GVHR » Topics » 2005 Equity Incentive Plan.

These excerpts taken from the GVHR 10-K filed Apr 30, 2009.
2005 Equity Incentive Plan.  In May 2005, our shareholders approved the Plan. The Plan provides for various equity incentives, including non-qualified options, to be granted to our key employees, officers, directors, certain contractors and other service providers that we utilize. Originally, under the Plan, a maximum of 2,000,000 shares of our common stock were authorized for issuance. The maximum aggregate number of shares of our common stock subject to stock awards, stock appreciation rights, dividend equivalent rights, phantom shares and performance unit awards that may be settled in stock and granted under the Plan may not exceed 400,000.  In May 2008, Amendment No. 1 to the Gevity HR, Inc. 2005 Equity Incentive Plan (“Amendment”) was approved by shareholders.  The Amendment allows the full pool of shares available for issuance under the Plan to be issued in the form of options, stock awards, stock appreciation rights, dividend equivalent rights, phantom shares and performance units (collectively “Stock Incentive”) and eliminated the 400,000 share limit.  Generally, after the 400,000 share limit is exceeded, each Stock Incentive granted under the Plan other than as an option or stock appreciation right shall reduce the 2,000,000 shares of common stock reserved for issuance under the Plan by three shares for every one share subject to such Stock Incentive.  Grants of options and restricted stock under the Plan are approved by the Committee. Options granted under the Plan generally have a vesting period of four years for officers and key employees, generally vest in equal quarterly installments over a one year period for non-employee directors and may not be exercised more than 10 years from the grant date. Under the Plan, the exercise price of each option will equal the market price of our common stock at the close of trading on the date of grant or previous close of trading if the market is closed on the date of grant.  Restricted stock granted under the Plan generally has a vesting period of three or four years for officers and key employees.  Restricted stock granted to non-employee directors vests over a three year period. During 2008, the first restricted stock awards with performance based vesting conditions were granted to certain of our officers.  These shares vest upon the attainment of certain stock price goals over a four year period.

 

2005
Equity Incentive Plan. 
In May 2005,
our shareholders approved the Plan. The Plan provides for various equity
incentives, including non-qualified options, to be granted to our key
employees, officers, directors, certain contractors and other service providers
that we utilize. Originally, under the Plan, a maximum of 2,000,000 shares of
our common stock were authorized for issuance. The maximum aggregate number of
shares of our common stock subject to stock awards, stock appreciation rights,
dividend equivalent rights, phantom shares and performance unit awards that may
be settled in stock and granted under the Plan may not exceed 400,000.  In May 2008, Amendment No. 1 to the
Gevity HR, Inc. 2005 Equity Incentive Plan (“Amendment”) was approved by
shareholders.  The Amendment allows the
full pool of shares available for issuance under the Plan to be issued in the
form of options, stock awards, stock appreciation rights, dividend equivalent
rights, phantom shares and performance units (collectively “Stock Incentive”)
and eliminated the 400,000 share limit. 
Generally, after the 400,000 share limit is exceeded, each Stock
Incentive granted under the Plan other than as an option or stock appreciation
right shall reduce the 2,000,000 shares of common stock reserved for issuance
under the Plan by three shares for every one share subject to such Stock
Incentive. 
Grants of options and restricted stock under the Plan are
approved by the Committee. Options granted under the Plan generally have a
vesting period of four years for officers and key employees, generally vest in
equal quarterly installments over a one year period for non-employee directors
and may not be exercised more than 10 years from the grant date. Under the
Plan, the exercise price of each option will equal the market price of our
common stock at the close of trading on the date of grant or previous close of
trading if the market is closed on the date of grant.  Restricted stock granted under the Plan
generally has a vesting period of three or four years for officers and key
employees.  Restricted stock granted to
non-employee directors vests over a three year period. During 2008, the first
restricted stock awards with performance based vesting conditions were granted
to certain of our officers.  These shares
vest upon the attainment of certain stock price goals over a four year period.



 



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Apr 30, 2009
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