exv10w1






Exhibit 10.1




			
	 	 	 
	
	 	2010 MANAGEMENT INCENTIVE PLAN







	A.	 	PURPOSE
	 
	 	 	The purpose of the Management Incentive Plan (MIP) and the Senior Management
Incentive Plan (SMIP) are to reward employees for performance above and beyond the
normal day to day requirements of the position.
	 
	B.	 	CALCULATION OF INCENTIVE AWARD
	 
	 	 	MIP — The MIP plan is based on an assessment of overall individual performance
which includes, but is not limited to, the completion of specific MBO’s, fulfillment of
standards of performance, and special contributions / accomplishments. MBO’s should be
meaningful in terms of relevance to the employee and also be measurable. Individual
performance is based on the concept of value added above and beyond the normal day to day
requirements of the position.
	 
	 	 	SMIP — The SMIP plan is based individual performance as described above in “MIP” as
well as company financial performance measured by Return on Equity (ROE).
	 
	C.	 	TIMING OF PAYMENT — Annual





	 	 	 
	Process	 	Date
	Spreadsheets sent to Manager for input
	 	January
	Spreadsheets submitted for approval to Compensation Committee
	 	Early February
	Completed MIP evaluation forms sent to HR
	 	Early February
	Payments direct deposited
	 	February 15, 2011







	D.	 	ELIGIBILITY
	 
	 	 	Managers that are designated as job grade 15E or higher are typically eligible for the
MIP plan. The term “manager” used here should include managers of people, cost centers,
and/or significant functions within the company. At times, others are eligible for
participation due to extraordinary circumstances depending upon the authority and/or
responsibility of the job. These should be treated as exceptions to standard practice.
	 
	 	 	SMIP participants are senior officers who have broad responsibility that impact overall
company performance. The applicable percentages of incentive earned from individual
performance and from company ROE are approved by the Compensation Committee.
	 
	 	 	The amount of bonus target may vary with the amount of managerial responsibility of the job,
in addition to market and competitive variables. However, the following guidelines apply:





	 	 	 	 	 
	Target	 	Guideline
	SMIP	 	Must be a SVP or higher, and is only eligible to participate during the annual review by the Compensation Committee.

	Above 30%	 	Selected senior positions generally above grade 21E

	 	20%-30	%	 	Grade 19E through 21E

	 	10%-20	%	 	Grades 17E and 18E

	 	10%-15	%	 	Grades 15E and 16E (must meet definition of “manager” above)







Effective January 2010




 









 







	 	 	Approvals to add participants to the MIP/SMIP program must follow the current Approval
Matrix requirements. Any recommendations outside the above guidelines are subject to
executive approval prior to communicating MIP/SMIP percentages. The Compensation Committee
approves all participants, incentive targets, and payouts for the SMIP.






	E.	 	Administration






	 	•	 	This and all plans may be terminated, amended, or modified at any time by the company
without prior notice to participants.
	 
	 	•	 	Employees must be employed on the date the MIP/SMIP is paid.
	 
	 	•	 	The 2010 plan year will be calculated from January 1st, 2010 to December 31st, 2010.
	 
	 	•	 	Mid-year additions to the MIP plan will be subject to a prorated payout based
on the month joined in the current plan year. There are generally no additions to the
SMIP mid-year.
	 
	 	•	 	The Compensation Committee approves in aggregate the MIP participants and
payouts each year. The approval for SMIP participants is on an individual basis. The
Compensation Committee must approve deviations from the schedule of below 7.5% or above
17% of targeted ROE.
	 
	 	•	 	The EverBank of Florida Incentive Plan (EBFLIP) participants are
considered part of the Management Incentive Plan and the administration
procedures are the same.





Effective January 2010