Common use of Performance Stock Options Clause in Contracts

Performance Stock Options. (i) On July 14, 2006, the Employer granted to ▇▇▇▇▇▇▇▇▇ non-qualified stock options with a Deemed Value of $500,000 (the “Initial Options”), and no later than July 31 of each subsequent fiscal year during the term of this Agreement, beginning in July 2007, if the Parent Corporation’s TSR for the three years ending on the immediately preceding June 30 is sufficient to place Parent Corporation in at least the twenty-fifth (25th) percentile of Peer Banks ranked by TSR, the Employer granted or shall grant to ▇▇▇▇▇▇▇▇▇ stock options having the Deemed Value corresponding to the Parent Corporation’s TSR percentile for each fiscal year specified below: 2007 Below 25 $ 0 25 to below 50 250,000 50 to below 75 500,000 75 to below 90 750,000 90 and above 900,000 2008 Below 25 $ 0 25 to below 50 300,000 50 to below 75 600,000 75 to below 90 850,000 90 and above 1,000,000 2009 Below 25 $ 0 25 to below 50 350,000 50 to below 75 700,000 75 to below 90 950,000 90 and above 1,100,000 2010 Below 25 $ 0 25 to below 50 400,000 50 to below 75 800,000 75 to below 90 1,050,000 90 and above 1,200,000

Performance Stock Options. (i) On July 14, 2006, the Employer granted shall grant to ▇▇▇▇▇▇▇▇▇ non-qualified stock options with a Deemed Value of $500,000 (the “Initial Options”), and no later than July 31 of each subsequent fiscal year during the term of this Agreement, beginning in July 2007, if the Parent Corporation’s TSR for the three years ending on the immediately preceding June 30 is sufficient to place Parent Corporation in at least the twenty-fifth (25th) percentile of Peer Banks ranked by TSR, the Employer granted or shall grant to ▇▇▇▇▇▇▇▇▇ stock options having the Deemed Value corresponding to the Parent Corporation’s TSR percentile for each fiscal year specified below: 2007 Below 25 $ 0 25 to below 50 250,000 50 to below 75 500,000 75 to below 90 750,000 90 and above 900,000 2008 Below 25 $ 0 25 to below 50 300,000 50 to below 75 600,000 75 to below 90 850,000 90 and above 1,000,000 2009 Below 25 $ 0 25 to below 50 350,000 50 to below 75 700,000 75 to below 90 950,000 90 and above 1,100,000 2010 Below 25 $ 0 25 to below 50 400,000 50 to below 75 800,000 75 to below 90 1,050,000 90 and above 1,200,000