BONUS DESCRIPTION PRESIDENT OF WATERSTONE MORTGAGE CORPORATION APRIL 26, 2012
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. | |
