Schedule of Retention Plan Awards to Named Executive Officers under GTC Biotherapeutics 2008 Retention Incentive Plan
This document lists the retention awards granted to GTC Biotherapeutics' named executive officers as part of the 2008 Retention Incentive Plan. The awards include restricted stock units granted in July 2008 and to be granted in January 2009, as well as retention payments to be made after March 31, 2010. Payments may be made in cash or, at the Compensation Committee's discretion, in shares of common stock valued at a set minimum price. The agreement outlines the amounts and conditions for each executive officer.
Exhibit 10.2
Schedule of Retention Plan Awards to Named Executive Officers
The following awards were made on July 1, 2008 to GTC’s named executive officers under the GTC Biotherapeutics 2008 Retention Incentive Plan.
| Named Executive Officer | Number of Restricted Stock Units Granted on July 1, 2008 | Number of Restricted Stock Units to be Granted in January 2009 | Retention Payment to be made after March 31, 2010 (1) | ||||
| Geoffrey F. Cox | 61,200 | 10,800 | $ | 56,400 | |||
| John B. Green | 30,600 | 5,400 | $ | 33,000 | |||
| Harry M. Meade | 30,600 | 5,400 | $ | 33,000 | |||
| Daniel S. Woloshen | 30,600 | 5,400 | $ | 33,000 | |||
| (1) | At the discretion of our Compensation Committee retention payments under the Retention Plan may alternatively be paid in shares of our Common Stock. In the case of Dr. Cox, the shares of Common Stock will be valued at the greater of the current market value or $1.25 per share, and for the other named executive officers they will be valued at the greater of the current market value or $1.00 per share. |
