Common use of Annual Performance Bonuses Clause in Contracts

Annual Performance Bonuses. Every calendar year subject to this bonus provision, beginning with the 2005 calendar year, the Executive shall be eligible for an annual performance bonus (“Annual Bonus”) in an amount equal to twenty percent (20%) of the Executive’s Base Salary earned during that calendar year in question (“Bank Year”). The Executive will be paid this Annual Bonus if the Bank’s performance, for the Bank Year, meets targets set by the Board of Directors relating to (i) Bank income, (ii) Bank asset growth, and (iii) Bank asset quality (the “Three Performance Targets”). The Three Performance Targets will be set annually in such a manner as to provide Bank management with reasonable notice of the Targets (the parties further acknowledge, in the case of 2005, that the Three Performance Targets for this Bank Year have already been set by the Board, or if not already set by the Board, will be set promptly following execution of this Agreement). All Three Performance Targets must be reached for the Executive to be eligible for any part of the Annual Bonus; in other words, if the Bank reaches two of the Three Performance Targets, but not the third Target, then no Annual Bonus would be paid for that Bank Year. If the Executive meets the Three Performance Targets for a Bank Year, the Board of Directors may also choose to award him, in its complete discretion, an additional performance bonus (the “Additional Bonus”) for that Bank Year. The Additional Bonus is intended to reward performance by the Bank substantially exceeding the Three Performance Targets set in connection with the Annual Bonus, or to recognize achievements relating to other areas of leadership or Bank or Company administration. In deciding whether the Executive should be awarded an Additional Bonus, and if so, the amount of any Additional Bonus, and in deciding the Three Performance Targets for each Bank Year, the Board of Directors shall exercise its discretion reasonably and in good faith. Annual Bonuses (if any) and Additional Bonuses (if any) shall be paid to the Executive in the January following the end of the Bank Year.

Annual Performance Bonuses. Every calendar year subject to this bonus provision, beginning with the 2005 2006 calendar year, the Executive shall be eligible for an annual performance bonus (“Annual Bonus”) in an amount equal to twenty percent (20%) of the Executive’s Base Salary earned during that calendar year in question (“Bank Year”). The Executive will be paid this Annual Bonus if the Bank’s performance, for the Bank Year, meets targets set by the Board of Directors relating to (i) Bank income, (ii) Bank asset growth, and (iii) Bank asset quality (the “Three Performance Targets”). The Three Performance Targets will be set annually in such a manner as to provide Bank management with reasonable notice of the Targets (the parties further acknowledge, in the case of 20052006, that the Three Performance Targets for this Bank Year have already been set by the Board, or if not already set by the Board, will be set promptly following execution of this Agreement). All Three Performance Targets must be reached for the Executive to be eligible for any part of the Annual Bonus; in other words, if the Bank reaches two of the Three Performance Targets, but not the third Target, then no Annual Bonus would be paid for that Bank Year. If the Executive meets the Three Performance Targets for a Bank Year, the Board of Directors may also choose to award himher, in its complete discretion, an additional performance bonus (the “Additional Bonus”) for that Bank Year. The Additional Bonus is intended to reward performance by the Bank substantially exceeding the Three Performance Targets set in connection with the Annual Bonus, or to recognize achievements relating to other areas of leadership or Bank or Company administration. In deciding whether the Executive should be awarded an Additional Bonus, and if so, the amount of any Additional Bonus, and in deciding the Three Performance Targets for each Bank Year, the Board of Directors shall exercise its discretion reasonably and in good faith. Annual Bonuses (if any) and Additional Bonuses (if any) shall be paid to the Executive in the January following the end of the Bank Year.

Annual Performance Bonuses. Every calendar year subject to this bonus provision, beginning with the 2005 2006 calendar year, the Executive shall be eligible for an annual performance bonus (“Annual Bonus”) in an amount equal to twenty percent (20%) of the Executive’s Base Salary earned during that calendar year in question (“Bank Year”). The Executive will be paid this Annual Bonus if the Bank’s performance, for the Bank Year, meets targets set by the Board of Directors relating to (i) Bank income, (ii) Bank asset growth, and (iii) Bank asset quality (the “Three Performance Targets”). The Three Performance Targets will be set annually in such a manner as to provide Bank management with reasonable notice of the Targets (the parties further acknowledge, in the case of 20052006, that the Three Performance Targets for this Bank Year have already been set by the Board, or if not already set by the Board, will be set promptly following execution of this Agreement). All Three Performance Targets must be reached for the Executive to be eligible for any part of the Annual Bonus; in other words, if the Bank reaches two of the Three Performance Targets, but not the third Target, then no Annual Bonus would be paid for that Bank Year. If the Executive meets the Three Performance Targets for a Bank Year, the Board of Directors may also choose to award him, in its complete discretion, an additional performance bonus (the “Additional Bonus”) for that Bank Year. The Additional Bonus is intended to reward performance by the Bank substantially exceeding the Three Performance Targets set in connection with the Annual Bonus, or to recognize achievements relating to other areas of leadership or Bank or Company administration. In deciding whether the Executive should be awarded an Additional Bonus, and if so, the amount of any Additional Bonus, and in deciding the Three Performance Targets for each Bank Year, the Board of Directors shall exercise its discretion reasonably and in good faith. Annual Bonuses (if any) and Additional Bonuses (if any) shall be paid to the Executive in the January following the end of the Bank Year.