2011 Annual Bonus Plan
EXHIBIT 10.19
2011 Annual Bonus Plan
On March 24, 2011, the Compensation Committee of the Board of Directors adopted specific performance criteria which the Compensation Committee will consider when making cash bonus awards for 2011 to the Company’s named executive officers, William Walker, Howard Smith, Deborah Wilson, Richard Warner and Richard Lucas. Each named executive officer’s employment agreement provides for an annual bonus target of 100% of his or her base salary. The criteria and the percentage of the target bonus represented by each criteria are set forth below:
William Walker
Chairman, President & Chief Executive Officer
| Bonus Drivers |
| % of Bonus |
|
| Budget revenue of $152.9 million |
| 30 | % |
| Earnings per share of $1.53 |
| 30 | % |
| 50% capital deployment net IPO proceeds |
| 20 | % |
| Over 200 employees |
| 20 | % |
Howard Smith
Executive Vice President & Chief Operating Officer
| Bonus Drivers |
| % of Bonus |
|
| Budget revenue of $152.9 million |
| 25 | % |
| Earnings per share of $1.53 |
| 25 | % |
| $4 billion production |
| 20 | % |
| Add > 10 producers |
| 15 | % |
| Expand capital markets into at least two regional offices |
| 15 | % |
Deborah Wilson
Executive Vice President & Chief Financial Officer
| Bonus Drivers |
| % of Bonus |
|
| Budget revenue of $152.9 million |
| 20 | % |
| Earnings per share of $1.53 |
| 30 | % |
| 50% capital deployment net IPO proceeds |
| 15 | % |
| SOX 404 compliance |
| 15 | % |
| Interim loan fund |
| 10 | % |
| Net warehouse income budget of $11.2 million |
| 10 | % |
Richard Warner
Executive Vice President & Chief Credit Officer
| Bonus Drivers |
| % of Bonus |
|
| Budget revenue of $152.9 million |
| 30 | % |
| Earnings per share of $1.53 |
| 30 | % |
| <$7 million in credit loss provisions (net of any provisions from an acquisition) |
| 30 | % |
| Reduce 2011 underwriting cost per loan by 5% below 2010 cost per loan of $26,617 |
| 10 | % |
Richard Lucas
Executive Vice President & General Counsel
| Bonus Drivers |
| % of Bonus |
|
| Budget revenue of $152.9 million |
| 25 | % |
| Earnings per share of $1.53 |
| 25 | % |
| 50% capital deployment Net IPO Proceeds |
| 25 | % |
| Effective handling of Capital Funding case |
| 25 | % |
