AMENDMENT NO. 1 TO AGREEMENT FOR RESTRICTED STOCK AWARD
EXHIBIT
10.26
AMENDMENT
NO. 1
TO
This
Amendment No. 1 to the Agreement for Restricted Stock Award (the "Amendment") is
made this 6th day of March, 2009 between FIRST FINANCIAL BANCORP., an
Ohio Corporation (the "Corporation"), and the undersigned employee of the Corporation or
one of its wholly owned subsidiaries (the "Employee"):
WHEREAS,
the Corporation and the undersigned employee (the “Employee”) entered into an
Agreement for Restricted Stock Award dated <date> (the
“Agreement”);
WHEREAS,
Schedule 3(b) of the
Agreement references various benchmarks (“Benchmarks”) utilized in determining
certain vesting conditions;
WHEREAS,
the Compensation Committee has determined to clarify the
Benchmarks;
WHEREAS,
Group A Restricted Stock Awards (as such terms are defined in the Agreement)
vested in 2008 in accordance with the Agreement; and
WHEREAS,
such clarification will apply to the all groups of Restricted Stock Awards (as
such terms are defined in the Agreement) that remain unvested under the
Agreement.
NOW
THEREFORE, in consideration of the mutual obligations contained herein, the
Agreement is amended to delete Schedule 3(b) in its entirety
and to replace it with Attachment A hereto.
All other
sections of the Agreement shall remain in full force and effect.
This
Amendment may be executed in any number of counterparts, by different parties
hereto in separate counterparts and by facsimile signature, each of which when
so executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same agreement.
The
rights and obligations of all parties hereto shall be governed by the laws of
the State of Ohio, without regard to principles of conflicts of
laws.
IN
WITNESS WHEREOF, this Agreement for Restricted Stock Award has been executed and
dated by the parties hereto as of the day and year first above
written.
FIRST
FINANCIAL BANCORP.
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By:
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Xxxxxx
X. Xxxxx
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Title:
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President
& CEO
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Signature
of Employee
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Print
Name:
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ATTACHMENT
A TO AMENDMENT
Schedule
3(b)
Restricted
stock grant awards will only vest if a minimum level of performance is achieved
during each vesting period. The basis of the minimum level of
performance beginning in 2007 will be the achievement of a return on equity
(XXX) by First Financial Bancorp (FFBC) greater than or equal to the XXX of the
25th
percentile of a national peer group for the vesting period. The
national peer group is the group of publicly traded bank holding companies
between $3 billion and $10 billion in total assets for the reporting
period.
The
restricted stock awards will follow a four-year vesting schedule. The
approach to applying the performance trigger will be as follows.
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For
the year a stock award vests the first measurement will be the XXX for
that year. If FFBC’s XXX is greater than or equal to the XXX of
the 25th
percentile of a national peer group then the grant will
vest. If FFBC’s XXX is less than the peer number referenced
above, then the award will not vest but will roll to the following year
for possible vesting.
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In
subsequent years an award that did not previously vest may vest if the
average XXX for the grant period is greater than or equal to the average
XXX of the 25th
percentile of a national peer group for the grant period. As an
example, if year 2 of a grant does not vest, but in year 3 the average XXX
for the three years of the grant is greater than or equal to the average
XXX of the 25th
percentile of a national peer group for the grant period, then the award
that was rolled over from year 2
vests.
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In
the final year of vesting for a stock award (year 4) the award that vests
in that year would vest if one of two criteria are met. The
first is if the XXX for that year is greater than or equal to the XXX of
the 25th
percentile of a national peer group for that year and the second is if the
average XXX for the four years of the grant is greater than or equal to
the average XXX of the 25th
percentile of a national peer group for the grant
period.
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