Common use of Annual Incentive Payment Clause in Contracts

Annual Incentive Payment. The Company shall establish a performance-based, target incentive bonus under the terms of the Company’s incentive bonus compensation plan pursuant to which Executive may receive, based on completion of objectives no less than 40% of Executive’s Salary (or such higher amount as the Chief Executive Officer, Board or its Compensation Committee may approve) (“Target Incentive Payment”), less required withholding and authorized deductions. The Chief Executive Officer or the Board or its Compensation Committee and Executive shall establish the mutually acceptable performance objectives and related payout ratios no later than May 31 of each fiscal year. The Chief Executive Officer, the Board or the Board’s Compensation Committee shall reasonably determine the extent to which the Target Incentive Payment has been earned and shall ensure that the Target Incentive Payment complies with Sound Incentive Compensation Planning Guidelines and other restrictions applicable to financial institutions.

Annual Incentive Payment. The Company shall establish a performance-based, target incentive bonus under the terms of the Company’s incentive bonus compensation plan pursuant to which Executive may receive, based on completion of objectives no less than 40% of Executive’s Salary (or such higher amount as the Chief Executive Officer, Board or its Compensation Committee may approve) (“Target Incentive Payment”), less required withholding and authorized deductions. The Chief Executive Officer or the Board or its Compensation Committee and Executive shall establish the mutually acceptable performance objectives and related payout ratios no later than May 31 of each fiscal year. The Chief Executive Officer, the Board Board, or the Board’s Compensation Committee Committee, shall reasonably determine the extent to which the Target Incentive Payment has been earned and shall ensure that the Target Incentive Payment complies with Sound Incentive Compensation Planning Guidelines and other restrictions applicable to financial institutions.

Annual Incentive Payment. The Company shall establish a performance-based, target incentive bonus under the terms of the Company’s incentive bonus compensation plan pursuant to which Executive may receive, based on completion of objectives no less than 40% of Executive’s Salary (or such higher amount as the Chief Executive Officer, Officer or the Board or its Compensation Committee may approve) (“Target Incentive Payment”), less required withholding and authorized deductions. The Chief Executive Officer or the Board or its Compensation Committee and Executive shall establish the mutually acceptable performance objectives and related payout ratios no later than May 31 of each fiscal year. The Chief Executive Officer, the Board Board, or the Board’s Compensation Committee Committee, shall reasonably determine the extent to which the Target Incentive Payment has been earned and shall ensure that the Target Incentive Payment complies with Sound Incentive Compensation Planning Guidelines and other restrictions applicable to financial institutions.