Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Certain members of management or highly compensated employees of the Company or
the Company's wholly owned subsidiary,
For each award, a participant receives an allocation equal to earnings per share, for each share covered by the award, on a quarterly basis. For purposes of the Plan, the Plan administrator may adjust the earnings per share for any period to mitigate or exclude the impact of any item that is unusual in nature or amount or infrequent in occurrence. Awards become vested in 25% increments, on each of the first through fourth anniversaries of the date of grant, subject to a participant's continuous employment with the Company through the applicable anniversary. Awards are settled on the earliest of a participant's separation from service, a change in control, or the ten-year anniversary of the Plan's effective date. Vested portions of an award are generally paid in three installments.
The Plan is administered by a committee consisting of members of the Board of
Directors of the Company who are independent directors under the listing
standards of
Initial awards under the Plan were made on
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1New Peoples Bankshares, Inc. Long-Term Cash Incentive Plan.
10.2 Form of Award Agreement for
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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