Incentive Compensation Arrangements. During the Employment Period, Executive shall participate in Employer’s incentive compensation programs for its senior executives existing from time to time, at a level commensurate with his/her position and duties with Employer and based on such performance targets as may be established from time to time by Employer’s Board or a committee thereof. For calendar year 2010, Executive’s aggregate annual target bonus opportunity shall be 70% of Base Salary.
Incentive Compensation Arrangements. Executive agrees that notwithstanding any provision of the Agreement or any incentive compensation plan, agreement, understanding, policy, action of Bancorp’s Board of Directors or other similar arrangement, during the Treasury Holding Period, Executive will only be entitled to participate (to the extent Executive is entitled to participate in incentive compensation arrangements of Bancorp pursuant to an action of the Board of Directors, the Employment Agreement, a policy of Bancorp or other similar development) in incentive compensation arrangements that the compensation committee of Bancorp’s Board of Directors (or a committee acting in a similar capacity) has reviewed as provided in Treasury Notice 2008-PSSFI and has determined do not encourage Bancorp’s senior executive officers to take unnecessary and excessive risks that threaten the value of Bancorp or the Bank, and that have been certified by such compensation committee (or committee acting in a similar capacity) as required under Treasury Notice 2008-PSSFI as not encouraging Bancorp’s senior executive officers to take unnecessary and excessive risks that threaten the value of Bancorp or the Bank.
Incentive Compensation Arrangements. During the Term of Employment, the Executive shall be entitled to participate in any Company incentive compensation plans, programs and/or arrangements applicable to senior-level executives as established and modified from time to time by the Compensation Committee in consultation with the Chief Executive Officer.
Incentive Compensation Arrangements. The Executive's maximum annual bonus opportunity for each fiscal year shall be $425,000 (and shall be adjusted based on future increases in Base Salary) and will be payable based upon the achievement of performance criteria developed by the Company's Chief Executive Officer; provided, however, that the Executive's bonus for fiscal year 2007 shall not be less than Two Hundred Thousand Dollars ($200,000). For purposes of this Agreement, Executive's target bonus opportunity ("Target Bonus") shall be $300,000 (subject to achievement of the requisite performance criteria). Any bonuses shall be payable when bonuses are customarily payable under the Company's regular payroll practices, but in no event later than 2 and 1/2 months following the end of the applicable fiscal year.
Incentive Compensation Arrangements. The Executive’s annual on-target bonus for each fiscal year shall be fifty percent (50%) of the Executive’s Base Salary (the “Target Bonus”). The Parties agree that the performance criteria applicable to the Executive’s annual on-target bonus for fiscal year 2009 shall be developed by the Board, in consultation with the Executive, within forty-five days (45) days after the Effective Date, subject to review and approval by the entire Board. The bonus for 2009 shall be based on the full year and not prorated as a result of the Effective Date.
Incentive Compensation Arrangements. (a) During the Term of Employment, the Executive shall be entitled to participate in any Company incentive compensation plans, programs and/or arrangements applicable to senior-level executives as established and modified from time to time by the Board or the Compensation Committee in its sole discretion. In addition, the Executive shall receive a bonus of no less than one hundred fifty thousand dollars ($150,000) annually (the "Bonus Compensation"), payable each February on the first payroll date after the close of the applicable fiscal year. The first Bonus Compensation payment shall be due and payable in February 2007. The formula to be used to calculate the Bonus Compensation payable to the Executive will be set out in Exhibit A hereto and mutually agreed upon annually. In the event such formula changes by mutual agreement of the Parties, the Parties will sign and attach such revised formulae, if any, to Exhibit A (e.g., Exhibit A-1, etc.).
Incentive Compensation Arrangements. During the Term of Employment, the Executive shall be entitled to participate in any Company incentive compensation plans, programs and/or arrangements applicable to senior-level executives as establihed and modified from time to time by the Compensation Committee, in consultation with the Chief Executive Officer, pro-rated in the year of hire, as and from the Effective Date to September 30, 2011. (For the avoidance of doubt, the Company may choose not to pay if applicable performance goals are not met.) In no event shall the annual incentive opportunity effective for the Executive be less than fifty percent (50%) of the Executive’s Base Salary to a maximum annual incentive opportunity of seventy-five percent (75%) of the Executive’s Base Salary, assuming satisfaction of applicable performance goals. The Company commits to paying the Executive a signing-on bonus of Fifty Thousand dollars ($50,000) gross (“Signing on Payment”) within thirty (30) calendar days of the Effective Date, to be paid in accordance with standard payroll practices, subject to standard withholdings and deductions. Signing on Payment is contingent upon the Executive completing twelve (12) consecutive months of service from the Effective Date, with a pro-rated repayment due the Company for termination for cause or voluntary resignation within that period, to specifically allow for the withholding of any amount due the Company from the Executive’s final pay.
Incentive Compensation Arrangements. The Executive's maximum annual bonus opportunity for each fiscal year shall be $1,025,000 (and shall be adjusted based on future increases in Base Salary) and will be payable based upon the achievement of performance criteria developed by the Company's Chief Executive Officer; provided, however, that the Executive's bonus for fiscal year 2009 shall not be less than Two Hundred and Seventh-Five Thousand Dollars ($275,000). For purposes of this Agreement, Executive's target bonus opportunity ("Target Bonus") shall be $625,000 (subject to achievement of the requisite performance criteria). Any bonuses shall be payable in the fiscal year following the applicable fiscal year when bonuses are customarily payable under the Company's regular payroll practices, but in no event later than 2 and 1/2 months following the end of the applicable fiscal year. The bonus for fiscal year 2009 shall be based on the full year and not prorated as a result of the Effective Date.
Incentive Compensation Arrangements. During the Term of Employment, the Executive shall be entitled to participate in any Company incentive compensation plans, programs and/or arrangements applicable to senior-level executives as established and modified from time to time by the Board or the Compensation Committee in its discretion. In addition, the Executive shall receive a bonus (the “Bonus Compensation”) in an amount (i) no less than fifty thousand dollars ($50,000) for Fiscal Year 2006 and (ii) as determined in the discretion of the Board or Compensation Committee for each fiscal year thereafter, payable each February on the first payroll date after the close of the applicable fiscal year. The first Bonus Compensation payment shall be due and payable in February 2007.
Incentive Compensation Arrangements. During the Term of Employment, the Executive shall be entitled to participate in any Company incentive compensation plans, programs and/or arrangements applicable to senior-level executives as established and modified from time to time by the Compensation Committee in its sole discretion including, without limitation, the Executive Incentive Compensation Plan (the “Incentive Plan”). In no event shall the minimum annual incentive opportunity (the “Bonus Opportunity”) for the Executive be less than fifty percent (50%) of that year’s Base Salary, assuming satisfaction of applicable performance goals. (For the avoidance of doubt, the Company may choose to pay no bonus if applicable performance goals are not met.)
