Long-Term Performance Bonus. During the Employment Term, the Executive shall be entitled to participate in the LTSIP with such opportunities, if any, as may be determined by the Chief Executive Officer (“LTSIP Target Award Opportunities”).
Long-Term Performance Bonus. During the Employment Term, the Executive shall be entitled to participate in the LTPP with such opportunities, if any, as may be determined by the Chief Executive Officer (“LTPP Target Award Opportunities”).
Long-Term Performance Bonus. During the Employment Term, the Executive shall be entitled to participate in the LTSIP with such opportunities, if any, as may be determined by the Compensation Committee (“LTSIP Target Award Opportunities”); provided, however, that the Executive’s LTSIP Target Award Opportunity for the period of FY 2016 shall be $600,000.
Long-Term Performance Bonus. (i) Subject to the limitations set forth herein, the Company shall pay Executive (A) a one-time bonus amount equal to $1,000,000 in the event that the Real Estate Revenues (as defined below) equal or exceed $130,000,000 in the 2009 fiscal year and Real Estate OIBA (as defined below) in the 2009 fiscal year equals or exceeds $10 million; and (B) an additional one-time bonus amount equal to $1,000,000 in the event that the Real Estate Revenues equal or exceed $130,000,000 in the 2009 fiscal year and Real Estate OIBA in the 2009 fiscal year equals or exceeds $20 million (together, the “LTP Bonuses”); provided that in each case Executive remains employed with the Company through the date of payment of such bonus as described below. In no event will the Company be required to pay the LTP Bonuses unless the Company, acting in its good faith discretion, determines that the XxxxXxxxxx.xxx Businesses are in good condition and that operating decisions made to achieve the Real Estate Revenues and Real Estate OIBA targets set forth in this section (the “LTP Targets”) were accomplished in the ordinary course of business and did not jeopardize the long-term health of the business. “Real Estate Revenues” means the revenues of the XxxxXxxxxx.xxx Businesses as calculated by the Company in accordance with its ordinary business practices. “Real Estate OIBA” means Operating Income Before Amortization (as defined in the Company’s public earnings releases from time to time and as calculated by the Company in accordance with its ordinary business practices) of the XxxxXxxxxx.xxx Businesses. Within 60 days following the end of the 2009 fiscal year, the Company shall prepare and deliver to Executive a statement of Real Estate Revenues and Real Estate OIBA for such year. Executive shall have ten days after delivery of such schedule to review and comment on such schedule, after which the Company shall have ten days to finalize such schedule, which final schedule shall be prepared in the reasonable discretion of the Company acting in good faith. The Company shall pay the amount of the bonus reflected in such schedule within 75 days after the end of the 2009 fiscal year. The Company shall afford the Executive reasonable access to the books and records of the Real Estate Business to the extent that such books and records reasonably relate to the computation of the Real Estate Revenue and Real Estate OIBA for fiscal year 2009; provided, however, that the Executive acknowledges and agree...
Long-Term Performance Bonus. During the Employment Term, the Executive shall be entitled to participate in the LTIP with such opportunities as may be determined (consistent with this Section 4(b)(ii)) by the Compensation Committee (the target opportunities referred to herein as the “LTIP Target Award Opportunities”). The Executive shall be granted, effective as of August 18, 2014 (the “Grant Date”), an initial LTIP Target Award Opportunity with a total aggregate value of $24 million on the Grant Date (the “Initial LTIP Target Award”), with 33.3% of such value granted as a nonqualified stock option award, 33.3% of such value granted as a time-vesting restricted stock unit award and 33.4% of such value granted as a performance-vesting restricted stock unit award, pursuant to Evidences of Award in substantially the forms attached hereto as Exhibits B, C and D, respectively. The number of shares of Common Stock subject to each such award shall be determined based on the methodologies that have been disclosed to the Executive, and using (for valuing the awards) the volume-weighted average price of the Common Stock for the five consecutive Trading Days immediately prior to the Grant Date. The Initial LTIP Target Award is intended to cover any LTIP awards that might otherwise have been granted to the Executive under this Section 4(b)(ii) for 2014 and 2015. The Executive’s LTIP Target Award Opportunity for 2016 and each year thereafter that commences during the Employment Term shall be no less than $12 million (determined based on the Company’s then-current methodologies for valuing awards) as of the Date of Grant. The LTIP Target Award Opportunities shall be granted in the form of equity and/or cash-based awards based on the Company’s practices under the applicable LTIP for its senior executives. For purposes of clarity, the portion of the Initial LTIP Target Award granted in the form of performance-based restricted stock units shall be subject to the performance periods established by the Compensation Committee for the 2014 LTIP for the Company’s senior executives.
Long-Term Performance Bonus. Executive is eligible to receive a long-term performance bonus based on achievement of performance and/or revenue goals set by the Company’s Board or a committee thereof, covering the three (3) year period beginning on the Company fiscal year of the Effective Date, in an amount up to 300 % of base salary. All payments made pursuant to this Section 6.3 will be made in no event later than the later of (i) the 15th day of the third month following the end of Executive’s taxable year in which the long-term performance bonus is determined or (ii) the 15th day of the third month following the end of the Company’s taxable year in which the long-term performance bonus is determined.
Long-Term Performance Bonus. Provided the Bank achieves appropriate regulatory ratings for safety and soundness, and based upon the performance of the Bank in relation to targets for earnings and asset growth established by the Bank Board, in consultation with the Executive, the Executive shall be entitled to receive a long term performance bonus ("Long Term Performance Bonus"), in the form of stock options for a dollar amount of shares calculated as a percentage of Base Compensation, to be awarded within thirty (30) days after the completion of the year end financial statements as follows, with earnings growth and asset growth carrying a fifty percent (50%) weight and the payout between .25 and 1.00 being prorated on the basis of the percentage of performance level: payout performance level ------ ----------------- .25 90% .50 100% .75 110% 1.00 125% or more Such stock options shall constitute incentive stock options defined under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and shall be issued under the 1992 Stock Option Plan, as amended as of the issuance date, or any successor stock option plan or plans (the "Plan"), at an exercise price equal to the fair market value of the underlying shares at the issuance date, under terms and conditions substantially in the form of the Stock Option Grant Agreement attached hereto as Exhibit A. For example, if Base Compensation for the year in question was $130,000 and at the time of the award, the price of the shares of common stock was $10 per share, and the Executive's performance level was 102% of asset growth and 93% of earnings growth, the Long Term Performance Bonus would be an award of the option to purchase 5704 shares at $10 per share, calculated as follows: Target Base Compensation Weight Payout Bonus ------ ----------------- ------ ------ ----- Asset Growth ($130,000) x (.5) x (.55) = $ 35,750 Earnings ($130,000) x (.5) x (.3275) = $ 21,287.50 ----------- Total $ 57,037.50 Total = $57,037.50 / $10 per share = 5704 option shares
Long-Term Performance Bonus. During the Employment Term, the Executive shall be entitled to participate in the LTSIP with such opportunities, if any, as may be determined by the Compensation Committee (“LTSIP Target Award Opportunities”); provided, however, that the Executive’s LTSIP Award Opportunity for FY 2015 shall be equal to $1,500,000 and granted in the form and under the terms approved for the Company’s other Senior Executives. The Executive’s LTSIP Award Opportunity may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time as may be determined by the Compensation Committee.
Long-Term Performance Bonus. During the Employment Term, the Executive shall be entitled to participate in the LTIP with such opportunities as may be determined (consistent with this Section 4(b)(ii)) by the Compensation Committee (the target opportunities referred to herein as the “LTIP Target Award Opportunities”). The Executive shall be granted, effective as of August 18, 2014 (the “Grant Date”), an initial LTIP Target Award Opportunity with a total aggregate value of $24 million on the Grant Date (the “Initial LTIP Target Award”), with 33.3% of such value granted as a nonqualified stock option award, 33.3% of such value granted as a time-vesting restricted stock unit award and 33.4% of such value granted as a performance-vesting restricted stock unit award, pursuant to Evidences of Award in substantially the forms attached hereto as Exhibits B, C and D, respectively. The number of shares of Common Stock subject to each such award shall be determined based on the methodologies that have been disclosed to the Executive, and using (for valuing the awards) the volume-weighted average price of the Common Stock for the five consecutive Trading Days immediately prior to the Grant Date. The Initial LTIP Target Award is intended to cover any LTIP awards that might otherwise have been granted to the Executive under this Section 4(b)(ii) for 2014 and 2015. The Executive shall be entitled to no LTIP awards for 2016, 2017 or 2018. For purposes of clarity, the portion of the Initial LTIP Target Award granted in the form of performance-based restricted stock units shall be subject to the performance periods established by the Compensation Committee for the 2014 LTIP for the Company’s senior executives.
Long-Term Performance Bonus. Stock Options. Provided the Bank achieves appropriate regulatory ratings for safety and soundness, and based upon the performance of the Bank in relation to targets for earnings and asset growth established by the Bank Board, annually, in consultation with the Executive, the Executive shall be entitled to receive long term performance bonus of stock options ("Long Term Performance Bonus"), for a dollar amount of shares calculated as a percentage of Base Compensation, to be awarded within thirty (30) days after the completion of the year-end financial statements. The Long Term Performance Bonus shall be prorated for the portion of the year that the Executive is employed for any year in which the Executive is not employed through the last day of such year. The 1999 targets for Profit and asset growth are set forth below and shall be applied to the entire 1999 calendar year as though the Executive had been employed for the entirety of such year. These targets shall be reviewed and adjusted annually by the Bank Board in consultation with the Executive following receipt of the year-end financial statements. Profit growth and asset growth shall each carry a fifty percent (50%) weighted value and the payout being prorated on the basis of the percentage of performance level achieved as set forth in Paragraph 3.2. The 1999 Long Term Bonus shall be computed as follows: Performance Level Payout Percentage 90% 25% 100% 50% 110% 75% 125% 100% 140% 125% 155% 150% 170% 175% For each one and one-half percent (1 1/2%) of increase in performance level above one hundred seventy percent (170%), the Payout Percentage shall increase two and one-half percent (2 1/2%). Such stock options shall constitute incentive stock options defined under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), and shall be issued under the Employee Incentive Stock Option Plan, as amended, or any successor stock option plan or plans (the "Plan"), at an exercise price equal to the fair market value of the underlying shares of the issuance date, under terms and conditions substantially in the form of the Stock Option Grant Agreement attached hereto as Exhibit "A". For example, if Base Compensation for a year is One Hundred Twenty Thousand and No/100 Dollars ($120,000.00) and at the time of the award the price of the shares of common stock is Five and No/100 Dollars ($5.00) per share, and the Executive's performance level was one hundred percent (100%) of asset growth and one hu...
