PLACER SIERRA BANK 2003 Executive Incentive Compensation Plan
EX-10.26 26 dex1026.htm 2003 EXECUTIVE INCENTIVE COMPENSATION PLAN FOR JAMES SUNDQUIST 2003 Executive Incentive Compensation Plan for James Sundquist
EXHIBIT 10.26
PLACER SIERRA BANK
2003 Executive Incentive Compensation Plan
| Participant: | James Sundquist | |
| Title: | Executive Vice President/Chief Financial Officer | |
| Award Potential: | 0% to 45% of base compensation |
INDIVIDUAL PERFORMANCE MEASURES
| 1. | Select and install MCIF system and profitability model capable of determining customer and product profitability |
| 2. | Develop process to review all branches, at least annually, capable of justifying branch location, staffing, market share and profitability goals |
| 3. | Sell the 5 remote branches |
| 4. | Produce quarterly financial reports that satisfy the requirements of: a) Regulation S-X; b) generally accepted accounting principles (“GAAP”); c) the selection of appropriate accounting policies; d) the underlying transactions and events reflected in the Company’s financial statements and other financial information that may be contained in a Company 10-K, 10-Q or other securities regulatory reports or registration statements; and e) the financial condition, results of operations and cash flows of the Company |
Individual Portion 10%
BANK PERFORMANCE MEASURES BASED ON 2003 CASH EARNINGS
| Bank Cash Earnings | Individual Portion | Bonus for Individual Portion | Bank Earnings Portion | Total Award | ||||||||||
| Threshold | $12.0 million | 10 | % | + 0 | % | + 15 | % | = 25 | % | |||||
| Target | $12.9 million | 10 | % | + 10 | % | + 20 | % | = 40 | % | |||||
| Outstanding | $13.5 million | 10 | % | + 10 | % | + 25 | % | = 45 | % | |||||
GENERAL GUIDELINES
| 1. | All individual goals stated above must be achieved to receive the minimum award of 10% |
| 2. | If all individual goals stated above are achieved but the Bank threshold is not met, the individual will still receive the minimum award of 10% |
| 3. | All individual goals stated above must be achieved in order to qualify to receive Bank awards plus additional bonuses for individual achievement, as appropriate |
| 4. | Cash earnings levels are inclusive of the payment of bonuses |
