Stock Benefit Plans. In May 2011, shareholders approved the Century Next 2011 Stock Option Plan, "SOP", and Century Next 2011 Recognition and Retention Plan and Trust Agreement, "RRP". Pursuant to the terms of the SOP and adjusted for the 5% stock dividend paid June 5, 2015, options to acquire up to 111,090 shares of common stock of Century Next may be granted to employees or non-employee directors. As of December 31, 2017, an aggregate of 108,916 options have been granted to employees and non-employee directors under the SOP, and there were 6,861 options available for future grant of which a maximum of 5,001 options may be granted as non-qualified stock options to directors. There were 4,000 options granted to employees during 2017 from options remaining available for grant and past forfeitures. Pursuant to the terms of the RRP and adjusted for the 5% stock dividend paid June 5, 2015, awards of up to 42,771 shares of common stock of Century Next may be granted to employees and non-employee directors. As of December 31, 2017, all 42,771 shares adjusted for the aforementioned stock dividend paid have been awarded under the RRP. Of the shares awarded under the RRP, 41,149 shares were earned and released from the related Trust and 1,622 shares were forfeited. Under the RRP, 1,200 shares were awarded to employees in 2017 and remain outstanding. In addition, there were 422 shares that remain available for awards under the RRP. During the time these plans remain in effect, the aggregate grants of options and awards to each employee and each non-employee director shall not exceed 25% and 5% of the shares of common stock initially available under the plans, respectively, and options and awards granted to non-employee directors in the aggregate may not exceed 30% of the number of shares initially available under these plans as adjusted for the stock dividend.
Stock Benefit Plans. 19 8.6 Market for Holding Company Common Stock ......................... 20 8.7
Stock Benefit Plans. The Board of Directors of the Bank and/or the Stock Holding Company are permitted under the Regulations, and may decide, to adopt one or more stock benefit plans for the benefit of the Employees, Officers and directors of the Bank and Stock Holding Company, including an ESOP, stock award plans and stock option plans, which will be authorized to purchase Holding Company Common Stock and grant options for Holding Company Common Stock. However, only the Tax-Qualified Employee Plans will be permitted to purchase Holding Company Conversion Stock in the Conversion subject to the purchase priorities set forth in the Plan. Pursuant to the Regulations, the Stock Holding Company may authorize the ESOP and any other Tax-Qualified Employee Plans to purchase in the aggregate up to 8% of the Holding Company Conversion Stock to be issued. The Bank or the Stock Holding Company may make scheduled discretionary contributions to one or more Tax-Qualified Employee Plans to purchase Holding Company Common Stock or to purchase issued and outstanding shares of Holding Company Common Stock or authorized but unissued shares of Holding Company Common Stock subsequent to the completion of the Conversion, provided, however, that such contributions do not cause the Bank to fail to meet any of its regulatory capital requirements. The Plan specifically authorizes the grant and issuance by the Stock Holding Company of (i) awards of Holding Company Common Stock after the Conversion pursuant to one or more stock recognition and award plans (the "Recognition Plans") in an amount equal to up to 4% of the number of shares of Holding Company Conversion Stock issued in the Conversion, (ii) options to purchase a number of shares of the Stock Holding Company's Holding Company Conversion Stock in an amount equal to up to 10% of the number of shares of Holding Company Conversion Stock issued in the Conversion and shares of Holding Company Conversion Stock issuable upon exercise of such options, and (iii) Holding Company Common Stock to one or more Tax Qualified Employee Plans, including the ESOP, at the closing of the Conversion or at any time thereafter, in an amount equal to up to 8% of the number of shares of Holding Company Conversion Stock issued in the Conversion (including shares of Holding Company Conversion Stock to be issued to the ESOP). Shares awarded to the Tax Qualified Employee Plans or pursuant to the Recognition Plans, and shares issued upon exercise of options may be authorized bu...
Stock Benefit Plans. The Executive shall be entitled to be considered for benefits under all of the stock and stock option related plans in which the Company's or Imperial's executive officers are eligible or become eligible to participate, including but not limited to the ITLA Capital Corporation 2005 Re-Designated, Amended and Restated Employee Stock Incentive Plan (the "Stock Plan") and the Recognition and Retention Plan (the "RRP"). 3 Next Page (e) Supplemental Executive Retirement Plan (SERP). The Executive shall be entitled to participate in the Imperial Capital Bank Supplemental Executive Retirement as currently in effect and hereinafter amended (the "Existing SERP") and any other supplemental executive retirement plan approved by the Board of Directors or the Compensation Committee for executives or key employees of the Company or Imperial. However, the additional funding required to be made for the benefit of the Executive under the Existing SERP and the Original Employment Agreement in connection with or following a Change in Control (i.e., 3.95 times the Executive's annual Base Salary) is hereby eliminated and shall have no further force or effect. The provisions hereof relating to the elimination of the Executive's additional Change in Control funding under the SERP shall be controlling, notwithstanding anything to the contrary contained in the Existing SERP. (f)
Stock Benefit Plans. The following are the stock based benefit plans maintained by the Company: Stock Option Plan The Company maintains the 1994 and 1996 Stock Option Plans (the "Stock Option Plans"). Under the Stock Option Plans, (which expire ten years from the date of grant) stock options have been granted to the executive officers and officers of the Company and its affiliate, the Bank. Each option entitles the holder to purchase one share of the Company's common stock at an exercise price equal to the fair market value of the stock at the date of grant. Options will be exercisable in whole or in part over the vesting period. However, all options become 100% exercisable in the event that the employee terminates his employment due to death, disability, normal retirement, or in the event of a change in control of the Bank or the Company. Simultaneous with the grant of these options, the Personnel Committee of the Board of Directors granted "Limited Rights" with respect to the shares covered by the options. Limited Rights granted are subject to terms and conditions and can be exercised only in the event of a change in control of the Company. Upon exercise of a limited right, the holder shall receive from the Company a cash payment equal to the difference between the exercise price of the option and the fair market value of the underlying shares of common stock. Stock Option Plan for Outside Directors The Company maintains the 1994 and 1996 Stock Option Plans for Outside Directors (the "Directors' Option Plans"). Each member of the Board of Directors who is not an officer or employee of the Company or the Bank is granted non-statutory option to purchase shares of the Company's common stock. Members of the Board of Directors of the Company are granted options to purchase shares of the common stock of the Company at an exercise price equal to the fair market value of the stock at the date of grant. All of the options granted under the Directors' Option Plan become exercisable over the vesting period and expire upon the earlier of 10 years following the date of grant or one year following the date the optionee ceases to be a director.
Stock Benefit Plans. The following are the stock based benefit plans maintained by the Company: Stock Option Plan The Company maintains the Reliance Bancorp, Inc. 1994 Incentive Stock Option Plan and the Reliance Bancorp, Inc. 1996 Incentive Stock Option Plan Amended and Restated as of February 17, 1997 (the "Stock Option Plans"). Under the Stock Option Plans, stock options (which expire ten years from the date of grant) have been granted to the executive officers and officers of the Company and its affiliate, the Bank. Each option entitles the holder to purchase one share of the Company's common stock at an exercise price equal to the fair market value of the stock at the date of grant. Options will be exercisable in whole or in part over the vesting period. However, all options become 100% exercisable in the event that the employee terminates his employment due to death, disability, normal retirement, or in the event of a change in control of the Bank or the Company. Simultaneous with the grant of these options, the Personnel Committee of the Board of Directors granted "Limited Rights" with respect to the shares covered by the options. Limited Rights granted are subject to terms and conditions and can be exercised only in the event of a change in
Stock Benefit Plans. The Executive shall be entitled to be considered for benefits under all of the stock and stock option related plans in which the Company's or Imperial's executive officers are eligible or become eligible to participate, including but not limited to the ITLA Capital Corporation and/or Imperial Thrift and Loan Association 1995 Employee Stock Incentive Plan (Stock Plan) and the Recognition and Retention Plan (RRP).
Stock Benefit Plans. All of the stock options issued to the Employees pursuant to the stock benefit plans (the "Stock Benefit Plans") of Home Properties of New York, Inc. ("HME") that have vested prior to the Closing Date may be exercised by such Employees pursuant to the terms of the Stock Benefit Plans until and including March 31, 2001. All stock options issued pursuant to the Stock Benefit Plans to Employees that have not vested prior to the Closing Date shall terminate and be of no further force and effect as of the Closing Date.
Stock Benefit Plans. It is acknowledged that no additional arrangements are being provided by the Company or the Bank to Sukay under the Company’s 2005 Recognition and Retention Plan (the “RRP”) and that awards for 1,935 restricted shares of Company common stock previously made by the Company to Sukay, none of which have vested or been earned, shall not accelerate or be deemed earned and are intended to be forfeited in accordance with the terms of the RRP as of the date hereof. The parties hereto acknowledge and agree that Sukay shall not participate in any of the Company’s RRP or stock option plans subsequent to the date hereof.
Stock Benefit Plans
