Common use of Bonus and Incentive Compensation Clause in Contracts

Bonus and Incentive Compensation. (i) The Executive will be entitled to incentive compensation and bonuses as provided in any plan of the Bank in which Executive is eligible to participate. Specifically, the Executive shall have an annual incentive opportunity to earn up to an additional 80% of his 2016 Base Salary, 85% of his 2017 Base Salary and 90% of his 2018 Base Salary as incentive compensation, based on annual performance targets specified by the Board, which may include growth of core assets, return on equity, asset quality, regulatory compliance and other reasonable performance goals which shall be determined by the Board in consultation with the Executive on or before December 31 each year, with respect to the upcoming calendar year. Furthermore, one-third (1/3) of the annual incentive opportunity shall be paid in stock (which shall be subject to transferability restrictions, but not vesting restrictions) and two-thirds (2/3) of the annual incentive opportunity shall be paid in cash, in accordance with applicable regulatory requirements and guidelines regarding risk management and incentive compensation, with such stock issued and cash paid out no later than 2 ½ months after the end of the year for which it was earned. The terms and conditions of each annual incentive opportunity shall be set forth in writing and shall specify the time and form of payment and such other terms that may be required with respect to any deferred compensation that is subject to Section 409A of the Internal Revenue Code of 1986, as amended ("Code").

Bonus and Incentive Compensation. (i) The Executive will be entitled to incentive compensation and bonuses as provided in any plan of the Bank in which Executive is eligible to participate. Specifically, the Executive shall have an annual incentive opportunity to earn up to an additional 8060% of his 2016 Base Salary, 85% of his 2017 Base Salary and 90% of his 2018 current year's Base Salary as incentive compensation, based on annual performance targets specified by the CEO and the Board, which may include growth of core assets, return on equityloan growth, asset quality, loan mix, overall profitably of the Loan Department and regulatory compliance and other reasonable performance goals which shall be determined by the CEO and the Board in consultation with the Executive on or before December January 31 each year, with respect to the upcoming then current calendar year. Furthermore, the Executive may elect, at his sole option, to receive one-third (1/3) of the annual incentive opportunity shall be paid in stock (which shall be subject to transferability restrictions, but not vesting restrictions) and two-thirds (2/3) the remaining portion of the annual incentive opportunity shall be paid in cash, in accordance with applicable regulatory requirements and guidelines regarding risk management and incentive compensation, with such stock stock, if any, issued and cash paid out no later than 2 ½ months after the end of the year for which it was earned. earned The terms and conditions of each annual incentive opportunity shall be set forth in writing and shall specify the time and form of payment and such other terms that may be required with respect to any deferred compensation that is subject to Section 409A of the Internal Revenue Code of 1986, as amended ("Code").

Bonus and Incentive Compensation. (i) The Executive will be entitled to incentive compensation and bonuses as provided in any plan of the Bank in which Executive is eligible to participate. Specifically, the Executive shall have an annual incentive opportunity to earn up to an additional 8050% at target of his 2016 Base Salary, 85% of his 2017 Base Salary and 90% of his 2018 current year's Base Salary as incentive compensation, based on annual performance targets specified by the CEO and the Board, which may include growth of core assets, return on equityloan growth, asset quality, loan mix, overall profitability of the Sales Department and regulatory compliance and other reasonable performance goals which shall be determined by the CEO and the Board in consultation with the Executive on or before December 31 the last day of March each year, with respect to the upcoming then current calendar year. Furthermore, one-third (1/3) ¼ of the annual incentive opportunity shall any amount earned will be paid payable in stock (which shall be subject to transferability restrictions, but not vesting restrictions) and two-thirds (2/3) the remaining portion of the annual incentive opportunity any amount earned shall be paid in cash, cash in accordance with applicable regulatory requirements and guidelines regarding risk management and incentive compensation, with such stock stock, if any, issued and cash paid out no later than 2 ½ months after the end of the year for which it was earned. The terms and conditions of each annual incentive opportunity shall be set forth in writing and shall specify the time and form of payment and such other terms that may be required with respect to any deferred compensation that is subject to Section 409A of the Internal Revenue Code of 1986, as amended ("Code").