2006 Executive Bonus Approval for Chief Financial Officer and Named Officer
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Bonus & Incentive Agreements
Summary
The Bank's Board of Directors approved 2006 bonus payments for Chief Financial Officer Donald A. Pitcher ($105,000) and another named officer, Thomas M. Shepherd ($120,000). These bonuses were recommended by the Executive Officer Compensation Committee and are part of a discretionary executive bonus pool, meaning they are not based on predetermined formulas. The agreement outlines the approval and amounts of these executive bonuses for the specified year.
EX-10.2 3 ###-###-####-ex102.txt EXHIBIT 10.2 Exhibit 10.2 - Chief Financial Officer and Other Named Officer Compensation The Bank's Board of Directors, upon the recommendation of the Executive Officer Compensation Committee, approved 2006 bonuses for the Chief Financial Officer and one named officer, both of whom are participants in the discretionary executive bonus pool and whose bonuses are not subject to predetermined formulas, as follows: Donald A. Pitcher -- $105,000; and Thomas M. Shepherd -- $120,000.
