Chief Banking Officer 2007 Annual Incentive Compensation Plan – Summit Financial Group, Inc. and Douglas Mitchell

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2007 annual incentive compensation plan for Douglas Mitchell, Chief Banking Officer at Summit Financial Group, Inc. The plan sets performance-based bonus targets, with payout amounts tied to specific growth objectives such as account growth, core deposit growth, internet banking users, non-interest bearing checking balances, and remote capture customers. Bonus payouts range from a threshold of 10% to a maximum of 30% of base salary, depending on performance against these objectives. The plan is approved by the company's President & CEO.

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EX-10.1 3 cboincen.htm CHIEF BANKING OFFICER INCENTIVE Chief Banking Officer Incentive
                                                                                                                                                                 Exhibit 10.1
 
 

 
 
 
 
 
 
 
Award Range
Summit Financial Group, Inc.
Douglas Mitchell
  
Threshold:
10.00%
16,000
2007 Annual Incentive Compensation Plan
Position: Chief Banking Officer
  
Target:
20.00%
32,000
 
            
Maximum
30.00%
48,000
 
 
 
 
 
 
 
 
 
 
 
 
 
Measurement
Payout Potential
 
Actual
Objective
Weight
Expected Performance
Date
Threshold
Target
Maximum
Actual Performance
Payout
 
 
 
 
    
 
 
 
 
Individual Performance -- 
 
 
 
    
 
 
 
 
 
 
 
 
    
 
 
 
 
Account Growth
*%
Ensure that we have a net positive number of transaction accounts, both business and personal, interest bearing and non-interest bearing accounts. Threshold: *% Growth; Target: *%; Maximum: *% or >
12/07
$*
$*
$*
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Deposit Growth
*%
Grow our core deposits by Threshold: *%; Target: *%; Maximum: *% or >
12/07
$*
$*
$*
 
 
 
 
 
 
 
 
 
 
 
 
 
Internet Banking
*%
Continued Growth in "Active" Internet Banking Users. Threshold: *%; Target: *%; Maximum: *% or >
12/07
$*
$*
$*
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Interest Bearing Checking Growth (Includes Forever Free w/ Interest) measured in terms of avg. balance
*%
Threshold: *% Target: *%; Maximum: *% or >
12/07
$*
$*
$*
 
 
 
 
 
 
 
 
 
 
 
 
 
Remote Capture
*%
Increase Active Remote Capture Customers not currently depositing with us. Threshold: *; Target: *; Maximum: * or >
12/07
$*
$*
$*
 
 
 
Totals
100.00%
 
 
    
 
  
 
 
 
 
 
 
 
 
 
 
 
 


* Confidential and proprietary information
      
Approved:
 
 
 
 
           
H. Charles Maddy, III, President & CEO