Common use of Annual Incentive Payment Clause in Contracts

Annual Incentive Payment. In addition to other compensation to be paid under this Section 4, each year, during the term of this Agreement, the Employee shall be eligible to receive an annual incentive payment (the “Annual Incentive Payment”), which shall be a percent of Base Salary. The amount actually awarded and paid to the Employee each year will be determined by the Board and will be based on specific performance criteria to be identified under a separate communication. Any payments made under this section shall be paid as soon as is practicable following the close of the Company’s financial statements for the preceding year but no later than March 15 following the calendar year in which the Annual Incentive Payment is earned. For terminations of this Agreement prior to the end of the year, other than terminations pursuant to subsections (b), (c), (d) and (e) of Section 5 below, the Annual Incentive Payment shall be prorated and the Employee shall earn that portion of the Annual Incentive Payment allocable to the portion of the year of his employment.

Annual Incentive Payment. In addition to other compensation to be paid under this Section 4, each year, during the term of this Agreement, the Employee shall be eligible to receive an annual incentive payment (the “Annual Incentive Payment”), which shall be a percent of Base Salary. The amount actually awarded and paid to the Employee each year will be determined by the Board and will be based on specific performance criteria to be identified under a separate communication. Any payments made under this section shall be paid as soon as is practicable following the close of the CompanyBank’s financial statements for the preceding year but no later than March 15 following the calendar year in which the Annual Incentive Payment is earned. For terminations of this Agreement prior to the end of the year, other than terminations pursuant to subsections (b), (c), (d) and (e) of Section 5 below, the Annual Incentive Payment shall be prorated and the Employee shall earn that portion of the Annual Incentive Payment allocable to the portion of the year of his her employment.