Maine & Maritimes Corporation Long Term Incentive Award Agreement with Executive

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement between Maine & Maritimes Corporation and an executive outlines the terms for a long-term incentive award under the company's 2010 Executive Compensation Plan and 2008 Stock Plan. If the executive meets certain performance targets, measured by total shareholder return compared to a peer group over a three-year period, they will receive company stock. The target award is set at 50% of the executive's base salary (80% for the CEO). The agreement requires the executive to accept and abide by the terms of the referenced plans.

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EX-10.3 4 exh10_3.htm EXHIBIT 10.3 exh10_3.htm
 
Exhibit 10.3
MAINE & MARITIMES CORPORATION
LONG TERM INCENTIVE AWARD AGREEMENT

    This Long Term Incentive Award Agreement incorporates by reference the 2010 Executive Compensation Plan, and the 2008 Stock Plan (the “Plans”). It sets forth certain specific terms and conditions governing performance awards under the 2010 Executive Compensation Plan.  If performance targets are met, the Executive will receive shares of MAM stock pursuant the 2008 Stock Plan.
   
Name of Executive: 
[NAME]
 
Performance Period:
 
January 1, 2010 to December 31, 2012
 
Target Award:
 
Measurement: 
 
 
50% of Executive’s base salary (80% for CEO)
 
Total Shareholder Return over Performance Period vs. Peer Group
 
 
 
BY EXECUTING THIS AGREEMENT, EXECUTIVE ACCEPTS PARTICIPATION IN THE PLAN, ACKNOWLEDGES THAT HE OR SHE HAS READ AND UNDERSTANDS THE PROVISIONS OF THIS AGREEMENT AND THE PLANS, AND AGREES THAT THIS AGREEMENT AND THE PLANS SHALL GOVERN THE TERMS AND CONDITIONS OF THIS AWARD.
 
IN WITNESS WHEREOF, the Company and the Executive have duly executed this Agreement as of __________, 2010.
 
 
MAINE & MARITIMES CORPORATION:
 
 
  
EXECUTIVE:
By:
      
Name:
 Lance Smith
      
Title:
Chair, Performance &
Compensation Committee
  
Name: