Common use of Annual Restricted Stock Grants Clause in Contracts

Annual Restricted Stock Grants. In the first quarter of each calendar year during the Term, the Company Compensation Committee shall grant the Executive a restricted stock grant for a number of shares of Company common stock equal to a percentage of the Executive’s base salary as of the end of the preceding calendar year as follows: 15% for the 2021 grant, 20% for the 2022 grant and 25% for the grant in 2023 and each subsequent year, in each case divided by the fair market value of the Company’s common stock as of the date of grant, with the number of shares rounded to the nearest whole share (the “Annual Restricted Stock Grant”), provided that sufficient shares are available under the 2017 Omnibus Plan or any subsequent plan. The Annual Restricted Stock Grants shall vest at the rate of 20% per year over a five-year period, with the initial vesting occurring on the one-year anniversary of the date of grant. If prior to an Annual Restricted Stock Grant becoming fully vested either (a) the Executive’s employment is terminated due to death or disability or by the Bank pursuant to Section 6.3 hereof without Cause (as defined in Section 6.1.1 below), or (b) a Change of Control (as defined in the 2017 Omnibus Plan or any applicable subsequent plan) occurs and no Replacement Award is provided to the Executive, or (c) the Executive terminates her employment for Good Reason (as defined in Section 6.2 below), then the unvested portion of the Annual Restricted Stock Grant shall become fully vested as of the date of such death, disability, termination without Cause, Change of Control or termination for Good Reason.

Annual Restricted Stock Grants. In the first quarter of each calendar year during the Term, the Company Compensation Committee shall grant the Executive a restricted stock grant for a number of shares of Company common stock equal to a percentage 15% of the Executive’s base salary as of the end of the preceding calendar year as follows: 15% for the 2021 grant, 20% for the 2022 grant and 25% for the grant in 2023 and each subsequent year, in each case divided by the fair market value of the Company’s common stock as of the date of grant, with the number of shares rounded to the nearest whole share (the “Annual Restricted Stock Grant”), provided that sufficient shares are available under the 2017 Omnibus Plan or any subsequent plan. The Annual Restricted Stock Grants shall vest at the rate of 20% per year over a five-year period, with the initial vesting occurring on the one-year anniversary of the date of grant. If prior to an Annual Restricted Stock Grant becoming fully vested either (a) the Executive’s employment is terminated due to death or disability or by the Bank pursuant to Section 6.3 hereof without Cause (as defined in Section 6.1.1 below), or (b) a Change of Control (as defined in the 2017 Omnibus Plan or any applicable subsequent plan) occurs and no Replacement Award is provided to the Executive, or (c) the Executive terminates her employment for Good Reason (as defined in Section 6.2 below), then the unvested portion of the Annual Restricted Stock Grant shall become fully vested as of the date of such death, disability, termination without Cause, Change of Control or termination for Good Reason.

Annual Restricted Stock Grants. In the first quarter of each calendar year during the Term, the Company Compensation Committee shall grant the Executive a restricted stock grant for a number of shares of Company common stock equal to a percentage 25% of the Executive’s base salary as of the end of the preceding calendar year as follows: 15% for the 2021 grant, 20% for the 2022 grant and 25% for the grant in 2023 and each subsequent year, in each case divided by the fair market value of the Company’s common stock as of the date of grant, with the number of shares rounded to the nearest whole share (the “Annual Restricted Stock Grant”), provided that sufficient shares are available under the 2017 Omnibus Plan or any subsequent plan. The Annual Restricted Stock Grants shall vest at the rate of 20% per year over a five-year period, with the initial vesting occurring on the one-year anniversary of the date of grant. If prior to an Annual Restricted Stock Grant becoming fully vested either (a) the Executive’s employment is terminated due to death or disability or by the Bank pursuant to Section 6.3 hereof without Cause (as defined in Section 6.1.1 below), or (b) a Change of Control (as defined in the 2017 Omnibus Plan or any applicable subsequent plan) occurs and no Replacement Award is provided to the Executive, or (c) the Executive terminates her his employment for Good Reason (as defined in Section 6.2 below), then the unvested portion of the Annual Restricted Stock Grant shall become fully vested as of the date of such death, disability, termination without Cause, Change of Control or termination for Good Reason.