EXHIBIT 10.8
GULF WEST BANKS, INC.
EXECUTIVE VICE PRESIDENT BONUS PROGRAM
TERM:
Continuous with annual review by Board. The Board may revoke the bonus program
by making the revocation effective for the year immediately after the second
calendar year-end following the revocation.
ELIGIBILITY:
Only Executive Vice Presidents are eligible, however, to receive any bonus the
officer must be employed by the Bank at the time the bonus is paid.
BONUS CALCULATION:
Bonus payment will be made upon achieving minimal target levels of return on
average equity. The return on average equity shall be computed by dividing the
net income for the calendar year, after subtracting the after tax provision for
all Executive Bonuses, by the average equity (net worth). Any bonus payouts per
the schedule below shall be reduced as needed to be able to pay said bonuses and
still maintain the scheduled return on average equity. The average equity shall
be computed by adding the equity at January 1 of each year to the equity at
month end during the year and dividing by 13.The following schedule shall apply:
RETURN ON BONUS PAYMENT AS
AVERAGE EQUITY A % OF ANNUAL SALARY
-------------- --------------------
10% 5.0%
11% 7.5%
12% 10.0%
13% 12.5%
14% 15.0%
15% 17.5%
16% 20.0%
17% 22.5%
18% and over 25.0%
