FCB Acquisition Bonus Agreement between Steve Trager and Kevin Sipes (November 7, 2012)
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Summary
This agreement outlines a bonus program for Kevin Sipes, based on the financial performance (GOP) of the FCB Acquisition between September 7, 2012, and September 30, 2014. Depending on the level of GOP achieved, Sipes may receive a bonus of $25,000, $50,000, or $62,500. The bonus will be paid on October 14, 2014, if Sipes remains an employee in good standing. Management retains the right to adjust goals and payouts at its discretion.
EX-10.2 3 a50461143ex10_2.htm EXHIBIT 10.2 a50461143ex10_2.htm
EXHIBIT 10.2
| 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 September 30, 2014:
| | ● | If a GOP for the FCB Acquisition of $25,000,000 is achieved your incentive payout will be $25,000.00. |
OR
| | ● | If a GOP for the FCB Acquisition of $35,000,000 is achieved your incentive payout will be $50,000.00. |
OR
| | ● | If a GOP for the FCB Acquisition of $40,000,000 is achieved your incentive payout will be $62,500.00. |
This bonus will be earned and paid on October 14, 2014 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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