Bonus Agreement for President of Waterstone Mortgage Corporation (April 26, 2012)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines a bonus plan for the President of Waterstone Mortgage Corporation. The President is eligible to receive a bonus equal to 5% of the company's pre-tax income exceeding $2,000,000, with specific adjustments for warehouse line pricing, parent company expenses, and officer bonuses. No bonus will be paid if Waterstone Mortgage or its parent, WaterStone Bank, is subject to a regulatory order caused by Waterstone Mortgage's operations.

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EX-10.3 5 ex10-3.htm EXHIBIT 10.3
 

Exhibit 10.3

 

BONUS DESCRIPTION

PRESIDENT OF WATERSTONE MORTGAGE CORPORATION

APRIL 26, 2012

 

Bonus:

5% of all Waterstone Mortgage pre-tax income in excess of $2,000,000.00,

adjusted as set forth below

 

Adjustments: a. WSB warehouse line to be priced equivalent to USB warehouse line (or best lender pricing by third party to Waterstone Mortgage)
     
b. $100,000 in annual parent company pass-through expenses
     
c. Expensing of Waterstone Mortgage officer bonuses prior to computation of Egenhoefer bonus
     
d. No bonus payable if Waterstone Mortgage or WaterStone Bank become subject to a regulatory order the caused or contributed to by the operations of Waterstone Mortgage.