Ames National (ATLO) has provided an update.
Ames National Corporation has revised its Management Incentive Compensation Plan to better synchronize the semi-annual periods during which key officers’ performance is assessed with the periods of comparative peer group data used to set performance targets. This change aims to create a fairer and more accurate basis for determining deferred salary and performance awards, which are contingent on the financial performance of the Company’s subsidiary banks. Additionally, the definition of ‘adjusted net income’ has been updated to include acquisition adjustments, and the payment of incentives is now subject to a Clawback Policy. The Company also declared a cash dividend, as announced in a recent press release.
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