Bonus and Incentive Compensation definition

Bonus and Incentive Compensation of the Employment Agreement is hereby amended and restated in its entirety to read as follows: 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 30% at target (and up to 60% for overachieving targets) of his current year’s Base Salary as incentive compensation, based on annual performance targets specified by the CEO and the Board, which shall be determined by the CEO and the Board in consultation with the Executive on or before the last day of March each year, with respect to the then current calendar year. Any amounts earned shall be paid 100% in cash in accordance with applicable regulatory requirements and guidelines regarding risk management and incentive compensation, and paid out no later than 2 ½ months after the end of the year for which it was earned. Any amount earned in 2024 will be prorated to reflect Executives first day of employment. 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”). In addition, the Executive will begin to participate in the Bank’s Non-Qualified Deferred Compensation Plan beginning in 2025, subject to all terms outlined in the plan document. The target annual contribution is equal to 15% of Executives annual salary (up to 20%) and is based on a combination of the Bank’s performance and Executives personal performance each year. The Bank reserves the right to change the annual contribution amount at its discretion, but will only do so prospectively for future years and will notify the Executive of such change no later than December 1 of each year.
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Bonus and Incentive Compensation of the Employment Agreement is hereby amended and restated in its entirety to read as follows:
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Examples of Bonus and Incentive Compensation in a sentence

  • The Bonus and Incentive Compensation terms shall be mutually agreed upon within 10 days of the execution of their agreement, subject to the approval of the Company’s Board, and may be subject to adjustment with at least 30 days’ notice no more than annually.

  • The matrix below reflects both the elements of performance that will be evaluated and the weightings associated with each Financial Metric to determine the applicable payout factor that will be used to calculate the Annual Bonus and Incentive Compensation amounts.

  • The Bonus and Incentive Compensation Plan will be completed within ninety (90) days after the conclusion of the fund raising.

  • In addition to the Base Salary, the Employee shall be entitled to receive an annual or periodic incentive compensation pursuant to the terms and conditions of the Company Bonus and Incentive Compensation Plan.

  • In the event that during the Term of this Agreement, the Employee's employment with the Corporation is involuntarily terminated by the Corporation other than for Cause or because of the Employee's death or substantial inability to work, the Corporation will pay the Employee a lump sum payment equal to all amounts that would have otherwise become due hereunder, including without limitation the Bonus and Incentive Compensation described in Section D (ii) and (iii) hereof.

  • In addition to the Corporate Element, there is an Individual Element as shown in Table 1 above which comprises 20% of the overall payout factor calculation for the Actual Annual Bonus and Incentive Compensation.