TCB Acquisition Bonus Agreement between Kevin Sipes and the Bank (March 21, 2012)
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Summary
This agreement outlines a bonus program for Kevin Sipes, based on the financial performance of the TCB Acquisition from January 28, 2012 to January 31, 2014. If the acquisition achieves a GOP of $20 million, Sipes will receive a $50,000 bonus; if it reaches $30 million, the bonus increases to $100,000. The bonus is payable on February 21, 2014, provided Sipes remains an employee in good standing. Management retains the right to adjust goals and payouts at its discretion.
EX-10.2 3 a50265749ex10-2.htm EXHIBIT 10.2 a50265749ex10-2.htm
EXHIBIT 10.2
| 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 January 31, 2014:
| | ● | If a GOP for the TCB Acquisition of $20,000,000 is achieved your incentive payout will be $50,000.00. |
| OR |
| | ● | If a GOP for the TCB Acquisition of $30,000,000 is achieved your incentive payout will be $100,000.00. |
This bonus will be earned and paid on February 21, 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/ March 21, 2012 | ||
| Kevin Sipes | Date |
