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 Banks management, the Compensation Committee and the
entire Board of Directors that the Enterprise Bankers will share in Enterprise
Banks 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.
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