Common use of Performance-Related Bonus Clause in Contracts

Performance-Related Bonus. During the term of this Agreement, the Executive shall be eligible to receive a performance-related bonus determined annually by the Board based on performance goals set annually by the Board (the “Performance-Related Bonus”); provided, however, that the Executive is only entitled to the Performance-Related Bonus if the Bank has a CAMELS rating of 1 or 2 for the year to which the Performance-Related Bonus relates. The Performance-Related Bonus shall be subject to all applicable withholdings and paid to the Executive at the time bonuses are generally paid to other similarly-situated executives in accordance with the Company’s policies and practices as set by the Board but in no event later than the 15th day of the third month following the end of the calendar year to which the Performance-Related Bonus relates.