Common use of Long-Term Bonus Clause in Contracts

Long-Term Bonus. Beginning with the fiscal year ending March 31, 2021 and ending with the fiscal year ending March 31, 2022, the long-term bonus (the “Long-Term Bonus”) earned with respect to a given fiscal year (the “Determination Year”), provided that the Employee is employed by the Company on the last day of the Determination Year, is based on (A) the three-year rolling average annual growth in tangible book value per share of the Company’s common stock over the three successive fiscal years ending on the last day of the Determination Year, adjusted in the sole discretion of the Compensation Committee, including without limitation for the following items: 1) changes resulting from a FASB Accounting Pronouncement, 2) share buy-backs, 3) dividends, 4) stock splits, 5) gain on sale and 6) provision for credit losses if less than charge-offs, and (B) the Employee’s Base Salary for the Determination Year. The Long-Term Bonus earned with respect to a Determination Year shall consist of a cash component (the “Cash Component”) and a restricted stock component (the “Restricted Stock Component”) and shall be calculated as follows: