EGBN » Topics » Administration.

This excerpt taken from the EGBN DEF 14A filed Apr 6, 2009.
Administration.  The 2006 Stock Plan is administered by a committee (the “Committee”), appointed by the Board of Directors of the Company, consisting of not less than three (3) members of the Board. Members of the Committee must be Independent Directors within the meaning of the listing requirements of Nasdaq, and Non-Employee Directors, and serve at the pleasure of the Board of Directors.  In the absence at any time of a duly appointed Committee, the 2006 Stock Plan will be administered by the members of the Board of Directors who are Independent Directors.

 

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The Committee has discretion and authority to select participants and grant awards, to determine the form and content of any awards made under the 2006 Stock Plan, to interpret the 2006 Stock Plan, to prescribe, amend and rescind rules and regulations relating to the 2006 Stock Plan, and to make all other decisions necessary or advisable in connection with administering the 2006 Stock Plan, including establishing the corporate divisional or individual performance or achievement standards on which an award may be contingent.  All decisions, determinations and interpretations of the Committee are final and conclusive on all persons affected thereby.  Members of the Committee will be indemnified to the full extent permissible under the Company’s articles of incorporation and bylaws in connection with any claims or other actions relating to any action taken under the 2006 Stock Plan.  As of the date hereof, the Committee consists of all of the members of the Board of Directors of the Company who are independent within the meaning of NASD Rule 4200(a)(15).

 

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