Fox Cities Bank Incentive/Bonus Program for
Fiscal Year Ending March 31, 1998
Associate Plan
Eligible Participants:
All permanent full and part time associates, with the exception of:
- The Executive Management Team consisting of the Executive
Officers' Management Committee.
- The Middle Management group consisting of all Officers, Training
Manager and Mortgage Loan Underwriter.
- All loan originators paid on the basis of a draw against
commission.
- Any temporary associates including summer only associates.
An associate will be eliglible to receive a bonus after the fiscal year
end provided the associate has been employed on a continuous basis a
minimum of one full year. An associate must be actively employed when
bonuses are paid. Eligibility will cease the last day an associate is on
the job, in the case of a voluntary or involuntary terminiation.
Basis:
3% of salary based upon reaching the pre-tax target set for the
period of July 1, 1997 through March 31, 1998.
7% of salary based upon receiving a pro-rata share of a bonus pool
to be established according to the attached exhibit A. An
individual's share will be determined by calculating the ratio
of each participant's salary to the total salaries of all
participants.
The salary figure used will be the base income for the twelve months
ending March 31, 1998 excluding commission, overtime and incentive
pay.
*The percentages indicated are maximums for the particular category
and can vary between 0% and the stated maximum.
*For any individual, the incentive will be capped at 10% of their
gross income.
*Payout will be net, after taxes and FICA, and will occur following
the annual external audit.
*All payouts are subject to final Board of Director approval and may
be adjusted at their sole discretion.
Fox Cities Bank Incentive/Bonus Program for
Fiscal Year Ending March 31, 1998
Middle Manager Plan
Eligible Participants:
The Middle Management group will consist of all Officers, Training
Manager, Mortgage Loan Underwriter and designated exempt associates.
A member of this group will be eligible to receive a bonus after the
fiscal year end provided the associate has been employed on a continuous
basis a minimum of one full year. The associate must be actively employed
when bonuses are paid. Eligibility will cease the last day an associate
is on the job, in the case of a voluntary or involuntary termination.
Basis:
6% of salary based upon reaching the pre-tax target set for the
period of July 1, 1997 through March 31, 1998.
9% of salary based upon receiving a pro-rata share of a bonus pool
to be established according to the attached exhibit A. An
individual's share will be determined by calculating the ratio
of each participant's salary to the total salaries of all
participants.
The salary figure used will be the base income for the twelve months
ending March 31, 1998 excluding commissions, option exercise wages
and incentive pay.
*The percentages indicated are maximums for the particular category
and can vary between 0% and the stated maximum.
*For any individual, the incentive will be capped at 15% of their
gross income.
*Payout will be net, after taxes and FICA, and will occur following
the annual external audit.
*All payouts are subject to final Board of Director approval and may
be adjusted at their sole discretion.
For those officers with a title of Assistant Vice President or above,
the basis as a percentage of salary will be 9%, and 11%. The cap for any
one individual will be 20% of their gross income.
Fox Cities Bank Incentive/Bonus Program for
Fiscal Year Ending March 31, 1998
Middle Manager Plan
AVP and above
Eligible Participants:
The Middle Management group will consist of all Officers, Training
Manager, Mortgage Loan Underwriter and designated exempt associates.
A member of this group will be eligible to receive a bonus after the
fiscal year end provided the associate has been employed on a continuous
basis a minimum of one year. The associate must be actively employed when
bonuses are paid. Eligibility will cease the last day an associate is on
the job, in the case of a voluntary or involuntary termination.
Basis:
9% of salary based upon reaching the pre-tax target set for the
period of July 1, 1997 through March 31, 1998.
11% of salary based upon receiving a pro-rata share of a bonus pool
to be established according to the attached exhibit A. An
individual's share will be determined by calculating the ratio
of each participant's salary to the total salaries of all
participants.
The salary figure used will be the base income for the twelve months
ending March 31, 1998 excluding commissions, option exercise wages
and incentive pay.
*The percentage indicated are maximums for the particular category
and can vary between 0% and the stated maximum.
*For any individual, the incentive will be capped at 20% of their
gross income.
*Payout will be net, after taxes and FICA, and will occur following
the annual external audit.
*All payouts are subject to final Board of Directors approval and may
be adjusted at their sole discretion.
Fox Cities Bank incentive/Bonus Program for
Fiscal Year Ending March 31, 1998
Executive Officer Plan
Eligible Participants:
The Executive Officer group will be those individuals as designated by the
Board of Directors as members of the Executive Officers' Management
Committee.
A member of this group will be eligible to receive a bonus after the
fiscal year end provided the executive officer has been employed on a
continuous basis a minimum of six months. An executive officer must be
actively employed when bonuses are paid. Eligibility will cease the last
day an executive officer is on the job, in the case of a voluntary or
involuntary termination.
Basis:
20% of salary based upon reaching the pre-tax target set for the
period of July 1, 1997 through March 31, 1998.
15% of salary based upon receiving a pro-rata share of a bonus pool
to be established according to the attached exhibit A. An
individual's share will be determined by calculating the ratio
of each participant's salary to the total salaries of all
participants.
The salary figure used will be the base income for the twelve months
ending March 31, 1998 excluding commissions, option exercise wages and
incentive pay.
*The percentages indicated are maximums for the particular category
and can vary between 0% and the stated maximum.
*For any individual, the incentive will be capped at 35% of their
gross income.
*Payout will be net, after taxes and FICA, and will occur following
the annual external audit.
*All payouts are subject to final Board of Director approval and may
be adjusted at their sole discretion.
Fox Cities Bank Incentive/Bonus Plan for
Fiscal Year Ending March 31, 1998
Exhibit A
Pre-Tax Target:
Period of July 1, 1997 through March 31, 1998: $6,922,000.
Adjustments of extraordinary or unusual income/expense items may
be made at the discretion of the Board of Directors.
Bonus Pools:
There will be three separate bonus pools established for each of
the three bonus plans. The pools will be based upon a percentage of the
pre-tax income that exceeds the target.
Middle Executive
Pre-tax Income Associate Management Officers'
Exceeding Target Pool Pool Pool
$ 0 -$100,000 15% 15% 10%
$100,001-$250,000 12% 12% 12%
$250,001-and over 10% 10% 10%
During fiscal 1998, a substantial number of merger related issues and
items created certain priorities and unusual work requirements. As a
result, certain associates provided extraordinary effort, time and
leadership to assure that those items where completed accurately and
timely.
At the discretion of the Board of Directors, a bonus amount can be
included for certain associates based upon an individual's effort and
accomplishments during this transitional year. However, under no
circumstances will the total bonus payment exceed the maximum as stated
within the plans.