Exhibit 10.12

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 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 its 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 its 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

The categories of executives and other employees 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 its 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

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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. 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: [EPS] [Cash EPS] [ROAA] [Cash ROAA] [ROAE] [Cash
ROAE] [Net Income] [Stock Price]

Performance Target:             

Award Opportunities

 

   

Achievement Level (% of Target)

Participant

 

[90]%

  

100%

  

Over 100%

 

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Centennial Bank Holdings, Inc.   2   Executive Cash Incentive Plan

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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AWARDS

Awards under the Plan will be 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 Period. Awards will be made through the payroll system, minus
legally required and authorized deductions. Awards under the Plan will be
considered eligible compensation as permitted or defined by each specific
employee benefit plan for purposes of employee benefit calculations.

Awards for individuals who are Participants for less than a full Performance
Period will be prorated using Participant’s length of employment with the
Company. Awards for Participants who leave the Company during a Performance
Period 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 rating of “3” or better during the Performance Period.

ADJUSTMENTS

Performance Measures, Achievement Levels and Award Opportunities may be adjusted
during the Performance Period 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.

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. There will be no Award paid
to Participants who leave the Company for any other reason.

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.

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.

 

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Centennial Bank Holdings, Inc.   3   Executive Cash Incentive Plan

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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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

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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Exhibit A

Eligible Participants:

Chief Executive Officer (CEO)

Other Executive Officers:

Key Officers/Key Contributors:

 

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Centennial Bank Holdings, Inc.   5   Executive Cash Incentive Plan

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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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Exhibit B

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

Overall Performance Measure: [EPS] [Cash EPS] [ROAA] [Cash ROAA] [ROAE] [Cash
ROAE] [Net Income] [Stock Price]

Performance Target:             

Award Opportunities

 

    

Achievement Level (% of Target)

Participant

  

[90]%

  

100%

  

Over 100%

 

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Centennial Bank Holdings, Inc.   6   Executive Cash Incentive Plan