2005 Officer Compensation Schedule for Midwest Bank and Trust Company Executives

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the 2005 compensation for key officers of Midwest Bank and Trust Company, including salary, bonuses, stock options, and restricted stock awards. It lists the amounts awarded to each executive and notes special terms for James J. Giancola, whose restricted stock vests over several years per his employment agreement. All listed officers have transitional employment agreements and participate in a supplemental executive retirement plan. Edward H. Sibbald's employment ended December 31, 2005.

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EX-10.31 2 c03432exv10w31.htm OFFICER COMPENSATION exv10w31  

EXHIBIT 10.31
Officer Compensation
2005
                                 
    Salary     Bonus     Stock Option   Restricted Stock
Name   Amount     Amount     Award   Award
 
                                
James J. Giancola,
   $ 535,000     $ 374,500       —       179,316 (1)(2)
President and Chief Executive Officer
                                
 
                                
Thomas A. Caravello,
   $ 168,000     $ 40,000       4,000       2,500  
Executive Vice President
                                
of Midwest Bank and Trust Company
                                
 
                                
Sheldon Bernstein,
   $ 181,245     $ 42,000       4,000       2,500  
Executive Vice President
                                
of Midwest Bank and Trust Company
                                
 
                                
Daniel R. Kadolph,
   $ 148,205     $ 30,000       2,000       2,000  
Senior Vice President
                                
and Chief Financial Officer
                                
 
                                
Mary M. Henthorn,
   $ 179,138     $ 42,000       4,000       2,500  
Executive Vice President
                                
of Midwest Bank and Trust Company
                                
 
                                
Edward H. Sibbald, (3)
   $ 184,000     $ —       —       —  
Executive Vice President
                                
of Midwest Bank and Trust Company
                                
 
(1)   Includes 150,000 shares pursuant to Mr. Giancola’s employment agreement dated September 28, 2004; 30,000 shares vested January 1, 2005 and the remaining 120,000 shares will vest 30,000 each on January 1 of 2006, 2007, 2008, and 2009.
 
(2)   Includes 29,316 shares in lieu of stock options for 100,000 shares of the Company’s common stock pursuant to the amendment on December 29, 2005 to Mr. Giancola’s employment agreement dated September 28, 2004.
 
(3)   Employment ended December 31, 2005.
Each of the officers listed above have been granted a transitional employment agreement and participate in the supplemental executive retirement plan.