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Enterprise Bancorp Inc (EBTC) has shared an announcement.
Enterprise Bank and Trust Company has rolled out its 2024 Variable Compensation Incentive Plan for employees, including executive officers, who are not on individual sales or commission plans. The plan, which rewards Bank-wide and personal achievements, sets incentive targets as percentages of base salaries and is contingent on the bank’s overall performance, particularly in terms of net income. Additionally, executive officers received restricted stock grants that vest upon reaching cumulative diluted earnings per share targets, and an addendum to the executive retirement plan was approved, offering both service-based and performance-based contributions.
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