Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 770 Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fifth as of the one-year anniversary of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus, or upon a Change in Control of the Savings Bank or Parent; provided that such accelerated vesting is not inconsistent with applicable regulations of the Office of Thrift Supervision ("OTS") or other applicable banking regulatory agency at the time of such Change in Control. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 30% of the total Plan Share Reserve in the aggregate under the Plan or 5% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 2,486 Plan Shares shall be awarded to each Director of the Company that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fifth as of the one-year anniversary of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Company or the Bank. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Company by the Committee, provided that total Plan Share Awards granted to non- employee Directors of the Company shall not exceed 30% of the total Plan Share Reserve in the aggregate under the Plan or 5% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 627 Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of 20% as of the date of stockholder approval, and an additional 20% following each of the next four successive years during such periods of service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death, Disability or Retirement of such Director or Director Emeritus, or upon a Change in Control of the Savings Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 56% of the total Plan Share Reserve in the aggregate under the Plan or 8% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. Subject to the limitations provided in this Section 6.05, upon the Effective Date, a Plan Share Award consisting of 2,185 Plan Shares shall be awarded to each Director of the Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-third of such shares as of the Effective Date and an additional one-third as of each of the next two successive years thereafter during such continued periods of service as a Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Parent or the Bank. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Bank or prior Award recipients within the discretion of the Board; provided, however, not more than 40% of the aggregate Plan Share Awards may be made to Directors.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 2,898 Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non- forfeitable at the rate of one-fifth as of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the Retirement, death or Disability of such Director or Director Emeritus. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 28% of the total Plan Share Reserve in the aggregate under the Plan or 7% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 6,250 Plan Shares shall be awarded to each Director of the Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-third as of September 30, 2002 and an additional one-third following each of the next two successive years during such periods of service as a Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Bank by the Committee. Article VII ----------- EARNINGS AND DISTRIBUTION OF PLAN SHARES; VOTING RIGHTS
Awards to Directors. Notwithstanding anything herein to the contrary, as of the Effective Date, a Plan Share Award consisting of 3,500 Plan Shares shall be awarded to each Director of the Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one- fourth as of the one year anniversary of the Effective Date and an additional one-fourth following each of the next three successive years during such periods of continued service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus, or upon a Change in Control of the Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Bank shall not exceed 25,000 Plan Share Awards in the aggregate under the Plan.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of the following number of Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fourth as of September 5, 2002 and an additional one-fourth following each of the next three successive years during such periods of continued service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus, or upon a Change in Control of the Savings Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 4,800 Plan Share Awards in the aggregate under the Plan. Director Plan Shares -------- ----------- George G. Aaronson, Jr. 668 Joseph H. Kelly 928 G. Edward Koenig, Jr. 466 Edgar N. Peppler 1,046 Charles E. Adams 884 William H. Wainwright, Jr. 0,134 Article VII ----------- EARNINGS AND DISTRIBUTION OF PLAN SHARES; VOTING RIGHTS
Awards to Directors. Notwithstanding anything herein to the contrary, as of the Effective Date, a Plan Share Award shall be awarded to each Director of the Bank that is not otherwise an Employee as indicated below: NON-EMPLOYEE DIRECTOR NUMBER OF PLAN SHARES --------------------- --------------------- Ralph T. Teague 416 J. Craig Riddle 416 Charlotte E. Baldwin 054 Steven E. Carson 354 Paul W. Arison 305 C. Barry Vaughn 231 Charles G. Ramsey 206 Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fifth as of the one-year anniversary of the Effective Date and an additional one-fifth following each of the next four successive years provided that such Director remains a Director or Director Emeritus during such period. Such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Company or the Bank. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Bank shall not exceed 30% of the total Plan Share Reserve in the aggregate under the Plan or 5% of the total Plan Share Reserve to any individual non-employee director.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 793 Plan Shares shall be awarded to each Director of the Bank that is not otherwise an Employee; provided however, such awards shall be limited to 661 shares absent a letter of approval or non-objection issued by the Office of Thrift Supervision with regard to such larger award. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fifth as of the one-year anniversary of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus, or upon a Change in Control of the Bank or Parent; provided that such accelerated vesting is not inconsistent with applicable regulations of the Office of Thrift Supervision (“OTS”) or other applicable banking regulatory agency at the time of such Change in Control. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Bank shall not exceed 30% of the total Plan Share Reserve in the aggregate under the Plan or 5% of the total Plan Share Reserve to any individual non-employee Director, unless the Bank shall receive a letter of approval or non-objection from the OTS approving the award of up to 6% to any individual non-employee Director. Article VII EARNINGS AND DISTRIBUTION OF PLAN SHARES; VOTING RIGHTS
