Short-Term Incentive Compensation Program. The Executive shall participate in the Company's Short-Term Incentive Compensation Program. Annual cash awards ("Short-Term Awards") under this program will be based on the achievement of performance goals, both corporate (80%) and individual (20%), expressed as a percentage of the Executive's Base Salary adopted on or after the date of this Agreement. Performance measures will include sales from new sources and operating income. Performance goals, measures and annual awards will be determined by the Compensation Committee and approved by the Board. The Company will pay the Short-Term Award to the Executive within 60 days following the last day of the Company's fiscal year.
Short-Term Incentive Compensation Program. During the term of this agreement, Executive shall be eligible to receive incentive compensation, providing a bonus opportunity equal to or greater than 50% of Executive’s annual base salary, in accordance with a compensation plan adopted by the Board of Directors on or before January 31, 2002.
Short-Term Incentive Compensation Program. Executive shall have the opportunity annually to earn incentive compensation. For the 2019 and 2020 fiscal years, Executive shall have the opportunity to earn amounts determined by the Compensation Committee of the Board (the “Compensation Committee”) in its sole discretion in accordance with the applicable short-term incentive compensation plan of the Company for such fiscal years (the “STIP”). At such time that a final STIP plan document is adopted by the Compensation Committee, a copy will be provided to Executive. Under the STIP, Executive shall have the opportunity annually to earn up to 100% of Executive’s base salary as cash incentive compensation (“Cash Incentive Compensation”) and up to 100% of Executive’s base salary as performance-based equity incentive compensation on the terms and subject to the conditions of the STIP.
Short-Term Incentive Compensation Program. Short-term incentive compensation for Executive will have a minimum threshold of 20% of annual base pay ($525,000 for 2005), a target of 35%, and a maximum of 60%. For 2005, Executive’s short-term incentive compensation will be prorated for seven months of service during 2005. The short-term incentive will consist of two components: • The first component is equivalent to the Bank Incentive Compensation Program (BICP) that is applicable to other members of the Seattle Bank’s senior leadership team. This component has three measurable objectives (risk profile, market penetration and profitability), equally weighted. These three measures collectively will determine whether the threshold level has been attained and, if so, the percentage achievement level between 20% (minimum) and 60% (maximum). • The second component is a “line of sight” set of performance objectives, to be established by mutual agreement between Executive and the Executive Committee of the Board, which would modify the achievement level determined by the first component. The Executive Committee of the Board, with the advice and counsel of the Organizational Development Committee of the Board, will determine the multiplier values of the “line of sight” component modifier for each level of achievement. It will be the responsibility of the Executive Committee to determine, as part of Executive’s annual performance review, the achievement level for the “line of sight” modifiers.
Short-Term Incentive Compensation Program. Employee shall be eligible to participate in any performance bonus program which may be established by the Company for its officers. The program currently contemplated would provide the opportunity for officers, including Employee, to earn annual bonuses which would average 50% of base salary over a five year term. As of the date of this Agreement, such program has not been fully designed and adopted. The Employee shall receive bonuses, pursuant to such program or otherwise, of at least $15,000 for services provided during the first year of this Agreement, such bonuses to be paid at the first and the second anniversary date, respectively, of this Agreement. Such bonuses shall not vest or become payable if this Agreement has been terminated by Employee or by Employer for Cause (hereafter defined) prior to such anniversary date. The first year bonus shall vest and become payable if this Agreement is terminated by Employer pursuant to Sections 5.1.b., 5.1.c. or 5.1.e. after the Commencement Date and prior to the first anniversary date. The second year bonus shall vest and become payable if this Agreement is terminated by Employer pursuant to Sections 5.1.b., 5.1.c. or 5.1.e. after the first and prior to the second anniversary date. These specific annual amounts represent minimum annual bonus compensation and shall not preclude Employee from receiving additional bonus or incentive compensation granted in accordance with Company programs or in the discretion of the Board of Directors.
Short-Term Incentive Compensation Program. Executive shall be eligible to participate in the Bank Incentive Compensation Plan – Annual Plan for the President and CEO ("Annual CEO BICP"), the Seattle Bank's short-term incentive compensation program for the president and chief executive officer as it may be implemented or amended from time to time. The Annual CEO BICP for Executive will be prorated in 2007 to reflect the Executive's eight months of service as president and chief executive officer during 2007. Executive shall also be eligible to participate in the Bank Incentive Compensation Plan – Annual Plan for Exempt Staff and Officers ("Annual BICP") during 2007 on a prorated basis to reflect his 4 months of service as chief operating officer during 2007.
Short-Term Incentive Compensation Program. The Executive shall participate in the Company's Short-Term Incentive Compensation Program. Annual cash awards ("Short-Term Awards") under this program will be based on the achievement of performance goals, both corporate (80%) and individual (20%), expressed as a percentage of the Executive's Base Salary or dollar amount adopted on or after the date of this Agreement. Performance measures will include sales from new sources and operating income. Performance goals, measures and annual awards will be determined by the Compensation Committee and approved by the Board. The Company will pay the Short-Term Award to the Executive within 60 days following the last day of the Company's fiscal year. Notwithstanding whether any such performance goals are achieved, the Short-Term Awards payable to the Executive shall be not less than $150,000 per annum in respect of each year or fraction thereof of employment under this Agreement. In the event that such performance goals are achieved or the Chief Executive Officer or either or both Co-Chief Executive Officers, as the case may be, of the Company receives Short-Term Awards in respect of any year or fraction thereof during the Executive's employment under this Agreement, then the Short-Term Award in respect of such year or fraction thereof payable to the Executive shall be not less than $150,000 per annum plus not less than 75% of any amount in excess of $150,000 per annum awarded to such Chief Executive Officer or Co-Chief Executive Officer, as the case may be, provided, that for purposes of calculating any such excess amount in the event that both Co-Chief Executive Officers are awarded any such Short-Term Award in excess of $150,000, the amount that shall be used for calculating the amount of such excess shall be the higher of the Short-Term Awards to the Co-Chief Executive Officers.
Short-Term Incentive Compensation Program. Short-term incentive compensation for Executive will have the minimum threshold, target and maximum percentages of annual base pay as set forth in the short-term incentive compensation that has been established for officers of the Seattle Bank, as it may be implemented or amended from time to time. For 2005, Executive’s short-term incentive compensation will be prorated for five months of service during 2005.
Short-Term Incentive Compensation Program. Employee shall be eligible to participate in any performance bonus program which may be established by the Company for its officers. As of the date of this Agreement, such program has not been fully designed and adopted. The program currently contemplated would provide the opportunity for officers, including Employee, to earn annual bonuses which would average 50% of base salary over a five year term. During the first year of this Agreement, if the Company achieves 80% of its growth goal (to be developed and approved by the executive team), Employee shall receive a minimum of $55,000 in bonus. Participation in such bonus program shall not preclude Employee from receiving additional bonus or incentive compensation granted in accordance with Company programs or in the discretion of the Board of Directors.
Short-Term Incentive Compensation Program. Employee shall be eligible to participate in any performance bonus program which may be established by the Company for its officers. The program currently contemplated would provide the opportunity for officers, including Employee, to earn annual bonuses which would average 50% of base salary over a five year term. As of the date of this Agreement, such program has not been fully designed and adopted. Participation in any such program, if adopted, shall not preclude Employee from receiving additional bonus or incentive compensation granted in accordance with Company programs or in the discretion of the Board of Directors. During the term of this Agreement, Employee shall be guaranteed a minimum annual bonus of $18,000 in year one of this Agreement and $15,000 in year two of this Agreement, which bonuses shall become part of the performance bonus program once established. Such bonuses shall be paid on a quarterly basis.
