2003 Executive Incentive Compensation Plan for James Sundquist (Placer Sierra Bank)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Placer Sierra Bank established this 2003 incentive compensation plan for James Sundquist, its Executive Vice President and Chief Financial Officer. The plan outlines specific individual performance goals and bank-wide financial targets. Sundquist can earn an annual bonus ranging from 0% to 45% of his base salary, depending on his achievement of individual objectives and the bank's cash earnings. To qualify for any bonus, all individual goals must be met, and higher bank earnings result in a larger total award. The plan also specifies that cash earnings calculations include bonus payments.

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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