Employee Incentive Compensation Plan (2007)Full Document 

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10.48

Employee

Incentive

Compensation Plan

 

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INTRODUCTION

Enterprise Bank is committed to recognizing and rewarding employees for their contributions and efforts to achieve exceptional business performance.  Enterprise Bank has developed this incentive compensation plan to acknowledge individual, group and bank wide performance.   This program is the Enterprise Bank Employee Incentive Compensation Plan, also referred to as the “Plan” within this document.

The Plan is designed to motivate and reward Enterprise Bankers for achieving and exceeding specified bank wide, group and individual performance objectives.  The Plan will provide a strong link to the performance evaluation system and the incentive bonus and will differentiate the incentive bonus based on individual performance.  Participants and bankers will be challenged and rewarded to contribute to the continued growth and profitability of the Bank.  The Plan, including the financial objectives of the Plan will be revised each year to determine their appropriateness and may be revised by the Executive Management Team.  The Compensation Committee of the Board of Directors (“Compensation Committee”) will approve the amount and parameters of the bonus pool.

It is the collective expectation of Enterprise Bank’s management, the Compensation Committee and the entire Board of Directors that the Enterprise Bankers will share in Enterprise Bank’s overall success.

This incentive plan description serves as a comprehensive single source of information for eligible participants.  It describes the objectives of the plan, its various elements, and how they function.  If you have any questions that are not addressed by this document, please direct them to the Chief Executive Officer or the SVP Planning & Development.

GENERAL DESCRIPTION

Incentive bonuses are based on individual contributions to performance as measured by selected financial results and ratios and performance evaluations.  The incentive formula provides a level of award that should allow for the motivation of high quality employees.

The purpose of this Plan is to motivate all employees to work together to meet and exceed the

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