MBNA Corporation Form of Restricted Stock Grant to Senior Management
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Summary
This agreement is between MBNA Corporation and a member of its senior management, granting restricted stock awards. Shares vest annually on March 1 if the company’s net income increases by specified amounts, with the percentage of shares vested tied to performance. Shares may vest earlier in cases of death, disability, or a change in control. If the recipient remains employed for ten years, any remaining shares vest; otherwise, unvested shares are forfeited if employment ends for any other reason.
EX-10.2 3 ex10_2.htm EXHIBIT 10.2 Exhibit 10.2
Exhibit 10.2
MBNA Corporation—Form of Restricted Stock Grant to Senior Management
| Restricted Stock Award | ______ shares |
| Grant Date | ________, 200__ |
| A portion of the shares will vest on March 1 of each year (beginning 200_) if the Corporation’s net income for the prior year increases as follows: | |
| Increase in | % of Shares |
| Net Income | Granted to Vest |
| __% or above | __% |
| __% | __% |
| __% | __% |
| __% | __% |
| Less than __% | None |
| The shares will vest sooner in the event of death, disability or change in control (as defined by the plan document). Any remaining shares will vest one day prior to the tenth anniversary of the grant date if you continue to be employed by MBNA on that date. All unvested shares will be forfeited if your employment ends prior to the tenth anniversary for any other reason, including retirement. [Actual award may include vesting schedules that differ by year.] | |
