Evans Bancorp (EVBN) has released an update.
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Evans Bancorp, Inc. has revised its Short Term Incentive Compensation Program, removing the minimum performance threshold for bonus eligibility starting in fiscal year 2024. Now, executive bonuses are more closely tied to the company’s net income, with a mandatory goal weight of 40-50%. However, if net income goals aren’t met, overall bonus payouts will be significantly reduced, and exceptional performance in other areas cannot compensate for the shortfall. This change aligns executive incentives directly with the financial success of the company.
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