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WFBC » Topics » 2005 Recognition and Retention Plan.

This excerpt taken from the WFBC DEF 14A filed Oct 3, 2006.
2005 Recognition and Retention Plan.   As a result of the adoption of the 2005 Recognition and Retention Plan, our Directors and Officers Incentive Plan was terminated for fiscal 2006. Under our 2005 Recognition and Retention Plan the related trust can acquire 350,000 shares of our common stock for future awards to certain officers and directors. Each of our non-employee directors was awarded 1,935 shares of restricted stock on January 6, 2006, that vest at a rate of 33.33% per year commencing on the first anniversary of the date of grant.

"2005 Recognition and Retention Plan." elsewhere:

Provident New York Bancorp (PBNY)
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