2003 Executive Incentive Compensation Plan for Robert Muttera (Placer Sierra Bank)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2003 Executive Incentive Compensation Plan for Robert Muttera, Executive Vice President and Chief Credit Officer at Placer Sierra Bank. The plan sets performance-based bonus targets, allowing Muttera to earn between 0% and 45% of his base salary based on individual and bank-wide performance measures. To qualify for any bonus, all individual goals must be met, and higher awards depend on the bank's cash earnings for 2003. The plan specifies that bonuses are included in the calculation of cash earnings.

Read More Arrow
EX-10.27 27 dex1027.htm 2003 EXECUTIVE INCENTIVE COMPENSATION PLAN FOR ROBERT MUTTERA 2003 Executive Incentive Compensation Plan for Robert Muttera

EXHIBIT 10.27

PLACER SIERRA BANK

2003 Executive Incentive Compensation Plan

 

Participant:

    Robert Muttera

Title:

    Executive Vice President/Chief Credit Officer

Award Potential:

    0% to 45% of base compensation

 

INDIVIDUAL PERFORMANCE MEASURES

 

  1. Establish and satisfactorily support a lending plan and establish outstanding loan volume goals by product line, employing variable product and relationship lending

 

  2. Revise commission structure and staffing to convert 1-4 residential mortgage lending to construction lending

 

  3. Produce $980 thousand in annual Zions and other loan broker fees

 

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