Common use of Circuit Breaker Clause in Contracts

Circuit Breaker. Bank, in its discretion, through the Compensation Committee, may decide that there will be no payout in a given year until the level of net income (as reported in the Corporation’s financial statements) earned from each business is at least $2 million (or the level determined in the future by the Board of the Corporation).

Circuit Breaker. Bank, in its discretion, through the Compensation Committee, may decide that there will be no payout in a given year until the level of net income (as reported in the Corporation’s financial statements) earned from each business is at least $2 million (or the whatever level as determined in the future by the Board Compensation Committee of the Corporation).