Deferred Stock Unit Award Agreement for Executive Officers Dated January 20, 2016
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Summary
This agreement outlines the terms under which certain executive officers are granted deferred stock units by the company. The awards allow executives to earn company common stock based on the achievement of specific performance goals during the period from January 1, 2016, to December 31, 2018. The awards vest on January 20, 2019, and the number of shares each executive may receive is specified in the agreement. The agreement is intended to incentivize and reward executives for meeting performance targets over a three-year period.
EX-10.61 2 exhibit106110kqtr42015.htm EXHIBIT 10.61 TO FORM 10-K 12-31-15 Exhibit
EXHIBIT 10.61
TERMS OF DEFERRED STOCK UNIT AWARD AGREEMENT WITH CERTAIN EXECUTIVE OFFICERS
The form of Deferred Stock Unit Award Agreement (the “Agreement”), filed as Exhibit 10.6 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008, contains blanks where the executive's name, target number of shares, grant date, vesting date, performance period, shortened performance period start date, and months in term provided under the Agreement vary for each executive.
On January 20, 2016, performance share awards were granted providing certain executives the opportunity to earn common stock, the number of which is determined pursuant to, and subject to the attainment of, performance goals. The performance share awards were granted with a term of 36 months and vest on January 20, 2019. The performance period start date was January 1, 2016 thereby making the performance period January 1, 2016 through December 31, 2018. The target number of shares for each executive awarded performance shares on January 20, 2016 is listed below.
Executive Officer | Target number of shares |
Joseph J. MarcAurele | 9,500 |
David V. Devault | 4,500 |
Edward O. Handy, III | 4,600 |
James M. Hagerty | 3,100 |
Mark K.W. Gim | 3,100 |
Barbara J. Perino | 2,300 |
Kristen L. DiSanto | 2,100 |
Debra A. Gormley | 2,300 |
Mary E. Noons | 2,200 |
William K. Wray | 2,600 |