Common use of Bonus and Incentive Compensation Clause in Contracts

Bonus and Incentive Compensation. The Bank shall pay to the Executive with respect to each fiscal year during the term of the Executive's employment hereunder, such cash bonus as Chief Executive Officer of the Bank (exclusive of the Executive) shall determine and the Board of Directors shall ratify in their sole discretion; provided, however, in no event shall this paragraph b. be deemed to require that any such bonus be paid with respect to any such fiscal year. In addition, and without diminution of any other compensation or benefit provided for in this Agreement, the Executive shall have the right to participate in any Incentive Compensation Plan adopted by the Bank or in any such plan adopted or sponsored by Anchor in which the senior officers of any of its banking subsidiaries are participants.

Bonus and Incentive Compensation. The Bank shall pay to the Executive with respect to each fiscal year during the term of the Executive's employment hereunder, such cash bonus as Chief Executive Officer the Board of Directors of the Bank or the Board of Directors of Anchor (exclusive of the Executive) shall determine and the Board of Directors shall ratify in their sole discretion; provided, however, in no event shall this paragraph b. be deemed to require that any such bonus be paid with respect to any such fiscal year. In addition, and without diminution of any other compensation or benefit provided for in this Agreement, the Executive shall have the right to participate in any Incentive Compensation Plan adopted by the Bank or in any such plan adopted or sponsored by Anchor in which the senior officers of any of its banking subsidiaries are participants.