Document:

exv10w55

 

Exhibit 10.55

Annex D

FOURTH AMENDMENT TO THE

AMGEN INC.

CHANGE OF CONTROL SEVERANCE PLAN

     Section 1.(I) of the Amgen Inc. Change of Control Severance Plan (the “Plan”) is hereby
amended and restated, effective June 1, 2004, as follows:

	 	(I)  	“Company” shall mean Amgen Inc., a Delaware corporation, and, except in
determining under Section 1(F) hereof whether or not any Change of Control of the
Company has occurred, shall include any successor to its business and/or assets.
“Company” shall exclude any disregarded entity pursuant Treasury Regulations section
301.7701-3, unless the Plan is amended to designate the disregarded entity’s employees
as Participants.

To record this Fourth Amendment to the Plan as set forth herein, the Company has caused its
Authorized officer to execute this document this 9th day of June, 2004.

	 	 	 	 	 
	 	AMGEN INC.

 	 
	 
	 	By:  	/s/ Brian McNamee	 
	 
	 
	 	Title:  	Senior Vice President, Human Resourcesexv10w14

 

Exhibit 10.14

Short Term Incentive Program for Shared Services

Overview: The short term incentive program for Shared Service Members (SSMs) has several key
objectives. This program will align personal rewards with quality of contribution, but first and
foremost will incent the key leaders of the bank to continue to honor the bank’s commitment to our
shareholders, our community, our customers and our employees. The bonus pool will be generated by 2
components:

	 	•  	Return on Average Equity (ROAE)
	 	•  	Earnings per Share Growth (EPSG)

Defined terms are contained in the Summary of Sterling Bank Short Term Incentive Programs overview
document.

Eligibility: All designated officer members of the Shared Services Team and other officers and
non-officers assigned to the Shared Services department.

Who are members of the Shared Services Team? See Exhibit “A”

How will the incentive bonus pool be generated and allocated? The total annual incentive bonus
available to SSMs will be generated based on achieving and exceeding the hurdle rates of ROAE of
12% annually and EPSG of 12% annually. If the hurdle rates are achieved, the amount of the pool
available to SSMs will be calculated based upon the proportion of base salaries of SSMs to the
total salaries of all bank officers multiplied by a factor of the excess of ROAE (for instance 27%
of the excess of 12% ROAE). If the EPSG hurdle rate is achieved the bonus pool would be fully
awarded. If the EPSG is less than or equal to 9.99%, no bonus pool would be awarded. If the EPSG
were <12% but 3 10%, 75% of the pool would be awarded. If the EPSG hurdle rate is
exceeded the bonus pool would be increased as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	•
	 	 	14	%	 	-
	 	 	125	%
	

	 	•
	 	 	16	%	 	-
	 	 	133	%
	

	 	•
	 	 	18	%	 	-
	 	 	150	%
	

	 	•
	 	 	20	%	 	-
	 	 	200	%

Ninety percent of all pools will be awarded to officers and 10% of all pools will be awarded to
non-officer employees.

Shared Services Members serving in dual capacities as a member of the Shared Service team and a
Regional CEO of Bank Offices or Profit Centers will receive 60% of their short term incentives from
this program. The remaining 40% of their short term incentive payments will be derived from the
bonus pools generated by the bank offices or profit centers they support in a “Regional CEO”
capacity.

How will the 2 components be measured and the pools allocated? Both financial measures are
calculated at the Bancshares level and will be performed by the Finance Division and certified by
the CFO. The President/CEO will award annual incentive bonuses to SSMs and other officers assigned
to the Shared Services department based on individual scorecards (results 3 3). Bonuses to
non-officers assigned to the Shared Services department will be allocated by the SSM directly
responsible for the non-officer(s) based on individual scorecard(s) of the non-officer(s) (results
3 3).

 

 

How often is the bonus paid? Annually. Bonuses will be paid 60 days following the end of each
calendar year. To receive a bonus, the employee must be employed by Sterling Bank on the date the
bonuses are paid.

Who administers the incentive program? The bonus pool calculations and related financial triggers
will be performed by the Finance staff and approved by the CFO. The President/CEO will perform the
allocation of the bonus pool to individual SSMs, subject to the approval of the HR Programs
Committee of the Board of Directors, as applicable. The HR department will make the payroll entries
to pay the approved bonus.

Will the participants in this incentive program participate in other incentive programs? While it
is expected that the SSMs will only participate in this short-term incentive pool, there may be
instances when, with Board approval, SSMs are permitted participation in specific “new initiative”
pools.

 

 

Exhibit A

Shared Services Members

	 	 	 
	Downey Bridgwater

	 	President & CEO
	 
	 	 
	Steve Raffaele

	 	EVP & Chief Financial Officer
	 
	 	 
	Daryl Bohls

	 	EVP & Chief Credit Officer
	 
	 	 
	Glenn Rust

	 	EVP & Chief Operations Officer
	 
	 	 
	Jim Goolsby

	 	EVP & General Counsel
	 
	 	 
	Graham Painter

	 	SVP, Corporate Communications
	 
	 	 
	Wanda Dalton

	 	EVP, Chief Human Resource Officer
	 
	 	 
	Allen Brown

	 	Regional CEO
	

	 	Weighted to acknowledge participation in Regional Pool
	 
	 	 
	Danny Buck

	 	Regional CEO
	

	 	Weighted to acknowledge participation in Regional Pool
	 
	 	 
	Clinton Dunn

	 	Regional CEO
	

	 	Weighted to acknowledge participation in Regional Pool
	 
	 	 
	Travis Jaggers

	 	Regional CEO
	

	 	Weighted to acknowledge participation in Regional Pool
	 
	 	 
	Mike Skowroneck

	 	Regional CEO
	

	 	Weighted to acknowledge participation in Regional Pool
	 
	 	 
	Bob Smith

	 	Regional CEO
	

	 	Weighted to acknowledge participation in Regional Poolexv10w15

 

Exhibit 10.15

Short Term Incentive Program for Bank Offices

Overview: The short term incentive program for bank offices has several key objectives. First and
foremost to push accountability for the future of the bank all the way down within the
organization. This program aligns personal rewards with quality production, aids in the retention
of performers, supports localness by providing discretion for all managers, supports teamwork,
encourages individual excellence and creates clarity around goals, performance and rewards. A
bonus pool will be generated at the regional level and then allocated to eligible employees.

Defined terms are contained in the Summary of Sterling Bank Short Term Incentive Programs overview
document.

Eligibility: All officers and non-officers of Sterling Bank who are assigned to work in a bank
office. Officers include regional CEOs (RCEO), Office CEOs (OCEO), Lenders and Office Managers.

How will the incentive bonus pool be generated and allocated?: In general, each of the Bank
Offices will generate a bonus pool based on the bank’s excess return on average allocated equity
(ROAAE) over the hurdle rate (for instance 12.0%). The size of the pool will be determined by
applying some percentage factor (for instance 27%) to the excess ROAAE. Ninety percent of all
pools will be awarded to bank officers and 10% of all pools will be awarded to non-officer
employees.

A portion of each bank officer pool will be allocated to the RCEO based on the RCEO’s scorecard
(result must be 3 3) as assessed by the President/CEO. The RCEO will then allocate the
remaining pool to the individual bank offices. This allocation to the bank offices will be based
on individual bank offices’ performance against predetermined and stated measures that are weighted
to reflect importance. These weighted measures are:

	 	 	 	 	 
	Loan Growth Target
	 	 	30	%
	Deposit GrowthTarget
	 	 	20	%
	Net Income
	 	 	20	%
	Asset Quality Points
	 	 	10	%
	Employee Fulfillment Survey Results
	 	 	3.33	%
	Customer Service Shopping Results
	 	 	3.33	%
	Cooperation Index Results
	 	 	3.34	%
	Collateral Exceptions
	 	 	10	%

Once the pool per office has been determined, the RCEO will determine how much of each individual
officer pool will be allocated to the OCEO based upon the OCEO’s scorecard (result must be 3
3) and subject to one-up review. The allocation of the remainder of the pool to the individual
officers will be determined by the OCEO based on individual scorecards (result must be 3 3)
and to the non-officers based upon individual scorecards (result must be 3 3) and input from
the Office Manager. All officer allocations will be subject to one-up review.

How often is the bonus paid?: Quarterly. Bonuses will be paid 60 days following the end of each
calendar quarter. To receive a bonus, the employee must be employed by Sterling Bank on the date
the bonuses are paid.

Who administers the incentive program?: The bonus pool calculations will be performed by the
Finance staff and approved by the CFO. The allocation of the bonus pool to individual

 

employees will be performed by the CEO, RCEOs, and OCEOs, subject to one-up review for all
allocations below the CEO level. The HR department will make the payroll entries to pay the
approved bonus.

Will the participants in this incentive program participate in other incentive programs?: As
Shared Services members, the RCEOs will also participate in the bonus incentive program for Shared
Services. However, their participation will be divided between these two programs on a weighted
basis. Except for a few isolated instances where officers have undertaken new initiatives, it is
the intention that officers and all other employees will not participate in any other bonus
incentive program. They will, however, continue to participate in the various “master” programs
and referral fee programs, such as Master Lender, Master Office, lease incentive, etc.

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