2003 Executive Incentive Compensation Plan for Renee Artery (Placer Sierra Bank)
Placer Sierra Bank established this 2003 Executive Incentive Compensation Plan for Renee Artery, Senior Vice President/Director of Human Resources. The plan offers an incentive award ranging from 0% to 45% of her base salary, based on achieving specific individual performance goals—such as reducing turnover, implementing a timekeeping system by year-end, and ensuring HR compliance—and the bank’s cash earnings for 2003. To qualify for any award, all individual goals must be met. The final bonus depends on both individual and bank performance, with set thresholds for payout.
EXHIBIT 10.28
PLACER SIERRA BANK
2003 Executive Incentive Compensation Plan
| Participant: | Renee Artery | |
| Title: | Senior Vice President/Director of Human Resources | |
| Award Potential: | 0% to 45% of base compensation |
INDIVIDUAL PERFORMANCE MEASURES
| 1. | Reduce bank turnover by 25% |
| 2. | Select and implement an automated time keeping system by 12/31/03 |
| 3. | Satisfactorily provide HR support and reporting consistent with all state and federal rules and regulations |
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 |
