Stock Based Incentives. During the term of this Agreement, Executive shall be entitled to such stock based incentives as may be granted from time to time by the Board of Directors under the Corporation’s stock based incentive plans as the Corporation may establish from time to time, if any, and as are consistent with the Executive’s responsibilities and performance.
Stock Based Incentives. Effective as of the Employment Starting Date, the Executive received a grant of non-qualified options for 250,000 shares of the Company's common stock (the "Stock") at an exercise price per share equal to the average of the lowest and highest reported sale prices for the Stock on the Employment Starting Date, and on other terms and conditions as specified for other senior officers in the grants made to such officers in January of 2003. Additionally, effective as of the Employment Starting Date, the Executive was granted an award of restricted stock, with the number of shares awarded determined by dividing $1,000,000 by the average of the lowest and highest reported sale prices for the Stock on such date and then rounding the number of shares to the nearest 10. The restricted Stock will vest at the rate of 10% per year of service with the Company by the Executive, and with 100% vesting to occur upon the Executive's death or disability while in the Company's employ.
Stock Based Incentives. Effective as of the Employment Starting Date, the Executive received a grant of non-qualified options for 200,000 shares of the 1 Company's common stock (the "Stock") at an exercise price per share equal to the average of the lowest and highest reported sale prices for the Stock on the Employment Starting Date, and on other terms and conditions as specified for other senior officers in the grants made to such officers in January of 2003. Additionally, effective as of the Employment Starting Date, the Executive was granted an award of restricted Stock, with the number of shares awarded determined by dividing $750,000 by the lower of the average of the lowest and highest reported sale prices for the Stock on such date, or $26.00, and then rounding the number of shares to the nearest 10. Two-thirds of such restricted Stock (rounded to the nearest whole share) vested on the second anniversary of the Employment Starting Date, with the remainder vesting at the rate of 20% for each year of service thereafter (i.e., starting with second anniversary of the Employment Starting Date) until 100% vesting of such remainder occurs on the seventh anniversary of the Employment Starting Date, provided further that 100% vesting of all such restricted Stock shall occur upon the Executive's death or disability while in the Company's employ.
Stock Based Incentives. Effective as of the Employment Starting Date, the Executive received a grant of non-qualified options for 200,000 shares of the Company's common stock (the "Stock") at an exercise price per share equal to the average of the lowest and highest reported sale prices for the Stock on the Employment Starting Date. Such options vested at the rate of 25% per year of service with the Company by the Executive and were on such other terms and conditions as specified for other senior officers of the Company in the grants made to such officers in January of 2003. Additionally, effective as of the Employment Starting Date, the Executive was granted an award of restricted Stock, with the number of shares awarded determined by dividing $750,000 by the average of the lowest and highest reported sale prices for the Stock on such date and then rounding the number of shares to the nearest 10. The restricted Stock will vest at the rate of 10% per year of service with the Company by the Executive, and with 100% vesting to occur upon the Executive's death or disability while in the Company's employ. For 2004 and subsequent years, the Executive has been and will continue to be eligible for equity and equity-linked awards on a basis commensurate with other senior officers of the Company.
Stock Based Incentives. The award, vesting, and exercise of all stock incentive awards will be subject to and governed by the provisions of the applicable stock incentive plan and the applicable award agreement, if any, issued to Executive thereunder. Executive is eligible to be considered for additional stock incentive awards under the Company’s stock incentive plan as administered by, and at the sole discretion of, the Compensation Committee of the Board.
Stock Based Incentives. Effective on or about the Employment Date, the Company will grant Executive an award of 4,800 restricted shares of the common stock of the company and will grant Executive a stock option for 50,000 shares of common stock of the Company with one-fourth (1/4) of such options vesting on each of the next four (4) anniversaries of the Grant Date, subject to the approval of the Compensation Committee of the Board of Directors. The exercise price shall be the fair market value on the date of grant of the option, as determined in accordance with the applicable stock incentive plan. The award, vesting, and exercise of all stock incentive awards will be subject to and governed by the provisions of the applicable stock incentive plan and the applicable award agreement, if any, issued to Executive thereunder. Executive is eligible to be considered for additional stock incentive awards under the Company’s stock incentive plan as administered by, and at the sole discretion of, the Compensation Committee of the Board.
Stock Based Incentives. During the term of this Agreement, Executive shall be entitled to such stock based incentives as may be granted from time to time by the Board under the Corporation’s stock based incentive plans and as are consistent with Executive’s responsibilities and performance. Notwithstanding the foregoing, as of the Effective Date, the Corporation shall award Executive 10,000 shares of restricted stock which shall become 100% vested on the third anniversary of the date of grant. This award shall be governed by the terms and conditions of the Royal Bancshares of Pennsylvania, Inc. 2007 Long-Term Incentive Plan which is incorporated herein by reference.
