FCB Acquisition Bonus Program Agreement between Kevin Sipes and Horizon Bank
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Summary
This agreement outlines a bonus program for Kevin Sipes, who is eligible to receive up to $10,000 for meeting specific goals related to the FCB Acquisition between September 7, 2012, and March 31, 2013. The goals include converting all FCB loans and deposit accounts to Horizon within six months and limiting operational losses to under $50,000. The bonus will be paid on April 15, 2013, if Kevin Sipes remains an employee in good standing. Management retains discretion to adjust goals or payouts.
EX-10.1 2 a50461143ex10_1.htm EXHIBIT 10.1 a50461143ex10_1.htm
EXHIBIT 10.1
| TO: Kevin Sipes | DATE: November 7, 2012 |
| FROM: Steve Trager | SUBJECT: FCB Acquisition Bonus Program |
You will be eligible for a bonus based on the achievement of the following FCB Acquisition goals for the time period of September 7, 2012 through March 31, 2013:
| | 1. | Convert all FCB loans and deposit accounts to Horizon within six months |
| | 2. | Limit operational, (non-loan) losses to less than $50,000 |
Your total incentive payout potential is $10,000.00
This incentive payout will be earned and paid on April 15, 2013 provided you are an employee in good standing with the Bank at that time.
Management reserves the right in its sole discretion to adjust goals, individual participants’ payouts, etc.
| /s/ Kevin Sipes | /s/ November 7, 2012 | |
| Kevin Sipes | Date |
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