Western Alliance Bancorp
Torrey Pines Bank
Annual Bonus Plan 2009
Objective: The purpose of this Annual Bonus Plan is to
provide incentives and rewards for superior performance in order to
attract and retain highly qualified team members and to maximize
financial performance so that Western Alliance Bancorp
(WAL) will meet and exceed its goals.
Eligibility: Selected team members who are employed by WAL as
of January 1 st of
the Plan Year. Bonuses for team members hired after January
1 st
but on or before September 30
th of a Plan Year will be prorated. Team members
hired after September 30 th may be eligible the following Plan
Year.
Effective
Date: January 1,
2009. This Plan supersedes all others before it.
Frequency of
Awards : Awards will be
paid annually within 90 days after the end of the Plan Year.
Participants must be employed at the payment date to receive any
bonus compensation under this Plan.
Plan
Administrator: WAL’s Incentive Compensation Committee
will administer the Plan. This Committee is made up of WAL’s
Chief Executive Officer, Chief Financial Officer, and Chief
Administrative Officer.
How the Plan
Works: Subject to the
terms of the Plan, bonus calculations will be based on the
following factors: 1) WAL’s EPS growth, 2) NET EARNINGS
growth of individual bank, 3) Organic Deposit growth, and 4)
QUALITY control (Regulatory exams, Internal Audits, Credit
Quality). The focus on growing and increasing deposits will
allow the Bank to continue making loans.
A Target bonus
percentage expressed as a percent of Base Salary will be
established for each Participant. A payout at the maximum level
requires outstanding performance for the year in all components of
the Plan.
Base Salary is
defined as the Participant’s actual salary earned for the
year which includes pay for regular hours worked plus paid holiday,
sick, and vacation hours; earnings received while on a Leave of
Absence are not included in this calculation.
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A.
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WAL’s EPS Performance is
weighted 10% at the Bank level
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This portion of the Plan measures
the Corporations performance in EPS.
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Adjustments maybe made to this
calculation to account for miscellaneous gains or losses. For
example, restructuring charges will be excluded and allocations
will be normalized. The Incentive Compensation Committee may
approve other adjustments.
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1.
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As
soon as possible after the end of the Plan Year, the Finance
Division will calculate WAL’s EPS.
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2.
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EPS
will be calculated including acquisitions.
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January 1,
2009 (as approved by the WAL Compensation Committee January 19,
2009)
