Common use of Payment of Annual Incentive Compensation Clause in Contracts

Payment of Annual Incentive Compensation. For a given calendar year during which this Agreement is in effect — (a) No Annual Incentive Compensation will be paid if Defined Earnings for such year is zero or less. (b) No Annual Incentive Compensation will be paid if the Company's three-year average return on equity (AROE) at the end of such year is less than five percent. (i) AROE for a given year is the Company's net income as shown on the Company's audited financial statements for such year, divided by the average stockholders' equity for the year. (ii) The average stockholders' equity for a given year is the sum of the opening stockholders' equity and the closing stockholders' equity for such year divided by two. (iii) The three-year AROE at the end of a given year is the sum of the AROE for such year and the AROE for each of the immediately preceding two completed fiscal years divided by three. (c) Thirty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in cash. (d) Up to twenty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in cash based on the extent to which he achieves his personal goals that were established for such year. Xx. Xxxxxxx'x personal goals shall be established in consultation with, shall be subject to final approval by, and the extent of their achievement each year shall be determined by, the Chief Executive Officer of the Company. In addition, Xx. Xxxxxxx'x personal goals and the determination of the extent to which they have been achieved in a given year shall be subject to review and approval by the Compensation Committee of the Board of Directors of the Company (the "Committee.") (e) Fifty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in the form of shares of common stock of the Company subject to restrictions (the "Restricted Shares.") The number of Restricted Shares to be issued will be determined by using the average of the daily closing prices of the Company's common stock in the month of December of the year for which the Annual Compensation is being paid. All of the Restricted Shares shall be subject to the terms and conditions of the form of Restricted Stock Agreement attached to this Exhibit B as Appendix I. It shall be a condition of each issuance of Restricted Shares that Xx. Xxxxxxx execute a copy of that agreement and the form of stock assignment attached to it. (f) Payment of any Annual Incentive Compensation shall be made after January 1 and before March 15 of the calendar year immediately following the year for which the Annual Incentive Compensation is to be paid.

Payment of Annual Incentive Compensation. For a given calendar year during which this Agreement is in effect — (a) No Annual Incentive Compensation will be paid if Defined Earnings for such year is zero or less. (b) No Annual Incentive Compensation will be paid if the Company's three-year average return on equity (AROE) at the end of such year is less than five percent. (i) AROE for a given year is the Company's net income as shown on the Company's audited financial statements for such year, divided by the average stockholders' equity for the year. (ii) The average stockholders' equity for a given year is the sum of the opening stockholders' equity and the closing stockholders' equity for such year divided by two. (iii) The three-year AROE at the end of a given year is the sum of the AROE for such year and the AROE for each of the immediately preceding two completed fiscal years divided by three. (c) Thirty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in cash. (d) Up to twenty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in cash based on the extent to which he achieves his personal goals that were established for such year. Xx. Xxxxxxx'x personal goals shall be established in consultation with, shall be subject to final approval by, and the extent of their achievement each year shall be determined by, the Chief Executive Officer Company's Board of the CompanyDirectors. In addition, Xx. Xxxxxxx'x personal goals and the determination of the extent to which they have been achieved in a given year shall be subject to review and approval by the Compensation Committee of the Board of Directors of the Company (the "Committee.") (e) Fifty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in the form of shares of common stock of the Company subject to restrictions (the "Restricted Shares.") The number of Restricted Shares to be issued will be determined by using the average of the daily closing prices of the Company's common stock in the month of December of the year for which the Annual Compensation is being paid. All of the Restricted Shares shall be subject to the terms and conditions of the form of Restricted Stock Agreement attached to this Exhibit B as Appendix I. It shall be a condition of each issuance of Restricted Shares that Xx. Xxxxxxx execute a copy of that agreement and the form of stock assignment attached to it. (f) Payment of any Annual Incentive Compensation shall be made after January 1 and before March 15 of the calendar year immediately following the year for which the Annual Incentive Compensation is to be paid.

Payment of Annual Incentive Compensation. For a given calendar year during which this Agreement is in effect — (a) No Annual Incentive Compensation will be paid if Defined Earnings for such year is zero or less. (b) No Annual Incentive Compensation will be paid if the Company's three-year average return on equity (AROE) at the end of such year is less than five percent. (i) AROE for a given year is the Company's net income as shown on the Company's audited financial statements for such year, divided by the average stockholders' equity for the year. (ii) The average stockholders' equity for a given year is the sum of the opening stockholders' equity and the closing stockholders' equity for such year divided by two. (iii) The three-year AROE at the end of a given year is the sum of the AROE for such year and the AROE for each of the immediately preceding two completed fiscal years divided by three. (c) Thirty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in cash. (d) Up to twenty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in cash based on the extent to which he she achieves his her personal goals that were established for such year. Xx. Xxxxxxx'x personal goals shall be established in consultation with, shall be subject to final approval by, and the extent of their achievement each year shall be determined by, the Chief Executive Officer of the CompanyFinancial Officer. In addition, Xx. Xxxxxxx'x personal goals and the determination of the extent to which they have been achieved in a given year shall be subject to review and approval by the Compensation Committee of the Board of Directors of the Company (the "Committee.") (e) Fifty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx in the form of shares of common stock of the Company subject to restrictions (the "Restricted Shares.") The number of Restricted Shares to be issued will be determined by using the average of the daily closing prices of the Company's common stock in the month of December of the year for which the Annual Compensation is being paid. All of the Restricted Shares shall be subject to the terms and conditions of the form of Restricted Stock Agreement attached to this Exhibit B as Appendix I. It shall be a condition of each issuance of Restricted Shares that Xx. Xxxxxxx execute a copy of that agreement and the form of stock assignment attached to it. (f) Payment of any Annual Incentive Compensation shall be made after January 1 and before March 15 of the calendar year immediately following the year for which the Annual Incentive Compensation is to be paid.

Payment of Annual Incentive Compensation. For a given calendar year during which this Agreement is in effect — (a) No Annual Incentive Compensation will be paid if Defined Earnings for such year is zero or less. (b) No Annual Incentive Compensation will be paid if the Company's three-year average return on equity (AROE) at the end of such year is less than five percent. (i) AROE for a given year is the Company's net income as shown on the Company's audited financial statements for such year, divided by the average stockholders' equity for the year. (ii) The average stockholders' equity for a given year is the sum of the opening stockholders' equity and the closing stockholders' equity for such year divided by two. (iii) The three-year AROE at the end of a given year is the sum of the AROE for such year and the AROE for each of the immediately preceding two completed fiscal years divided by three. (c) Thirty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx Xxxxxx in cash. (d) Up to twenty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx Xxxxxx in cash based on the extent to which he achieves his personal goals that were established for such year. Xx. Xxxxxxx'x Xxxxxx'x personal goals shall be established in consultation with, shall be subject to final approval by, and the extent of their achievement each year shall be determined by, the Chief Executive Officer Company's Board of the CompanyDirectors. In addition, Xx. Xxxxxxx'x Xxxxxx'x personal goals and the determination of the extent to which they have been achieved in a given year shall be subject to review and approval by the Compensation Committee of the Board of Directors of the Company (the "Committee.") (e) Fifty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx Xxxxxx in the form of shares of common stock of the Company subject to restrictions (the "Restricted Shares.") The number of Restricted Shares to be issued will be determined by using the average of the daily closing prices of the Company's common stock in the month of December of the year for which the Annual Compensation is being paid. All of the Restricted Shares shall be subject to the terms and conditions of the form of Restricted Stock Agreement attached to this Exhibit B as Appendix I. It shall be a condition of each issuance of Restricted Shares that Xx. Xxxxxxx Xxxxxx execute a copy of that agreement and the form of stock assignment attached to it. (f) Payment of any Annual Incentive Compensation shall be made after January 1 and before March 15 of the calendar year immediately following the year for which the Annual Incentive Compensation is to be paid.

Payment of Annual Incentive Compensation. For a given calendar year during which this Agreement is in effect — (a) No Annual Incentive Compensation will be paid if Defined Earnings for such year is zero or less. (b) No Annual Incentive Compensation will be paid if the Company's three-year average return on equity (AROE) at the end of such year is less than five percent. (i) AROE for a given year is the Company's net income as shown on the Company's audited financial statements for such year, divided by the average stockholders' equity for the year. (ii) The average stockholders' equity for a given year is the sum of the opening stockholders' equity and the closing stockholders' equity for such year divided by two. (iii) The three-year AROE at the end of a given year is the sum of the AROE for such year and the AROE for each of the immediately preceding two completed fiscal years divided by three. (c) Thirty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx Xxxxxx in cash. (d) Up to twenty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx Xxxxxx in cash based on the extent to which he achieves his personal goals that were established for such year. Xx. Xxxxxxx'x Xxxxxx'x personal goals shall be established in consultation with, shall be subject to final approval by, and the extent of their achievement each year shall be determined by, to the Chief Executive Officer of the Company. In addition, Xx. Xxxxxxx'x Xxxxxx'x personal goals and the determination of the extent to which they have been achieved in a given year shall be subject to review and approval by the Compensation Committee of the Board of Directors of the Company (the "Committee.") (e) Fifty percent of any Annual Incentive Compensation payable hereunder will be paid to Xx. Xxxxxxx Xxxxxx in the form of shares of common stock of the Company subject to restrictions (the "Restricted Shares.") The number of Restricted Shares to be issued will be determined by using the average of the daily closing prices of the Company's common stock in the month of December of the year for which the Annual Compensation is being paid. All of the Restricted Shares shall be subject to the terms and conditions of the form of Restricted Stock Agreement attached to this Exhibit B as Appendix I. It shall be a condition of each issuance of Restricted Shares that Xx. Xxxxxxx Xxxxxx execute a copy of that agreement and the form of stock assignment attached to it. (f) Payment of any Annual Incentive Compensation shall be made after January 1 and before March 15 of the calendar year immediately following the year for which the Annual Incentive Compensation is to be paid.