Common use of Bonus Programs Clause in Contracts

Bonus Programs. The Executive shall participate in the Company’s Annual Incentive and Long-Term Incentive Plans. Incentive targets and maximums are set by the Board of Directors and may increase or decrease based upon market data and/or other studies conducted by the Company and the Board, at its discretion, but in no event shall Executive’s target under the Company’s Annual Incentive Plan be set lower than 30% of base salary unless as part of a nondiscriminatory cost reduction plan applicable to the Bank’s total compensation budget.

Bonus Programs. The Executive shall participate in the Company’s Annual Incentive and Long-Term Incentive Plans. Incentive targets and maximums are set by the Board of Directors and may increase or decrease based upon market data and/or other studies conducted by the Company and the Board, at its discretion, but in no event shall Executive’s target under the Company’s Annual Incentive Plan be set lower than 3037.5% of base salary unless as part of a nondiscriminatory cost reduction plan applicable to the Bank’s total compensation budget.