2010 Incentive and Special Bonus Summary for Bank Executives and Management
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Summary
This document outlines the 2010 incentive and special bonus plan for key executives and managers of a bank, including the President, Senior Lender, CFO, Marketing Director, and HR Manager. Incentive payouts are based on achieving specific net income targets and regulatory ratings, with defined percentages of salary awarded for meeting or exceeding these goals. Special bonuses are also available if higher net income thresholds are reached, with payout percentages tied to prior year incentives. The agreement details the minimum criteria, payout calculations, and eligible participants.
EX-10.8 5 ex10-8.htm EXHIBIT 10.8 ex10-8.htm
Exhibit 10.8
| Incentive Summary | |||||||||||||||||||||||||
| Minimum Criteria to Receive Incentive Pay-out: | Net Income | Actual | |||||||||||||||||||||||
| 2010 | $ | 504,479.01 | $ | - | |||||||||||||||||||||
| Bank must receive a 2 Regulatory Rating | |||||||||||||||||||||||||
| % of | % of | % of | Extra Revenue | ||||||||||||||||||||||
| Budget | Bank Income Budget | Minimum | Salary | Maximum | Salary | Actual | Salary | With Maximum | |||||||||||||||||
| President | $ | 15,570.50 | $ | 504,479.01 | $ | 15,570.50 | 9.50 | % | $ | 45,072.50 | 27.50 | % | $ | - | |||||||||||
| Sr. Lender | $ | 15,750.00 | $ | 504,479.01 | $ | 15,750.00 | 15.75 | % | $ | 30,500.00 | 30.50 | % | $ | - | |||||||||||
| CFO | $ | 14,475.00 | $ | 504,479.01 | $ | 14,475.00 | 15.00 | % | $ | 30,156.25 | 31.25 | % | $ | - | |||||||||||
| Marketing Director | $ | 6,697.50 | $ | 504,479.01 | $ | 6,697.50 | 11.75 | % | $ | 13,680.00 | 24.00 | % | $ | - | |||||||||||
| HR Manager | $ | 7,650.00 | $ | 504,479.01 | $ | 7,650.00 | 9.00 | % | $ | 16,150.00 | 19.00 | % | $ | - | |||||||||||
| Total | $ | 60,143.00 | $ | 504,479.01 | $ | 135,558.75 | $ | - | |||||||||||||||||
| Net Additional to Bank | $ | - | $ | - | |||||||||||||||||||||
| 2010 Special Bonus | |||||||||||||||||||||||||
| Targets | Net Income | 1.75 | $ | 882,838.27 | $ | 378,359.26 | |||||||||||||||||||
| 2 | $ | 1,008,958.02 | $ | 504,479.01 | |||||||||||||||||||||
| Participants | 2010 Incentive Pay-Out % | ||||||||||||||||||||||||
| President | 35 | % | $ | 15,775.38 | |||||||||||||||||||||
| 75 | % | $ | 33,804.38 | ||||||||||||||||||||||
| Senior Lender | 35 | % | $ | 10,675.00 | |||||||||||||||||||||
| 75 | % | $ | 22,875.00 | ||||||||||||||||||||||
| CFO | 35 | % | $ | 10,554.69 | |||||||||||||||||||||
| 75 | % | $ | 22,617.19 | ||||||||||||||||||||||
| HR Manager | 35 | % | $ | 5,652.50 | |||||||||||||||||||||
| 75 | % | $ | 12,112.50 | ||||||||||||||||||||||
| Management Pay-Out | Bank Revenue | ||||||||||||||||||||||||
| Special Pay-out @ 1.75 is 35% of 2009 Incentive earned | $ | 42,657.56 | $ | 335,701.69 | 13 | % | |||||||||||||||||||
| Special Pay-out @ 2.00 is 75 % of 2009 Incentive earned | $ | 91,409.06 | $ | 413,069.95 | 22 | % | |||||||||||||||||||
