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ANNB » Topics » GRANTS OF PLAN BASED AWARDS

This excerpt taken from the ANNB DEF 14A filed Apr 13, 2007.

GRANTS OF PLAN BASED AWARDS

 

(a)    (b)    (c)    (d)    (e)
     Estimated Future Payouts under
Non-equity Incentive Plan Awards

Name

   

Grant

Date

   

Threshold

$

   

Target

$

   

Maximum

$

Richard M. Lerner, CEO

    NA    2,048    26,618    51,188

Margaret T. Faison, CFO

    NA    1,330    17,290    33,250

Robert E. Kendrick, III

    NA    1,365    17,745    34,125

J. Mitchell Krebs

    NA    5,250    15,750    42,000

Notes to columns:

 

(c) Non-equity Incentive Plan Awards for NEOs Lerner, Faison and Kendrick are based on the Bank obtaining a minimum ROAA of 0.65%. Awards range from 1% to 25% of salary.

NEO Krebs is entitled to receive payments under the Bank’s quarterly incentive program based on the total performance of the Bank’s Business Development Group. The formula for these incentives is as follows for 2006: An award payout can range from 5% of salary for achieving 90% of goal, 15% for achieving 100% of goal and up to a maximum of 40% of salary for exceeding goal by 25% or more.

Beginning with the year ended December 31, 2007, 25% of awards to NEOs Lerner, Faison and Kendrick may be payable in restricted stock units that will vest over three years.

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