Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 627 Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of 20% as of the date of stockholder approval, and an additional 20% following each of the next four successive years during such periods of service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death, Disability or Retirement of such Director or Director Emeritus, or upon a Change in Control of the Savings Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 56% of the total Plan Share Reserve in the aggregate under the Plan or 8% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 2,486 Plan Shares shall be awarded to each Director of the Company that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fifth as of the one-year anniversary of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Company or the Bank. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Company by the Committee, provided that total Plan Share Awards granted to non- employee Directors of the Company shall not exceed 30% of the total Plan Share Reserve in the aggregate under the Plan or 5% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 1,626 Plan Shares shall be awarded to each director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non- forfeitable at the rate of one-fifth as of the one-year anniversary of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a director or director emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or disability of such director, or upon a change in control of the Savings Bank or Parent as provided in Section 7.01(d) provided that such accelerated vesting is not inconsistent with applicable regulations of the Office of Thrift Supervision ("OTS") or similar circumstances at the time of such change in control. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed directors of the Savings Bank by the Committee, provided that total Plan Share Awards to non-employee directors of the Savings Bank shall not exceed 30% of total Plan Shares in the aggregate under the Plan or 5% to any individual non-employee director.
Awards to Directors. Subject to the limitations provided in this Section 6.05, upon the Effective Date, a Plan Share Award consisting of 2,185 Plan Shares shall be awarded to each Director of the Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-third of such shares as of the Effective Date and an additional one-third as of each of the next two successive years thereafter during such continued periods of service as a Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Parent or the Bank. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Bank or prior Award recipients within the discretion of the Board; provided, however, not more than 40% of the aggregate Plan Share Awards may be made to Directors.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 1,110 Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fifth as of the one-year anniversary of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 30% of the total Plan Share Reserve in the aggregate under the Plan or 5% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 6,250 Plan Shares shall be awarded to each Director of the Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-third as of September 30, 2002 and an additional one-third following each of the next two successive years during such periods of service as a Director or Director Emeritus. Such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Bank by the Committee. Article VII ----------- EARNINGS AND DISTRIBUTION OF PLAN SHARES; VOTING RIGHTS
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of the following number of Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of one-fourth as of September 5, 2002 and an additional one-fourth following each of the next three successive years during such periods of continued service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of such Director or Director Emeritus, or upon a Change in Control of the Savings Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 4,800 Plan Share Awards in the aggregate under the Plan. Director Plan Shares -------- ----------- George G. Aaronson, Jr. 000 Joseph H. Kelly 928 G. Edward Koenig, Jr. 006 Edgar N. Peppler 1,046 Charles E. Adams 884 William H. Wainwright, Jr. 0,000 Article VII EARNINGS AND DISTRIBUTION OF PLAN SHARES; VOTING RIGHTS
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 2,898 Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non- forfeitable at the rate of one-fifth as of the Effective Date and an additional one-fifth following each of the next four successive years during such periods of service as a Director or Director Emeritus. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the Retirement, death or Disability of such Director or Director Emeritus. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 28% of the total Plan Share Reserve in the aggregate under the Plan or 7% of the total Plan Share Reserve to any individual non-employee Director.
Awards to Directors. The Board may, during any calendar year, determine by majority vote to pay all or a portion of a Director's fees to be earned in such calendar year by means of an Award of Restricted Stock; provided that at least fifty (50%) of the Director's fees shall be paid in the form of a Restricted Stock Award, such Award to be made effective as of December 31 to Directors then serving. Any Director who leaves the Board during the year shall be paid in cash for services rendered.
Awards to Directors. Notwithstanding anything herein to the contrary, upon the Effective Date, a Plan Share Award consisting of 3,300 Plan Shares shall be awarded to each Director of the Savings Bank that is not otherwise an Employee. Such Plan Share Award shall be earned and non-forfeitable at the rate of 20% as of December 23, 2002, and an additional 20% following each of the next four successive years during such periods of service as a Director. Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the Change in Control of the Savings Bank or Parent. Subsequent to the Effective Date, Plan Share Awards may be awarded to newly elected or appointed Directors of the Savings Bank by the Committee, provided that total Plan Share Awards granted to non-employee Directors of the Savings Bank shall not exceed 30% of the total Plan Share Reserve in the aggregate under the Plan or 5% of the total Plan Share Reserve to any individual non-employee Director.
