This excerpt taken from the PBIP DEF 14A filed Nov 26, 2008.
Options to be Granted. The Board of Directors of Prudential Bancorp adopted the Stock Option Plan, and the committee established thereunder intends to meet promptly after approval by shareholders to determine the specific terms of options, including the allocation of options to executive officers, employees and non-employee directors of Prudential Bancorp and Prudential Savings Bank. At the present time, no specific determination has been made as to allocation of grants. The committee is also considering awarding options to certain non-executive officers and employees of Prudential Savings Bank. However, under the terms of the Settlement Agreement, Prudential Bancorp agreed to engage an independent benefits consulting firm to assist the committee in administering the Stock Option Plan as well as in determining the level of grants thereunder.
The Board of Directors recommends that you vote FOR adoption of the 2008 Stock Option Plan.
On November 19, 2008, the Board of Directors adopted the 2008 Recognition and Retention Plan and Trust Agreement, the objective of which is to enable Prudential Bancorp to provide officers, employees and non-employee directors of Prudential Bancorp and Prudential Savings Bank with a proprietary interest in Prudential Bancorp and as an incentive to contribute to our success. Officers, employees and non-employee directors of Prudential Bancorp and Prudential Savings Bank who are selected by the Board of Directors of Prudential Bancorp or members of a committee appointed by the Board will be eligible to receive benefits under the Recognition and Retention Plan. If shareholder approval is obtained, shares are expected to be granted to officers, employees and non-employee directors as determined by the committee or the Board of Directors.
Description of the Recognition and Retention Plan
The following description of the Recognition and Retention Plan is a summary of its terms and is qualified in its entirety by reference to the Recognition and Retention Plan, a copy of which is attached hereto as Appendix B.