Summary of Awards under NetBank, Inc. Amended and Restated Mid-Term Incentive Plan
This document outlines the potential incentive awards for several executives of NetBank, Inc. under the company's Amended and Restated Mid-Term Incentive Plan. The plan specifies performance periods ending on December 31, 2007, and December 31, 2008, with each executive eligible for restricted stock payouts at threshold, target, and maximum levels, depending on performance. The awards range from $25,000 to $450,000, depending on the executive's role and performance outcomes. The agreement sets clear payout amounts and timeframes for each named executive.
Exhibit 10.5
Summary of Awards
under
NetBank, Inc. Amended and Restated Mid-Term Incentive Plan
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| Performance |
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| or Other |
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| Period Until |
| Restricted Stock Value of Potential Future Payouts |
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| Maturation or |
| Threshold |
| Target |
| Maximum |
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| Name and Title |
| Payout |
| ($) |
| ($) |
| ($) |
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| Douglas K. Freeman |
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| Chairman and Chief |
| 12/31/07 |
| $ | 150,000 |
| $ | 300,000 |
| $ | 450,000 |
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| Executive Officer |
| 12/31/08 |
| $ | 150,000 |
| $ | 300,000 |
| $ | 450,000 |
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| R. Theodore Brauch |
| 12/31/07 |
| $ | 25,000 |
| $ | 50,000 |
| $ | 75,000 |
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| Chief Risk Executive |
| 12/31/08 |
| $ | 25,000 |
| $ | 50,000 |
| $ | 75,000 |
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| Steven F. Herbert |
| 12/31/07 |
| $ | 37,500 |
| $ | 75,000 |
| $ | 112,500 |
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| Chief Finance Executive |
| 12/31/08 |
| $ | 37,500 |
| $ | 75,000 |
| $ | 112,500 |
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| Charles E. Mapson |
| 12/31/07 |
| $ | 25,000 |
| $ | 50,000 |
| $ | 75,000 |
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| Chief Legal Executive |
| 12/31/08 |
| $ | 25,000 |
| $ | 50,000 |
| $ | 75,000 |
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| Jerald W. McCoy |
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| Chief Capital Markets |
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| and Marketing and |
| 12/31/07 |
| $ | 37,500 |
| $ | 75,000 |
| $ | 112,500 |
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| Customer Segmentation Executive |
| 12/31/08 |
| $ | 37,500 |
| $ | 75,000 |
| $ | 112,500 |
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| William M. Ross |
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| Chief Transaction Processing and |
| 12/31/07 |
| $ | 37,500 |
| $ | 75,000 |
| $ | 112,500 |
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| Strategic Initiatives Executive |
| 12/31/08 |
| $ | 37,500 |
| $ | 75,000 |
| $ | 112,500 |
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