Exhibit 10.14

CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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PURPOSE

Centennial Bank Holdings, Inc. (the “Company”) is the sponsor of this executive
cash incentive plan (the “Plan”). The Company has designed the Plan to focus
Company executives on achieving the annual business plan during a particular
Performance Period. The Plan provides aggressive award opportunities and is
intended to provide significant rewards to the Company’s executive team for
exceptional corporate performance.

APPROVAL AND ADMINISTRATION

The Plan has been approved by the Compensation, Nominating and Governance
Committee of the Board of Directors (the “CNG Committee”) and the Board of
Directors and will be administered by the Incentive Plan Committee (the “IP
Committee”), which is comprised of the Company’s CEO and executives reporting
directly to the CEO. The IP Committee will recommend to the CNG Committee, for
their approval as early in the Performance Period as possible: the Plan
Participants; Plan Performance Measures; Performance Measure Weights;
Achievement Levels and corresponding Award Opportunities. At the end of the
Performance Period, the IP Committee will review achievements against
Performance Measures, present results and recommend Awards to the CNG Committee
for their approval. In evaluating any such Awards, the CNG Committee shall do so
outside the presence of management, except the CNG Committee may request the
presence of the CEO when considering Awards to members of executive management
other than the CEO. Notwithstanding any recommendations from the IP Committee,
the CNG Committee will be solely responsible for determining and granting any
Awards pursuant to the Plan.

Interpretation and application of the Plan to a particular circumstance will be
made by the CNG Committee in its sole discretion. Subject to any authority
granted to the full Board of Directors or a committee of the independent
directors thereof, the CNG Committee has the sole and absolute power and
authority to make all factual determinations, construe and interpret terms and
make eligibility and Award determinations in accordance with its interpretation
of the Plan.

ELIGIBILITY

Executives listed in Exhibit A are eligible for participation in the Plan. The
IP Committee will review those eligible and recommend Participants to CNG
Committee for their approval. The IP Committee may recommend key contributors
(not listed in Exhibit A) for participation in the Plan on an exception basis
for approval by the CNG Committee.

PARTICIPANTS

An individual who has been recommended for participation in the Plan by the IP
Committee and approved by the CNG Committee is a Participant.

 

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Centennial Bank Holdings, Inc.

  1   Executive Cash Incentive Plan     Updated – February 22, 2006

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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PERFORMANCE MEASURES

The IP Committee will select one to two Performance Measures for the Plan for
approval by the CNG Committee. All Performance Measures will be key indicators
of financial performance.

Each Performance Measure will operate independently (i.e., it is possible for
one Performance Measure to generate an award and not the other). Likewise, it is
possible for one Performance Measure to be achieved at a higher level than the
other. Performance Measures will be individually weighted (i.e., one Performance
Measure may be counted more heavily in calculating Awards than the other).
Weights for each Performance Measure will be recommended at the beginning of the
Performance Period by the IP Committee for approval by the CNG Committee;
however, the CNG Committee will retain absolute authority over the selection and
weights accorded to any Performance Measures. Achievement Levels will be
established for each Performance Measure along with corresponding Award
Opportunities.

ACHIEVEMENT LEVELS AND AWARD OPPORTUNITIES

Achievement Levels and Award Opportunities for any Performance Period as
approved by the CNG Committee are set forth below, and are expressed as a
percentage of base salary. The table shows achievement of various levels of the
established performance measure, as a percentage of the performance target,
during a Performance Period and illustrates the corresponding and maximum Award
Opportunity at each specified Achievement Level. Mathematical interpolation will
be used to calculate Awards for achievement between the levels established
below.

The performance measure and performance target for the current Performance
Period, as approved by the CNG Committee, along with corresponding Award
opportunities, are set forth on Exhibit B.

Performance Period: January 1, xxxx – December 31, xxxx

 

Overall Performance Measure: ____

   Performance Target: $____

Achievement Level (% of Target)

  

90%

  

100%

  

Over 100%

Award Opportunities

        

CEO/COO

   50% of Base $    100% of Base $    Board Discretion

Other Executive Officers

   40% of Base $    80% of Base $    CEO/Board Discretion

Achievement Level (% of Target)

  

90%

  

100%

  

Over 100%

Award Opportunities

        

Key Officers

   20% of Base $    40% of Base $    CEO Discretion

Other Key Contributors

   10% of Base $    20% of Base $    30% of Base $

 

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Centennial Bank Holdings, Inc.

  2   Executive Cash Incentive Plan     Updated – February 22, 2006

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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AWARDS

Awards under the Plan based upon achievement of Performance Measures and will be
submitted by the IP Committee to the CNG Committee for approval.

For purposes of the Plan, salary means annual base salary in effect at the end
of the performance year. Awards will be made through the payroll system, minus
legally required and authorized deductions. Awards under the Plan shall be
considered eligible compensation for purposes of employee benefit calculations
in each case where permitted under the relevant employee benefit plan.

Awards for individuals who are Participants for less than a full Plan Year will
be prorated using Participant’s actual base salary paid during the time of
participation in the Plan. Awards for Participants who leave the Company during
a Plan Year due to retirement, total and permanent disability or death will be
prorated using the same method.

To be eligible to receive an Award under the Plan, a Participant must have a
performance descriptor of “Achieves Expectations” or better for the Performance
Period.

ADJUSTMENTS

Performance Measures, Achievement Levels and Award Opportunities may be adjusted
during the Plan Year only upon approval by the CNG Committee, as it deems
appropriate. It is anticipated that such adjustments will be made infrequently
and only in the most extraordinary circumstances.

Because the Plan has aggressive Award Opportunities intended for use with below
market base salaries, some adjustments may need to be made to Awards to
recognize the fact that some Participant base salaries are currently above
market. In such cases, the CNG Committee may reduce an Award as it deems
appropriate to achieve a reasonable level of total compensation for each
Participant.

PAYMENT OF AWARDS

Awards will be paid as soon as administratively feasible after review of
performance against targets and approval by the CNG Committee. To be eligible
for Award payment, a Participant must have been an employee of the Company for
at least three months and be an employee of the Company on the date that Awards
are paid or have left the Company during the Performance Period due to
retirement, total and permanent disability or death.

Participants otherwise eligible to receive an Award and who were assigned to
different parts of the organization during the Performance Period will have
their Award calculated based upon the part of the organization they are in at
the end of the Performance Period and the Performance targets achieved by that
group for the Performance Period.

 

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Centennial Bank Holdings, Inc.

  3   Executive Cash Incentive Plan     Updated – February 22, 2006

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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NO RIGHT OF ASSIGNMENT

No right or interest of any Participant in the Plan is assignable or
transferable. In the event of a Participant’s death, payment of any earned but
unpaid Awards will be made to the Participant’s legal successor, if not
prohibited by law.

NO RIGHT OF EMPLOYMENT

The Plan does not give any employee any right to continue in the employment of
the Company and does not constitute any contract or agreement of employment or
interfere in any way with the right the organization has to terminate such
person’s employment. Except with respect to employment agreements entered into
with certain executives, the Company is an “at will” employer and as such, can
terminate an employment relationship between itself and any of its employees at
will, with or without cause, and with or without notice.

AMENDMENT OR TERMINATION OF THE PLAN

The Company reserves the right to change, amend, modify, suspend, continue or
terminate all or any part of the Plan either in an individual case or in
general, at any time without notice.

 

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Centennial Bank Holdings, Inc.

  4   Executive Cash Incentive Plan     Updated – February 22, 2006

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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Exhibit A

Eligible Participants:

Chief Executive Officer (CEO)

President and Chief Operating Officer (COO)

Other Executive Officers:

Executive Vice Presidents

CEOs of the Company’s bank subsidiaries

Key Officers/Key Contributors:

Other Direct Reports to COO

Direct Reports to Executive Vice Presidents

Executive Vice Presidents of the Company’s bank subsidiaries

 

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Centennial Bank Holdings, Inc.

  5   Executive Cash Incentive Plan     Updated – February 22, 2006

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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Exhibit B

Performance Period: January 1, 2006 – December 31, 2006

 

Overall Performance Measure: Cash EPS

   Performance Target: $______

Achievement Level (% of Target)

  

90%

  

100%

  

Over 100%

Award Opportunities

        

CEO/COO

   50% of Base $    100% of Base $    Board Discretion

Other Executive Officers

   40% of Base $    80% of Base $    CEO/Board Discretion

Achievement Level (% of Target)

  

90%

  

100%

  

Over 100%

Award Opportunities

        

Key Officers

   20% of Base $    40% of Base $    CEO Discretion

Other Key Contributors

   10% of Base $    20% of Base $    30% of Base $

 

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Centennial Bank Holdings, Inc.

  6   Executive Cash Incentive Plan     Updated – February 22, 2006