Common use of Profit Sharing Benefit Clause in Contracts

Profit Sharing Benefit. Executive will receive an annual profit sharing benefit based on the combined amount of Executive’s annual Base Salary and, if applicable, Executive’s performance bonus after Executive meets the eligibility requirements of the applicable profit sharing plan. The Board will decide the exact amount of this benefit annually. First Busey will contribute this benefit for the account of Executive to First Busey’s tax-qualified retirement plans and/or any nontax-qualified deferred compensation programs that First Busey may elect to establish or maintain. All such benefit payments will be determined and governed by the terms of the particular plan or program. First Busey shall have no obligation to continue to maintain any particular benefit plan or arrangement and this benefit may be amended or terminated by First Busey at any time for any reason, provided such termination applies to all other similarly situated officers of First Busey.

Profit Sharing Benefit. Executive will receive an annual profit sharing benefit based on the combined amount of Executive’s annual Base Salary and, if applicable, Executive’s performance bonus after Executive meets the eligibility requirements of the applicable profit sharing plan. The Board will decide the exact amount of this benefit annuallyannually within that range. First Busey will contribute this benefit for the account of Executive to First Busey’s tax-qualified retirement plans and/or any nontax-qualified deferred compensation programs that First Busey may elect to establish or maintain. All such benefit payments will be determined and governed by the terms of the particular plan or program. First Busey shall have no obligation to continue to maintain any particular benefit plan or arrangement and this benefit may be amended or terminated by First Busey at any time for any reason, provided such termination applies to all other similarly situated officers of First Busey.