Long-Term Incentive Compensation Program. The Executive shall be eligible to participate in a long-term incentive compensation program if, and to the extent, that the Company establishes such a program. If the Company does establish such a long-term incentive compensation program, the Executive shall be eligible to participate in the same manner as other senior executives of the Company.
Long-Term Incentive Compensation Program. In addition to the Base Salary and Short-Term Award, the Executive shall be entitled to participate, during the Employment Period, in the Company's Long-Term Incentive Compensation Program. Long-term cash or equity-based awards ("Long-Term Awards") may include (i) stock options, (ii) stock appreciation rights, (iii) restricted stock, (iv) deferred stock, (v) stock reload options and/or (vi) other stock-based awards. Each equity-based, Long-Term Award granted to the Executive shall vest as follows: 25% shall vest on the first anniversary of such award; an additional 25% shall vest on the second anniversary of such award; and the remaining 50% shall vest on the third anniversary of such award.
Long-Term Incentive Compensation Program. In addition to the Base Salary and Short-Term Award, the Executive shall be entitled to participate, during the Employment Period, in the Long- Term Incentive Compensation Program. Long-term cash or equity-based awards ("Long-Term Awards") may include (i) stock options, (ii) stock appreciation rights, (iii) restricted stock, (iv) deferred stock, (v) stock reload options and/or (vi) other stock-based awards.
Long-Term Incentive Compensation Program a. Employee shall receive incentive compensation for his services hereunder through the grant of stock purchase options (the "Options") as set forth herein. On the Effective Date, the Company shall grant to Employee Options exercisable as set forth herein to purchase 300,000 shares of the Company's Common Stock, at the prices per share set forth below, which prices shall be based upon the average of the closing price of the Company's Common Stock as reported by Nasdaq for the ten trading days prior to the Effective Date (such closing price hereafter referred to as the "Market Price"). The Options shall expire on May 4, 2007, (the "Option Expiration Date"), provided, however, that all Options shall expire on the date 90 days following any termination of employment by Employee pursuant to Section 5.1.e and shall expire on the Date of Termination if employment is terminated by Employer for Cause. Subject to the provisions of Section 3.3.b. below, the Options shall become exercisable on the initial exercise dates set forth below, provided that no Option shall become exercisable if the Employee's employment has been terminated, or if Notice of Termination (hereafter defined) has been given by Employee or Employer, before the initial exercise dates specified below:
Long-Term Incentive Compensation Program. Executive will also be eligible for participation in the Seattle Bank’s long-term incentive bonus program, as it may be implemented or amended from time to time. Long-term incentive compensation will be paid, if earned, in 2008 based on performance over the period 2005, 2006 and 2007. If the threshold level is achieved under the plan, the plan for Executive will have a minimum threshold incentive payment of 15% of 2005 base pay ($525,000), a target of 30%, and a maximum of 45%. The long-term incentive will have the same three measurable objectives as applicable to other members of the Seattle Bank’s senior leadership (risk profile, market penetration and profitability, which would be equally weighted). Executive will receive full credit for 2005 in the long-term incentive plan, even though he will be employed for only seven months during 2005. It is anticipated that a new three-year long-term incentive plan will be extended to Executive in 2006 and each subsequent year of employment.
Long-Term Incentive Compensation Program. Subject to the terms and conditions of the Xxxxxx Electronics Corporation 1998 Stock Plan (the “Plan”), the Company will grant the Executive four hundred thousand (400,000) stock options on the Effective Date, which shall vest on upon signing of the Agreement. The Executive shall be granted two hundred fifty thousand (250,000) stock options on August 4, 2004 subject to the terms and conditions of the Plan. Unless otherwise provided in Section 6 below, such options shall vest on February 4, 2005. If the Company extends this Agreement for a Second Renewal Term, the Executive shall be granted two hundred fifty thousand (250,000) stock options on August 4, 2005 subject to the terms and conditions of the Plan. Unless otherwise provided in Section 6 below, such options shall vest on February 4, 2006. Notwithstanding any other provision of this Section 4(c) to the contrary: (i) upon the Executive’s Termination without Cause or Resignation With the Company’s Consent (defined in Section 6(d) below), the Executive’s stock options will vest immediately and shall be exercisable in accordance with Section 6(d) below; and (ii) in the event that the Executive terminates his employment for any reason other than as provided in Sections 6(d) and 6(e) below, all unvested options shall be treated in accordance with the terms and conditions of the Plan.
Long-Term Incentive Compensation Program. Notwithstanding any other provision of this Section 4(c) to the contrary: (i) upon the Executive’s Termination without Cause or Resignation With the Company’s Consent (as described in Section 6(d) below), the Executive’s stock options will vest immediately and shall be exercisable in accordance with Section 6(d) below; (ii) upon a Change in Control (defined in Section 5(a) below) the Executive’s stock options will vest immediately and shall be exercisable in accordance with Section 5(b) below; and (iii) in the event that the Executive terminates his employment for any reason other than as provided in Sections 6(d) and 6(e) below, all unvested options shall be treated in accordance with the terms and conditions of the Xxxxxx Electronics Corporation 2006 Stock Plan (the “Stock Plan”).
Long-Term Incentive Compensation Program. Subject to the terms and conditions of the Xxxxxx Electronics Corporation 2006 Stock Plan (the "Plan") , the Company has granted the Executive three million (3,000,000) stock options on August 8, 2008 and, subject to the approval of the Board, the Compensation Committee will recommend a second grant of one million (1,000,000) stock options as soon as practical after August 1, 2009, equal to the fair market value of the traded shares as determined on or about the date of each grant(s). For the 3,000,000 stock options on August 8, 2008, 2,000,000 of the stock options vest in equal annual installments over a 3-year period commencing on August 1, 2009 (i.e., the options vest 33.3% on each of August 1, 2009, August 1, 2010, and August 1, 2011) and 1,000,000 of the stock options vest in equal annual installments over a 3-year period commencing on August 1, 2010 (i.e., the options vest 33.3% on each of August 1, 2010, August 1, 2011, and August 1, 2012). Notwithstanding any other provision of this Section 4(c) to the contrary: (i) upon the Executive's Termination without Cause or Resignation With the Company's Consent (defined in Section 6(d) below), the Executive's stock options will vest immediately and shall be exercisable in accordance with Section 6(d) below; (ii) upon a Change in Control (defined in Section 6(e) below) the Executive's stock options will vest immediately and shall be exercisable in accordance with Section 5(d) below; and (iii) in the event that the Executive terminates his employment for any reason other than as provided in Sections 6(d) and 6(e) below, all unvested options shall be treated in accordance with the terms and conditions of the Plan.
Long-Term Incentive Compensation Program. Executive will also be eligible for participation in the Long-Term BICP, the Seattle Bank's long-term incentive bonus program, as it may be implemented or amended from time to time. For purposes of determining any earned incentive that Executive may be entitled to for 2007, Executive's base pay as of January 1, 2007 shall be utilized for 4/12ths of any earned incentive for 2007 and Executive's base pay as of May 1, 2007 shall be utilized for 8/12ths of any earned incentive for 2007.
Long-Term Incentive Compensation Program. In addition to the Base Salary and Short-Term Award, the Executive shall be entitled to participate, during the Employment Period, in the Company's Long-Term Incentive Compensation Program. Long-term cash or equity-based awards ("Long-Term Awards") may include (i) stock options, (ii) stock appreciation rights, (iii) restricted stock, (iv) deferred stock, (v) stock reload options and/or (vi) other stock-based awards. The Executive shall receive an initial stock option award under the Company's 1998 Stock Plan (the "Plan") covering 250,000 shares of the Common Stock, par value $.50 per share (each a "Share"), of the Company at an exercise price of $8.875 per share, the market price as of the date of this agreement. Each equity-based, Long-Term Award granted to the Executive shall vest as follows: 25% shall vest on the first anniversary of such award; an additional 25% shall vest on the second anniversary of such award; and the remaining 50% shall vest on the third anniversary of such award. Furthermore, the Executive will receive no less than 75% of all subsequent Long-Term Awards given to the Chief Executive Officer or Co-Chief Executive Officers, as the case may be, provided, that for purposes of calculating the Long-Term Award, the number of shares used for calculating the amount shall be the higher of the Long-Term Awards granted to the Co-Chief Executive Officers.
