ADESA, Inc. Executive Restricted Stock Unit Award Agreement (2005)
ADESA, Inc. granted restricted stock units (RSUs) to its executive officers under the 2004 Equity and Incentive Plan, as approved by the Board of Directors on February 8, 2005. The RSUs, awarded based on 25% of the prior year's bonus and the market value of the company's stock, are subject to a three-year vesting period. This agreement outlines the recipients, grant amounts, and vesting schedule for the RSUs awarded to named executive officers.
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EXHIBIT 10.21
ADESA, Inc.
Executive Restricted Stock Unit Awards
On February 8, 2005, the Board of Directors of ADESA, Inc. ratified the Compensation Committee's award of restricted stock units (RSUs) under the Company's 2004 Equity and Incentive Plan to the following named executive officers in the amounts indicated below. Under the Plan, certain executive officers receive an annual RSU grant equal to 25% of the bonus earned in the prior year. The number of RSUs granted is determined based on the market value of the Company's common stock on the date the RSUs are granted. The RSUs are subject to a three-year cliff vesting schedule.
Name | Title | Market Value of Grant | Number of RSUs* | ||||
---|---|---|---|---|---|---|---|
David G. Gartzke | Chairman, President and Chief Executive Officer | $ | 133,146 | 5,968 | |||
James P. Hallett | Executive Vice President of ADESA, Inc. and President of ADESA Corporation, LLC | $ | 65,948 | 2,956 | |||
Bradley A. Todd | Executive Vice President of ADESA, Inc. and President of Automotive Finance Corporation | $ | 36,945 | 1,656 | |||
Cameron C. Hitchcock | Executive Vice President and Chief Financial Officer | $ | 52,562 | 2,356 | |||
Brenda J. Flayton | Executive Vice President and Chief Administrative Officer | $ | 26,460 | 1,186 | |||
Other Executive Officers | Various | $ | 104,568 | 4,687 | |||
$ | 419,629 | 18,809 | |||||
- *
- The number of RSUs granted was determined using the market value of the Company's common stock on the grant date (February 15, 2005).
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- EXHIBIT 10.21