MBHI » Topics » Option Grants in Last Fiscal Year

This excerpt taken from the MBHI DEF 14A filed Apr 3, 2006.
Option Grants in Last Fiscal Year
 
The information presented below summarizes certain information about the options to purchase the Company’s common stock which were granted in 2005 by the Company to each of the Named Executive Officers. All options were granted with a per share exercise price equal to the fair market value of the Company’s common stock on the date of grant.
 
                                                 
    Individual Grants           Potential Realizable Value
 
    Number of
    Percent of
                at Assumed Annual Rates
 
    Shares
    Total Options
    Exercise
          of Stock Price
 
    Underlying
    Granted to
    or Base
          Appreciation For Option
 
    Options
    Employees in
    Price
    Expiration
    Term(2)  
Name   Granted(#)(1)     Fiscal Year     ($/Sh)     Date     5%($)     10%($)  
 
James J. Giancola
          %   $           $     $  
Daniel R. Kadolph
    2,000       6.6       19.43       2015       24,439       61,933  
Sheldon Bernstein
    4,000       13.1       19.43       2015       48,878       123,866  
Thomas A. Caravello
    4,000       13.1       19.43       2015       48,878       123,866  
Mary M. Henthorn
    4,000       13.1       19.43       2015       48,878       123,866  
Edward H. Sibbald(3)
                                   
 
 
(1) Options granted on July 1, 2005. The options will vest on the fifth anniversary of issuance unless certain performance goals are achieved prior to the fifth anniversary. If the Compensation Committee determines that the performance goals have been met, the options will vest at that time. The option exercise price is the fair market value of the common stock of Midwest as of the date of the grant.
 
(2) The amounts set forth represent the value that would be received by the Named Executive Officer upon exercise of the option on the day before the expiration date of the option based upon assumed annual growth rates in the market value of the Company’s common stock of 5% and 10%, rates prescribed by applicable Securities and Exchange Commission rules. Actual gains, if any, on stock option exercises are dependent on the future performance of the Company’s common stock and other factors such as the general condition of the stock markets and the timing of the exercise of the options. The Company did not use an alternative formula for a potential realizable value as the Company is not aware of any formula that will determine with reasonable accuracy a present value based on future unknown or volatile factors.
 
(3) Mr. Sibbald’s employment terminated on December 31, 2005.


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This excerpt taken from the MBHI DEF 14A filed Apr 13, 2005.
Option Grants in Last Fiscal Year
                                                 
Individual Grants

Potential Realizable Value
Number of Percent of at Assumed Annual Rates of
Shares Total Options Exercise Stock Price Appreciation for
Underlying Granted to or Base Option Term(2)
Options Employees in Price Expiration
Name Granted(#)(1) Fiscal Year ($/Sh) Date 5%($) 10%($)







James J. Giancola(3)
          %   $                    
Brad A. Luecke(4)
                                   
Daniel R. Kadolph
    3,500       3.0       22.03       2014       48,491       122,886  
Edward H. Sibbald
    3,000       2.6       22.03       2014       41,564       105,330  
Sheldon Bernstein
    5,000       4.3       22.03       2014       69,273       175,551  
Mary M. Henthorn
    5,000       4.3       22.03       2014       69,273       175,551  


(1)  Options granted on July 1, 2004. These options become exercisable in cumulative annual installments of 25% of the shares covered thereby on each of the first, second, third, and fourth anniversaries of the grant date.
 
(2)  The amounts set forth represent the value that would be received by the Named Executive Officer upon exercise of the option on the day before the expiration date of the option based upon assumed annual growth rates in the market value of the Company’s common stock of 5% and 10%, rates prescribed by applicable Securities and Exchange Commission rules. Actual gains, if any, on stock option exercises are dependent on the future performance of the Company’s common stock and other factors such as the

11


 

general condition of the stock markets and the timing of the exercise of the options. The Company did not use an alternative formula for a potential realizable value as the Company is not aware of any formula that will determine with reasonable accuracy a present value based on future unknown or volatile factors.
 
(3)  Mr. Giancola was named President and Chief Executive Officer on September 28, 2004. A more detailed discussion of the terms of his employment agreement are set forth below in “Employment Agreements.”
 
(4)  Retired as President and Chief Executive Officer effective October 6, 2004.

      The following table summarizes for each Named Executive Officer the number of shares of common stock subject to outstanding options and the value of such options that were unexercised at December 31, 2004.

This excerpt taken from the MBHI DEF 14A filed Apr 1, 2005.
Option Grants in Last Fiscal Year
                                                 
Individual Grants

Potential Realizable Value
Number of Percent of at Assumed Annual Rates of
Shares Total Options Exercise Stock Price Appreciation for
Underlying Granted to or Base Option Term(2)
Options Employees in Price Expiration
Name Granted(#)(1) Fiscal Year ($/Sh) Date 5%($) 10%($)







James J. Giancola(3)
          %   $                    
Brad A. Luecke(4)
                                   
Daniel R. Kadolph
    3,500       3.0       22.03       2014       48,491       122,886  
Edward H. Sibbald
    3,000       2.6       22.03       2014       41,564       105,330  
Sheldon Bernstein
    5,000       4.3       22.03       2014       69,273       175,551  
Mary M. Henthorn
    5,000       4.3       22.03       2014       69,273       175,551  


(1)  Options granted on July 1, 2004. These options become exercisable in cumulative annual installments of 25% of the shares covered thereby on each of the first, second, third, and fourth anniversaries of the grant date.
 
(2)  The amounts set forth represent the value that would be received by the Named Executive Officer upon exercise of the option on the day before the expiration date of the option based upon assumed annual growth rates in the market value of the Company’s common stock of 5% and 10%, rates prescribed by applicable Securities and Exchange Commission rules. Actual gains, if any, on stock option exercises are dependent on the future performance of the Company’s common stock and other factors such as the general condition of the stock markets and the timing of the exercise of the options. The Company did

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not use an alternative formula for a potential realizable value as the Company is not aware of any formula that will determine with reasonable accuracy a present value based on future unknown or volatile factors.
 
(3)  Mr. Giancola was named President and Chief Executive Officer on September 28, 2004. Under the terms of his employment agreement, Mr. Giancola was paid $1,000 per month for services rendered during the last quarter of 2004. A more detailed discussion of the terms of his employment agreement are set forth below in “Employment Agreements.”
 
(4)  Retired as President and Chief Executive Officer effective October 6, 2004.

      The following table summarizes for each Named Executive Officer the number of shares of common stock subject to outstanding options and the value of such options that were unexercised at December 31, 2004.

"Option Grants in Last Fiscal Year" elsewhere:

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