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Exhibit 10.8
Summary of Management Incentive
Cash Bonus Program
Commonwealth Bankshares Inc. (the
“Company”) maintains a management incentive cash bonus
program to reward superior performance for the year. Executive
bonuses are paid based on an evaluation of each executive’s
current year performance, taking into consideration the
Committee’s assessment of the overall financial, market and
competitive performance of the Company and, for the commercial loan
officers, their loan productivity and profitability levels. Cash
bonuses are typically paid at the end of the fiscal year based on
performance through the end of October of said year.
In establishing the Chief Executive
Officer and Chief Financial Officer bonuses, in addition to the
above, the Personnel/Compensation Committee (the
“Committee”) considers the level of and/or increases in
return on average assets and return on average equity without
encouraging short-term profitability through unreasonable
risk-taking or a deterioration of long-term asset quality;
consideration of individual as well as combined measures of
progress of the Company including the quality of the loan and
investment portfolio, desirable changes in capital ratios, the
overall growth of the Company, the improvement of market share, the
improvement in book value per share, the improvement in earnings
per share, the level of non-performing loans, other real estate
owned an
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