Document:

Form of Executive Cash Incentive Plan

 Exhibit 10.12 
 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 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. 
  

					
	Centennial Bank Holdings, Inc.	 	1	 	Executive Cash Incentive Plan

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 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%

  

					
	Centennial Bank Holdings, Inc.	 	2	 	Executive Cash Incentive Plan

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 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. 
  

					
	Centennial Bank Holdings, Inc.	 	3	 	Executive Cash Incentive Plan

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 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. 
  

					
	Centennial Bank Holdings, Inc.	 	4	 	Executive Cash Incentive Plan

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 Exhibit A 
 Eligible Participants: 
 Chief Executive Officer (CEO) 
 Other Executive Officers: 
 Key Officers/Key Contributors: 
  

					
	Centennial Bank Holdings, Inc.	 	5	 	Executive Cash Incentive Plan

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 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%

  

					
	Centennial Bank Holdings, Inc.	 	6	 	Executive Cash Incentive PlanAmendment to the Employment Agreement

 Exhibit 10.20 
 AMENDMENT TO THE EMPLOYMENT AGREEMENT 
 BETWEEN STEVEN E. BRADY 
 OCEAN CITY HOME BANK 
 AND

 OCEAN SHORE HOLDING CO. 
 WHEREAS, Steven E. Brady (the “Executive”) has entered into an employment agreement with Ocean City Home Bank (the “Bank”) and Ocean Shore Holding Co. (the “Company”) effective December 21, 2004
(the “Agreement”); and 
 WHEREAS, the Bank and the Executive desire to amend the Agreement to clarify the scope of the
Executive’s health benefit coverage following his termination of employment; and 
 WHEREAS, the Agreement provides that the
Agreement may be amended or modified by means of a written instrument signed by the parties; 
 NOW, THEREFORE, the Bank, the Company
and the Executive hereby agree to amend the Agreement as follows: 
 Effective as of January 1, 2007, the following new Section 28
shall be added to the Agreement: 
 “28. Post-Termination Health Insurance Coverage. The Bank agrees
that, upon the Executive’s termination of employment at or after attaining age 60 for any reason (other than for Cause), the Bank will continue health insurance coverage (as the same may be in effect from time to time for employees of the Bank)
for the Executive and his spouse at the Bank’s expense through the date that each of the Executive and his spouse attain age 65. Thereafter, the Bank shall fund the cost of Medicare supplement coverage for the Executive and his spouse for the
remainder of their respective lives. The Executive’s death at or after attaining age 60 shall not affect the entitlement of his spouse to receive the benefits described in this Section 28.” 

 IN WITNESS WHEREOF, the Bank has caused this Amendment to the Agreement to be executed by its duly
authorized officer, and Executive has signed this Amendment, on the 20th day of December, 2006. 
  

					
	ATTEST:	 		 	OCEAN CITY HOME BANK
			
	/s/ Kim M. Davidson	 		 	/s/ Robert A. Previti, Ed. D.
	Kim M. Davidson	 		 	Robert A. Previti, Ed. D.
		 		 	For the Board of Directors

  

					
	WITNESS:	 		 	EXECUTIVE
			
	/s/ Kim M. Davidson	 		 	/s/ Steven E. Brady
	Kim M. Davidson	 		 	Steven E. Brady

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