TAYC » Topics » Long-Term Incentive Plans-Awarded in 2004

This excerpt taken from the TAYC DEF 14A filed May 3, 2005.

Long-Term Incentive Plans—Awarded in 2004

 

    

Performance
or other
period until
maturation
or payout


   Estimated future payments under
non-stock price-based plan(1) (2)


Name


      Threshold
($) (3)


  

Target

($)


   Maximum
($) (3)


Jeffrey W. Taylor

   3 years    $ —      $ 80,000    $ 244,672

Bruce W. Taylor

   3 years    $ —      $ 80,000    $ 244,672

J. Christopher Alstrin(4)

   3 years    $ —      $ 46,580    $ 142,460

(1) Under the terms of the Long Term Incentive Plan (“LTIP”), participants receive a contribution into the plan based upon achievement of performance goals as set by the Compensation Committee. Performance goals for the 2004 plan year were based on the level of Bank net income and the Bank’s return on average assets compared to the return on average assets of a peer group of similar banks. Upon achievement of the specified performance goals the Compensation Committee will authorize the contribution into the LTIP. At the close of each given year, each participant is entitled to 30% of his cumulative account balance, which is to be paid out during the first quarter of the following year.

 

(2) In 2004, the Compensation Committee approved a new LTIP design for the plan years 2005 to 2007 and terminated the existing LTIP plan design at the end of 2004. During the first quarter of 2005, outstanding LTIP account balances were paid to LTIP participants. Beginning with the 2005 plan year, only Jeffrey W. Taylor and Bruce W. Taylor are eligible to participate in the LTIP. The Compensation Committee established the performance criteria for LTIP for the 2005 plan year as the Company’s diluted earnings per share and return on average equity. Jeffrey W. Taylor and Bruce W. Taylor are each eligible to receive a targeted amount of $400,000 in LTIP contributions with a minimum amount of $0 and a maximum amount of $1,000,000 for the plan year 2005.

 

(3) The performance criteria established for the 2004 plan year allow for varying payouts based upon the Bank’s net income and return on average assets as compared to a peer group of similar banks. Contributions levels to the LTIP can increase or decrease at a faster rate as actual Bank net income and return on average assets relative to peers is greater or less than the targeted amounts. Minimum and maximum amounts of LTIP contributions included in the table are based upon anticipated ranges of Bank net income and return on average assets relative to peers. If the actual performance of either of the two aforementioned criteria is not within the anticipated range, the actual LTIP contribution amount could be higher or lower than the minimum or maximum amount listed above. No limits are placed on the actual amount of LTIP contributions.

 

10


(4) Mr. Alstrin was not eligible for a LTIP contribution in the 2004 plan year because of this resignation as an officer of the Company effective as of March 16, 2004.

 

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