TCB Acquisition Bonus Program Agreement between Kevin Sipes and Horizon Bank
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Bonus & Incentive Agreements
Summary
This agreement outlines a bonus program for Kevin Sipes, who is eligible to receive up to $50,000 if specific goals related to the TCB Acquisition are met between January 28, 2012, and July 31, 2012. The goals include converting all TCB loans and deposit accounts to Horizon within six months and keeping non-loan operational losses under $100,000. The bonus will be paid on August 10, 2012, if Mr. Sipes remains an employee in good standing. Management may adjust goals or payouts at its discretion.
EX-10.1 2 a50265749ex10-1.htm EXHIBIT 10.1 a50265749ex10-1.htm
EXHIBIT 10.1
| TO: | Kevin Sipes | DATE: | March 21, 2012 | |
| FROM: | Steve Trager | SUBJECT: | TCB Acquisition Bonus Program | |
You will be eligible for a bonus based on the achievement of the following TCB Acquisition goals for the time period of January 28, 2012 through July 31, 2012:
| | 1. | Convert all TCB loans and deposit accounts to Horizon within six months |
| | 2. | Experience non-loan, operational losses of less than $100,000 |
Your total incentive payout potential is $50,000.00
This incentive payout will be earned and paid on August 10, 2012 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/ March 21, 2012 | ||
| Kevin Sipes | Date |
