Moderate flexibility in total award. | |||||||||||||||||||||
| 4. | Employee must be at least at “meets minimal” level to earn individual award portion and annual performance evaluation | |||||||||||||||||||||
| must be at least satisfactory for payment of an award | ||||||||||||||||||||||
under plan. | ||||||||||||||||||||||
| 5. | Individual award rating determined by assessing performance of established objectives. | |||||||||||||||||||||
| 6. | Pay is defined as total base pay for applicable plan year. | |||||||||||||||||||||
Juniata Valley Financial Corp
Executive Annual Incentive Plan
Exhibit B – Bank Performance Factors and Award Schedule
Plan Year 2010
| Category 3 | ||||||||||||||||||||||
| Bank Goal – EPS and ROAE (same as Category 1) | ||||||||||||||||||||||
| Threshold | Target | Optimum | ||||||||||||||||||||
| Award as a % of pay | 3.0 | % | 7.5 | % | 12.5 | % | ||||||||||||||||
| Individual Award | ||||||||||||||||||||||
| Not Meet | Meets Minimal | Meets | Exceeds Some | Exceeds Most | ||||||||||||||||||
Award as a % of pay | 0 | % | 2-2.5 | % | 4-6 | % | 6-7 | % | 8-10% | |||||||||||||
| Notes: | ||||||||||||||||||||||
| 1. | Bank must achieve minimum of $1.17 EPS and 9.44% ROAE to generate any payment. | |||||||||||||||||||||
| 2. | Bank performance between EPS points is interpolated for awards. | |||||||||||||||||||||
| 3. | Moderate flexibility in total award. | |||||||||||||||||||||
| Employee must be at least at “meets minimal” level to earn individual award portion and annual performance evaluation | ||||||||||||||||||||||
| 4. | must be at least satisfactory for payment of an award under plan. | |||||||||||||||||||||
| 5. | Individual award rating determined by assessing performance of established objectives. | |||||||||||||||||||||
| 6. | Pay is defined as total base pay for applicable plan year. | |||||||||||||||||||||
