MAINE & MARITIMES CORPORATION SHORT TERM INCENTIVE AWARD AGREEMENT
Exhibit
10.2
MAINE
& MARITIMES CORPORATION
This
Short Term Incentive Award Agreement incorporates by reference the 2010
Executive Compensation Plan, and the 2008 Stock Plan (the “Plans”). It sets
forth certain specific terms and conditions governing performance awards under
the 2010 Executive Compensation Plan. If performance targets are met,
the Executive will receive 75% of the award in cash, and 25% of the award in
shares of MAM stock pursuant the 2008 Stock Plan.
Name
of Executive:
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[NAME]
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Performance
Period:
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January 1,
2010 to December 31, 2010
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Target
Award:
Measurement:
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25%
of Executive’s base salary (40% for CEO)
2010
Short Term Incentive Objectives
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BY
EXECUTING THIS AGREEMENT, EXECUTIVE ACCEPTS PARTICIPATION IN THE PLAN,
ACKNOWLEDGES THAT HE OR SHE HAS READ AND UNDERSTANDS THE PROVISIONS OF THIS
AGREEMENT AND THE PLANS, AND AGREES THAT THIS AGREEMENT AND THE PLANS SHALL
GOVERN THE TERMS AND CONDITIONS OF THIS AWARD.
IN WITNESS WHEREOF, the
Company and the Executive have duly executed this Agreement as of __________,
2010.
MAINE & MARITIMES
CORPORATION:
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EXECUTIVE:
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By:
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Name:
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Xxxxx
Xxxxx
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Title:
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Chair,
Performance &
Compensation
Committee
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Name:
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