Bonus Contract Clauses (400)

Bonus. The Bonus provision in Section 3(b) of the Agreement is deleted in its entirety and replaced with the following provision: Bonus: Executive shall be eligible to receive a bonus payable in shares of the Company's common stock ("Common Stock") (each a "Bonus") set forth on the second column of the table below the first time during the Employment Term that the volume weighted average price of the Company's Common Stock ("VWAP"), over a thirty (30) calendar day period, is equal to or exceeds the VWA...P Target set forth on the first column in the table below. VWAP Target Bonus (in Shares of Common Stock) $ 5.00 5,000 $ 6.00 10,000 $ 7.00 10,000 $ 8.00 12,500 $ 9.00 12,500 $ 10.00 15,000 $ 11.00 15,000 $ 12.00 20,000 $ 13.00 20,000 $ 14.00 25,000 $ 15.00 25,000 The Bonus Common Stock shall be granted pursuant to and governed by the terms of the Company's 2015 Equity Incentive Plan, as amended from time to time (the "Plan"). If Executive believes that a VWAP Target has been achieved, he shall submit to the Compensation Committee of the Board (the "Committee") a written notice thereof (each a "VWAP Notice"). The Committee shall have thirty (30) days from receipt of a VWAP Notice to review the Common Stock prices for the period in question and determine whether (i) Executive is entitled to a Bonus or (ii) whether it disagrees with Executive's analysis. If the Committee agrees that Executive is entitled to a Bonus, the Company shall issue Executive the Bonus within thirty (30) days of the expiration of the thirty (30) day review process. This equity grant will be immediately and fully vested. If the Committee disagrees that Executive is entitled to a Bonus, the Committee shall provide the Executive with its analysis of why no Bonus is due within thirty (30) days of the expiration of the thirty (30) day review process. If the Company is sold, merged or otherwise acquired, the value placed on each share of the Company will be used in this analysis, and the above mentioned VWAP calculation will be waived. Notwithstanding the foregoing, the Committee shall have no obligation to issue the shares of Common Stock to Executive if no shares of Common Stock are available to be granted under a shareholder approved equity compensation plan at the time the Bonus is earned. If this occurs, Executive shall be paid cash equal to the number of shares of common stock otherwise entitled to be received times the applicable VWAP Target. The cash payment will be made at the time the Bonus is earned and is in lieu of the Bonus of shares of Common Stock. The Bonus or the cash payment will be subject to all applicable payroll taxes and withholdings as required by law. View More

Bonus. If the Board of Directors approves an annual bonus for fiscal year 2018 or any fiscal year thereafter, you may be eligible for a discretionary retention and performance bonus award of up to 40% of your annualized base salary in such year (the "Target Bonus"). The bonus award, if any, will be based on both individual and corporate performance and will be determined by the Board of Directors of the Company in its sole discretion. In any event, in order to be eligible for and to earn a bonus, if an...y, you must be an active employee of the Company on the date such bonus is distributed, as it also serves as an incentive to remain employed by the Company. Any bonus that the Board determines to be payable for a fiscal year will be paid before March 15th of the next fiscal year. View More

Bonus. (a) Target Bonus. If the Company completes an IPO, then Executive will be eligible to receive an annual bonus (the "Bonus") with a target amount equal to 50% of Base Compensation. The actual amount of such Bonus, if any, will be determined based upon the Company's achievement of performance milestones for each fiscal year (in each case, the "Target Year"). The performance milestones referenced in this Section 5 for each Target Year 3 shall be mutually agreed upon by Executive and either the Boar...d or its compensation committee. Such performance milestones shall be established by the last day of the third month of the Target Year. If Executive and the Board or the compensation committee are unable to mutually agree upon such performance milestones, then the Company shall determine the performance milestones in its sole and absolute discretion. The Bonus, if any, shall be paid by the fifteenth day of the second month of the fiscal year immediately following the Target Year. Except as otherwise provided in the last sentence of this paragraph, the Bonus, if any, will not be deemed "earned" until the date that it is paid. Accordingly, Executive must be employed by the Company on the Bonus payment date in order to be eligible for any such payment. In addition, Executive will be entitled to such payment if his employment ceases following completion of the applicable Target Year (but before the Bonus payment date) due to his death, Disability or a reason described below in Section 8(b). (b) IPO Bonus. Executive shall be entitled to a special bonus upon the completion of an IPO ("IPO Bonus"). The IPO Bonus shall be equal to $90,000. The IPO Bonus, if any, will not be deemed "earned" until the date that that the IPO is completed. Accordingly, Executive must be employed by the Company on the date that the IPO is completed in order to be eligible for any such payment. Payment of the IPO Bonus will be made on the first regularly scheduled payroll date that follows the completion of the IPO. View More

Bonus. Executive will be entitled to Bonuses as follows: a.A Signing Bonus (the "Signing Bonus") in the amount of $50,000, with $25,000 being payable upon the Effective Date and $25,000 being payable no later than September 1, 2019; b. During the Employment Period, the Executive shall be entitled to an annual bonus (the "Annual Bonus") if the Company meets or exceeds criteria adopted by the Compensation Committee of the Board of Directors (the "Compensation Committee") for earning Bonuses which shall b...e adopted by the Compensation Committee annually. Bonuses shall be paid by the Company to the Executive promptly after determination that the relevant targets have been met, it being understood that the attainment of any financial targets associated with any bonus shall not be determined until following the completion of the Company's annual audit and public announcement of such results and shall be paid promptly following the Company's announcement of earnings. A "Target Bonus". For 2019 the Target Bonus shall be 100% of Base Salary upon substantially meeting the budgeted revenues and the budgeted net income or such other criteria established by the Company's Compensation Committee, and shall be paid pro-rata for performance in excess of such benchmarks, up to a maximum of 300% of Base Salary. The Compensation Committee may provide for lesser or greater percentage Bonus payments for Executive upon achievement of partial or additional criteria established or determined by the Compensation Committee from time to time. For the avoidance of doubt, if Executive is employed immediately prior to the expiration of the term of this Agreement, he shall be entitled to the Annual Bonus for such last year on a pro-rata basis through the last date of employment, even if he is not employed by the Company on the date the Annual Bonus is paid for such last year. The Company and Executive shall negotiate in good faith the 2019 budget as soon as reasonably practicable after the date hereof. In addition to the foregoing, additional bonuses may be awarded by the Compensation Committee. Any such bonus shall be paid by the Company to the Executive promptly after determination that if any targets relate to fiscal period performance having been met, it being understood that the attainment of any financial targets associated with any bonus shall not be determined until following the completion of the Company's annual audit and public announcement of such results and shall be paid to Executive promptly following the Company's announcement of earnings. In the event that the Compensation Committee is unable to act or if there shall be no such Compensation Committee, then all references herein to the Compensation Committee (except in the proviso to this sentence) shall be deemed to be references to the Board. View More

Bonus. Executive shall be entitled to participate in discretionary bonuses or other incentive compensation programs that the Company and the Bank may award from time to time to senior management employees pursuant to bonus plans or otherwise.