Common use of Performance Bonuses Clause in Contracts

Performance Bonuses. a. Until the Stock Appreciation Rights Incentive (SAR) program is implemented, the Board, in consultation with the CEO, will determine the amount of performance bonus to be awarded to the executive officers. b. When the Board, in consultation with the CEO, determines that it is time for the SAR program to be implemented it will operate in the following way: Each year, a performance bonus, will be awarded, based upon mutually agreed upon goals such as achievement of the goals in the Strategic Plan achieved before the application of taxes based upon the following formula: 50% of the Impact Pool allocation as identified in the Bank's Stock Appreciation Rights Incentive Program ("SAR").

Performance Bonuses. a. Until At the Stock Appreciation Rights Incentive (SAR) option of the Board of Directors, a SAR program is implementedmay be implemented when the bank reaches cumulative profitability, and the Board, in consultation with the CEO, will determine the amount of performance bonus to be awarded to the executive officers. b. When and if the Board, in consultation with the CEO, determines that it is time for the a SAR program to be implemented implemented, it will is intended that the SAR program operate in the following way: Each In January of each year, a performance bonus, will be awarded, based upon mutually agreed upon goals such as achievement of the goals in the Strategic Plan achieved before the application of taxes based upon the following formula: 50% of the Impact Pool allocation as identified in the Bank's Stock Appreciation Rights Incentive Program ("SAR").

Performance Bonuses. a. Until At the Stock Appreciation Rights Incentive (SAR) option of the Board of Directors, a SAR program is implementedmay be implemented when the bank reaches cumulative profitability, and the Board, in consultation with the CEO, will determine the amount of performance bonus to be awarded to the executive officers. b. When and if the Board, in consultation with the CEO, determines that it is time for the a SAR program to be implemented implemented, it will is intended that the SAR program operate in the following way: Each year, a performance bonus, will be awarded, based upon mutually agreed upon goals such as achievement of the goals in the Strategic Plan achieved before the application of taxes based upon the following formula: 50% of the Impact Pool allocation as identified in the Bank's Stock Appreciation Rights Incentive Program ("SAR").

Performance Bonuses. a. Until At the Stock Appreciation Rights Incentive (SAR) option of the Board of Directors, a SAR program is implementedmay be implemented when the bank reaches cumulative profitability, and the Board, in consultation with the CEO, will determine the amount of performance bonus to be awarded to the executive officers. b. When and if the Board, in consultation with the CEO, determines that it is time for the SAR program to be implemented implemented, it will is intended that the SAR program operate in the following way: Each In January of each year, a performance bonus, will be awarded, based upon mutually agreed upon goals such as achievement of the goals in the Strategic Plan achieved before the application of taxes based upon the following formula: 50% of the Impact Pool allocation as identified in the Bank's Stock Appreciation Rights Incentive Program ("SAR").