Document:

exv10w28

Exhibit 10.28

Description of Annual Incentive Bonus Plan for Fiscal Year 2009

     Through our annual incentive bonus plan, we seek to provide pay for performance by linking
incentive awards to company and business unit performance.

     Key features of the bonus plan in fiscal 2009 are as follows:

	 	•	 	performance targets are based on key company and business unit financial metrics
	 
	 	•	 	performance targets are measured on a quarterly basis in the cases of the first two
fiscal quarters and a quarterly and/or six month basis in the cases of the third and
fourth fiscal quarters
	 
	 	•	 	the financial goals vary based on each executive’s responsibilities, with a
substantial weighting on business unit financial metrics for business unit executives
	 
	 	•	 	certain performance measures are calculated on a non-GAAP basis and exclude
after-tax intangible amortization, stock-based compensation expense, gains and losses
from divestitures, and certain restructuring and other charges, subject to approval of
the Committee. We exclude these items in order to arrive at more meaningful
period-to-period comparisons of our ongoing operating results
	 
	 	•	 	bonuses are based entirely on achievement of financial performance objectives;
there is no individual performance component
	 
	 	•	 	each executive’s target bonus is set at a percentage of base salary, based on the
level of the executive’s responsibilities

	 	•	 	the CEO’s target bonus is set at 150% of base salary and the CFO’s target bonus
is set at 100% of base salary
	 
	 	•	 	for executives other than the CEO and CFO, the target bonus is set at a range of
between 60% and 80% of base salary

	 	•	 	actual payouts for each bonus component generally range from 50% of target to a
maximum of 300% of target (200% in the cases of the CEO and CFO)
	 
	 	•	 	for the third and fourth fiscal quarters, the plan provided a minimum payout of 50%
of target for certain company financial metricsexv10w29

Exhibit 10.29

Compensation Arrangements of Certain Executive Officers of Flextronics International Ltd.

Note: The following summary of compensation arrangements does not include all previously-reported
compensation arrangements or awards granted under previously-disclosed incentive plans.
Disclosures with respect to compensation for Named Executive Officers for the 2008 fiscal year are
included in the Company’s definitive proxy statement for the Company’s 2008 Annual General Meeting
of Shareholders, and disclosures with respect to compensation for Named Executive Officers for the
2009 fiscal year will be included in the Company’s definitive proxy statement for the Company’s
2009 Annual General Meeting of Shareholders.

Compensation for Michael McNamara (Chief Executive Officer)

     On June 2, 2008, the Board approved an annual base salary for Mr. McNamara of $1,250,000 for
fiscal year 2009. In addition, Mr. McNamara will participate in the Company’s annual incentive
bonus plan and three-year cash incentive bonus plan.

Compensation for Paul Read (Chief Financial Officer)

     On June 2, 2008, the Board approved an annual base salary for Mr. Read of $600,000 effective
May 15, 2008. In addition, Mr. Read will participate in the Company’s annual incentive bonus plan
and three-year cash incentive bonus plan.

Compensation for Michael J. Clarke

     On April 30, 2008, the Board approved an annual base salary for Mr. Clarke, President of the
Company’s Infrastructure division, of CDN$550,000 for fiscal year 2009. In addition, Mr. Clarke
will participate in the Company’s annual incentive bonus plan and three-year cash incentive bonus
plan.

Compensation for Sean P. Burke

     On April 30, 2008, the Board approved an annual base salary for Mr. Burke, President, of the
Company’s Computing division, of $450,000 for fiscal year 2009. In addition, Mr. Burke will
participate in the Company’s annual incentive bonus plan and three-year cash incentive bonus plan.

Compensation for Carrie Schiff

     On April 30, 2008, the Board approved an annual base salary for Ms. Schiff, Senior Vice
President and General Counsel, of $425,000 for fiscal year 2009. In addition, Ms. Schiff will
participate in the Company’s annual incentive bonus plan and three-year cash incentive bonus plan.exv10w29

EXHIBIT 10.29

NORTHRIM BANK

EXECUTIVE INCENTIVE PLAN

Originally Effective as of

November 3, 1994

Amended Effective as of

May 14, 2009

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NORTHRIM BANK ANNUAL

EXECUTIVE INCENTIVE PLAN

TYPE OF PLAN

Criteria Incentive Plan

PLAN YEAR

January 1 — December 31

PLAN ADMINISTRATION

The plan will be administered by the Compensation Committee (“Committee”) of the Board of Directors
of Northrim Bank (“Bank”).

PLAN PARTICIPATION

Participation in the plan is limited to members of management whose performance has a significant
impact on the success of the Bank.

Participants in the Executive Incentive Plan (“Plan”) must be recommended by the Chairman of the
Board or President and approved by the Committee prior to each plan year.

The minimum factors to be used in evaluating and recommending individuals for Plan participation
are as follows:

	 	•	 	Head of a department or equivalent responsibilities.
	 
	 	•	 	Significant impact on the bottom line of the Bank.
	 
	 	•	 	Management responsibility.
	 
	 	•	 	Record of superior performance and initiative to surpass expectation.
	 
	 	•	 	This is an earned benefit and will not necessarily be made to newly hired or promoted
managers who might otherwise be qualified for plan inclusion.

CONDITIONS PRECEDENT

The following conditions must be met prior to the payment of any criteria based award:

	 	•	 	In the sole opinion of the Committee, the Company’s operations support the payment of
bonus compensation to its senior officers.
	 
	 	•	 	Consolidated net income should exceed a minimum 1.0% Return on Average Assets (ROA) in
order for any Performance Criteria Award to be paid to an Executive Officer.

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INCENTIVE AWARD AMOUNTS

Each Plan participant will be assigned an incentive award amount established as a percent of
their base salary. Base salary is the annual salary in effect at the close of the plan year,
prior to any deductions, such as for 401(K), salary deferral, etc. Award amounts will be based
on the participants’ officer title and their corresponding level of responsibilities.

There will be three tiers of incentive award amounts as follows:

TIER 1

     Participants: President and Chairman.

	 	 	 	 	 
	Minimum	 	Target	 	Maximum
	20% Award

	 	40% Award
	 	50% Award

TIER 2

     Participants: Executive Officers

	 	 	 	 	 
	Minimum	 	Target	 	Maximum
	15% Award

	 	30% Award
	 	40% Award

TIER 3

     Participants: Senior Vice Presidents and Other Participants

	 	 	 	 	 
	Minimum	 	Target	 	Maximum
	10% Award

	 	25% Award
	 	35% Award

The listed award amounts are earned by the Plan participants at the completion of the plan
year, if the performance standards achieved for the criteria are met by the Bank. If the Bank
fails to meet the minimum criteria standards listed, then no award amounts would be made for
those criteria for the plan year. Individual performance measures may be instituted in certain
cases and would be in addition to the Bank-wide criteria.

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PERFORMANCE CRITERIA AND STANDARDS

Before any incentive award amounts are awarded, the Bank must meet certain criteria and
standards of performance.

Plan criteria and standards will undergo an annual review by the Compensation Committee upon
adoption of the annual business plan, to ensure their effectiveness in supporting the strategic
plan of the Bank and maximizing shareholder returns.

The performance standards for each criterion may be weighed to reflect their specific value at
the various award levels. Standards are assumed to be equally weighted unless the Committee
establishes otherwise.

Awards are earned when the performance standards set for each criterion are met or exceeded at
the various award levels.

For example, let us assume that Participant X earns $60,000 a year and is in Tier 3 for award
amount percentages. Additionally, let us also assume that for Performance Year 20XX the Bank
had an ROE of 11%, an ROA of 1.2%, net income achieved 80% of budget, had balance sheet growth
of 20% over the preceding year, asset quality was equal to peer and reserves were 21% of
deposits.

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Participant X’s incentive award for Performance Year 20XX would be calculated as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	20XX	 	 	Award	 	 	 	 	 	 	Award	 	 	 	 	 	 	20XX	 
	Criteria	 	Results	 	 	Level	 	 	Award %	 	 	Weight	 	 	Salary	 	 	Award	 
	 
	ROE
	 	 	11.0	%	 	Minimum	 	 	5	%	 	 	x 20	%	 	 	x 60,000	 	 	 	= $600.00	 
	ROA
	 	 	1.2	%	 	Target	 	 	15	%	 	 	x 20	%	 	 	x 60,000	 	 	 	= 1, 800.00	 
	Net Income
	 	 	80.0	%	 	 	—	 	 	 	—	 	 	 	x 20	%	 	 	x 60,000	 	 	 	=    —	 
	Growth
	 	 	10.0	%	 	Maximum	 	 	25	%	 	 	x 20	%	 	 	x 60,000	 	 	 	= 3,000.00	 
	Safety &
Soundness
	 	 	100.00	%	 	Minimum	 	 	5	%	 	 	x 20	%	 	 	x 60,000	 	 	 	= 600.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	100	%	 	 	 	 	 	$	6,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

PAYMENT OF AWARDS

Any earned award amounts will be paid in cash upon completion of the CPA audit for the plan year
and Committee approval.

Awards can only be paid if the Bank meets or exceeds the “adequately capitalized” risk based
capital standards at year-end. If the Bank is not in compliance, cash awards will be deferred until
such time as capital has been restored to those standards.

INCENTIVE AWARD LIMITATIONS

The total payment made to Plan participants for any plan year shall be the lesser of (i) the total
awards that would have been paid to participants based on the achievement of the target standards
for all criteria listed in the Plan and the accompanying percentage of salary awards, or (ii) 10%
of net income after tax, including the Bank’s mandatory 401(k) match but excluding any awards paid
as part of this plan, or discretionary 401(k) matches.

If the funding in any plan year is limited to the 10% of net income figure, then individual
participant awards will be based on the following ratio:

	 	•	 	The individual’s award if no restriction existed
	 
	 	•	 	/ (divide) the total awards if no restrictions existed
	 
	 	•	 	* (multiply) 10% of net income after tax calculated in (ii) above

Example:

Participant X would have received a target bonus for plan year 20XX of $20,000. However, due to the
fact that 10% of net income after tax ($78, 684) was less than the targeted amount that would have
been paid to all participants ($187,000), Participant X’s award would be limited to:

$20,000 / $187, 000 * $78, 684 = $8, 415

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Deferred Payment

Each participant shall have an opportunity to defer receipt of an award pursuant to the terms and
conditions of the Northrim Bank Deferred Compensation Plan.

DISCRETIONARY AWARDS

The Chairman or President of the Bank may recommend to the Committee any other member of the
organization for a discretionary award to recognize superior accomplishments. This could include
payments to newly promoted or hired senior managers who would normally be included in the Plan, but
who have been with the Bank less than one year.

APPLICABLE LAW

This Executive Incentive Plan is adopted by the Bank in the State of Alaska, and is to be construed
and interpreted in accordance with the laws of the State of Alaska.

	 	 	 	 	 
	 	NORTHRIM BANK

 	 
	 	By:  	R. Marc Langland
 	 
	 	 	Its:   President        	 

Adopted by the Board of Directors of Northrim Bank on November 3, 1994.

Adopted by the Board of Directors of Northrim Bank as Amended on May 14, 2009.

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