CYN » Topics » Annual Cash Bonus.

This excerpt taken from the CYN DEF 14A filed Mar 21, 2006.
Annual Cash Bonus.   All officers of the Corporation and its subsidiaries may be selected by the CN&G Committee to participate in the Variable Bonus Plan. For 2005, Russell Goldsmith was the only officer selected to participate. Under the Variable Bonus Plan, the CN&G Committee establishes an objective compensation formula (expressed as a percentage of base salary) based on the achievements of performance goals which may include net income, net operating income, earnings per share, return on assets, return on equity, total stockholder return and other corporate financial criteria. Based upon the formula established by the CN&G Committee for 2005, which reflected the Corporation’s net operating income goal, and the Bank’s performance for 2005, Russell Goldsmith received a bonus of $1,223,161 in March 2006.

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