GVHR » Topics » Long Term Incentive

This excerpt taken from the GVHR 8-K filed Dec 20, 2005.
Long Term Incentive - Commencing on January 1, 2006, you will participate in the Company’s Long Term Incentive Plan for executives that will provide you with a target equity incentive, generally in the form of a Stock Option grant, with a value equal to 120% of your base salary at the target level of performance, 90% at threshold and 180% at superior as determined by the Black-Scholes valuation method (or such subsequently adopted valuation method). The actual annual award will be recommended by Mr. Vonk to the Compensation Committee of the Board, based on the overall performance of the Company and the contribution of the disciplines under your direct control.

 

 

Benefits:

You may choose to commence coverage for you and your eligible dependents under the terms of our medical and dental plans on your first day of employment, the first of the month following 30 days of employment or the first of the month following 90 days of employment. No matter which option

 

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you choose, the Company’s contribution toward coverage commences on the first of the month following 90 days of employment. If you do not enroll within your first 60 days of employment, you must wait for the next annual enrollment period or qualifying event. In addition, you will be eligible to participate in our benefit plans including a 401(k) consistent with other executives of the Company. A detailed summary will be provided to you.

 

 

Relocation:

In addition to the standard items covered under the Company’s Relocation Policy and subject to the conditions set forth in the Employment Agreement and a total relocation expense limitation of $250,000, the Company will either pay or reimburse the:

 

 

Customary closing costs and expenses associated with the sale of your primary residence in the Wilton area (“Home”) limited to the lesser of 5% of the final sales price or $125,000;

 

Monthly interest only expense associated with the mortgage on your Home commencing after the end of the rental period set forth below and ending on the earlier of the date your Home is sold or 12 months from the date of your employment;

 

Monthly property tax expense associated with your Home commencing after the end of the rental period set forth below and ending on the earlier of the date your Home is sold or 12 months from the date of your employment;

 

6 family visits;

 

Commutation expense for you to visit your family for a period not to extend beyond 9 months from the date of your employment;

 

Packing, transportation, and, to the extent necessary, temporary storage of your belongings and household effects for a period not to exceed 12 months; and

 

Actual rental expense for a temporary residence in the Bradenton/Sarasota area for a period not to extend beyond 12 months from the date of your employment.

 

Change in

 

Control:

You will be eligible to enter into a Change in Control Severance Agreement in the form customarily used by the Company for other senior executives of the Company. Generally, the agreement provides for certain payments to you if you are terminated within a two (2) year period following a change in control of the Company. Please refer to the form of

 

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such agreement provided to you for the specific terms and conditions

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