C & F FINANCIAL CORP
EXHIBIT 10.8
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<DESCRIPTION>EXHIBIT 10.8
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  <p align=right><font size=2 face="Times New Roman"><b>EXHIBIT 10.8</b></font></p> <p align=center><font size=2 face="Times New Roman"><b>WRITTEN DESCRIPTION OF<br> MANAGEMENT INCENTIVE BONUS POLICY</b></font></p>
<p><font size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part of Citizens and Farmers Bank&#146;s (the &#147;Bank&#148;) compensation program includes making short-term incentive compensation awards under a management
incentive bonus policy adopted by the Bank effective January 1, 1987.</font></p> <p><font size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the management incentive bonus policy, individual performance awards are
made annually to selected members of management.&#160; Awards are recommended by the Bank&#146;s Compensation Committee and approved by the Board of Directors of the Bank (the &#147;Bank Board&#148;).&#160; In determining the management awards, the
Compensation Committee and the Bank Board consider the Corporation&#146;s total performance, including its growth rate, returns on average assets and equity, and absolute level of income.&#160; In addition, the Compensation Committee and the Bank
Board consider the individual performance of the members of management who may receive awards.&#160; The expense for these awards is accrued in the year of the specified performance.</font></p>
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