Executive Incentive Compensation. In general, the Bank believes that superior performance of Executive should be rewarded and encouraged by incentive compensation. The Bank Board shall adopt the Plan pursuant to which Executive may be entitled to incentive compensation provided that the performance goals of the Bank as set forth in the Plan are achieved and the terms and conditions of the Plan are satisfied. In addition, Executive shall be entitled to other incentive compensation and bonuses as the Bank Board may determine in its sole discretion. Notwithstanding the foregoing, Executive shall not participate in the Bank’s Team Share Plan.
Executive Incentive Compensation. In general, the Bank and the Company believe that superior performance of the Executive should be rewarded and encouraged by incentive compensation. At least once a year, the Bank Board and the Company Board will determine whether the Executive has rendered and continues to render superior performance, and whether in light of the Bank's and the Company's management policies, growth, earnings and expected performance, economic conditions, and any other factors deemed relevant, such compensation should be granted and whether previously granted incentives should be retracted. Incentive compensation which has been earned or paid or both, may not be withdrawn and the Executive shall not be liable for repayment of any such compensation. Bonus compensation shall be deemed earned at the date declared by the Bank Board or the Company Board and not before. However, neither the Bank nor the Company shall be required to provide any compensation to the Executive other than the salary and benefits required by this Agreement. The Bank Board and the Company Board have full and complete discretion in determining what incentive compensation, if any, should be provided to the Executive, and the Executive shall have no particular right to incentive compensation. The Executive shall be entitled to participate in any executive incentive compensation plan that benefits or includes all of the other executives of the Bank, that is, persons holding offices higher than vice president. For purposes of this Agreement, "incentive compensation" shall generally mean any compensation not otherwise required to be paid to the Executive under the terms of this Agreement.
Executive Incentive Compensation. In general, the Employer believes that superior performance of Executive should be rewarded and encouraged by incentive compensation. The Employer Board shall adopt the Plan pursuant to which Executive may be entitled to incentive compensation provided that the performance goals of the Employer as set forth in the Plan are achieved and the terms and conditions of the Plan are satisfied. The performance goals contained in the Plan will be evaluated annually by the Employer Board in consultation with Executive no later than the first month of the calendar year. In addition, Executive shall be entitled to other incentive compensation and bonuses as the Employer Board may determine in its sole discretion.
Executive Incentive Compensation. In general, the Company believes that superior performance of Executive should be rewarded and encouraged by incentive compensation. Executive shall be entitled each year of this Agreement to four percent (4%) of the after tax net income of the Company as reported yearly on a consolidated basis for each year of the term of employment. Such incentive compensation is subject to the Bank receiving satisfactory CAMEL ratings on both the Safety and Soundness Examinations and the Compliance Examinations that are the most recent as of the payment of such incentive compensation. Subject to the foregoing, Executive shall be authorized to receive a draw on the incentive compensation on a quarterly basis throughout the year. During the term of this Agreement, Employee may be paid up to 20% of the expected annual incentive compensation following the filing of the 10-Q for each respective quarter based on the unaudited quarterly results as contained in the Bancshares’ 10-Q for that quarter, with a true up and final payment at the time of the finalization of the year end financial statements of the Company. However no quarterly payment as described above, shall exceed 25% of the expected annual incentive compensation pursuant to Bancshares budget. The year-end payment shall be conditioned upon the receipt of the audited financial statement for the Company for the year-end. If the Company does not realize net income in a quarter then Executive shall not be authorized to receive incentive compensation for that quarter. In the event that Company has over advanced on the incentive compensation to Executive in any year, then Executive’s incentive compensation for the following year shall be reduced by the amount of the over advanced and Executive shall not be entitled to any quarterly advances on the incentive compensation until the over advance is repaid in its entirety through the net income of the Company.
Executive Incentive Compensation. The Company agrees to evaluate the performance of the Executive with regard to additional compensation for superior performance within six months after the commencement of the agreement. The Company shall consider the overall performance of the Company in determining whether the Executive is entitled to receive added compensation. The basis of granting such added compensation will be to reward the Executive for outstanding work and to provide an incentive for continued performance. Any additional incentive compensation to be paid pursuant to this Agreement, shall be made within the Company's discretion since such added compensation would be affected by general and specific economic conditions, changes in management policies and other considerations. In the event incentive compensation is awarded, it shall be set forth in a separate written addendum to this Agreement, signed by both parties. As well as the following: 20k options will vest upon hiring and 20k options will vest every six months for 4 additional time periods totaling 100k options. This does not in any way exclude the Executive from any other option bonuses that are received company wide.
Executive Incentive Compensation. “EIC”). In addition to the basic compensation described in Section 2.1 above, the Company may pay to the Executive an additional sum during each year of employment as EIC as proposed in the discretion of the Human Resources and Compensation Committee and approved by the Board of Directors and may discretionarily grant additional stock options. Moreover, Company agrees to work in good faith and make best efforts to determine if a reasonable possibility exists to amend or extend Executive’s current options which are set to expire at various dates in 2008 and if such is not reasonably possible, then to replace same in a form and fashion, if possible, deemed reasonably likely to embody similar value to the Executive.
Executive Incentive Compensation. In general, the Employer believes that superior performance of Executive should be rewarded and encouraged by incentive
Executive Incentive Compensation. The Compensation Committee of the Board of Directors shall work with the Executive to develop an Executive Incentive Compensation plan that creates benchmark goals and objectives for key executives and provides additional bonus compensation opportunities key executives to receive additional annual bonus of up to 20% of an individual’s Base Salary upon achievement of specified goals and objectives of the Company. In the absence of the development of such Executive Incentive Compensation plan, the Executive shall be eligible for an additional annual bonus of up to 20% of the Executive’s Base Salary based on meeting the objectives in the Standard Incentive Compensation Plan.
Executive Incentive Compensation. Vested awards and deferred compensation will be distributed according to your previous declarations.
Executive Incentive Compensation
