Common use of Annual Cash Incentive Compensation Clause in Contracts

Annual Cash Incentive Compensation. (i) Executive shall be eligible to participate in any cash incentive or bonus plan or program of Employer in which other executive officers participate, which may be based on annual performance measures established by the board of directors of Company or its designee, including the compensation committee of the board of directors (cash compensation paid or payable to Executive under any and all such cash incentive or bonus plans or programs for any calendar year is referred to as “Annual Cash Incentive Compensation”). (ii) Any Annual Cash Incentive Compensation earned shall be payable in cash not later than March 15th of the calendar year following the calendar year in which the Annual Cash Incentive Compensation is earned and otherwise in accordance with Employer’s normal practices for the payment of short-term incentives. The payment of any Annual Cash Incentive Compensation shall be subject to and conditioned on Executive being employed by Employer on December 31st of the year in which the Annual Cash Incentive Compensation is earned (except as set forth in Section 5(g) in the case of the death or Disability of Executive), Executive’s employment with Employer having not been terminated by Employer for Cause prior to the payment of such Annual Cash Incentive Compensation, and the receipt of any approvals or non-objections required from or by any regulatory agency or authority having jurisdiction over Company or Bank. The Parties acknowledge that Executive may not be eligible to receive, or Employer may not be permitted to pay, Annual Cash Incentive Compensation if Company or Bank is subject to restrictions imposed by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (the “FDIC”), the Tennessee Department of Financial Institutions, or any other regulatory agency or authority, or if Company or Bank is otherwise restricted from making payment of Annual Cash Incentive Compensation under applicable law, rule, or regulation.