Document:

Angiodynamics, Inc. Fiscal Year 2012 Senior Executive Equity Incentive Program

 Exhibit 10.30 

 

			
	 

	  	            FY12 SR. EXECUTIVE EQUITY INCENTIVE PROGRAM

 1. Introduction 
 Broad-based employee stock ownership, combined with an effective communications program that is designed to create an employee ownership culture, can be a very dynamic tool for improving employee
productivity, morale, and aligning incentives with shareholder interest and thereby increasing profitability and shareholder value. Specifically, the purpose of the AngioDynamics Senior Executive Equity Incentive Program (SEEIP) is to: 

 

	 	•	 	 Attract, motivate and retain high-performing senior executives 

 

	 	•	 	 Encourage long-term commitment to AngioDynamics 

  

	 	•	 	 Retain key talent in a competitive labor market 

  

	 	•	 	 Motivate employees through financial rewards 

  

	 	•	 	 Align employees with shareholder interest 

 AngioDynamics uses a combination of Stock Options and Restricted Share Units (RSU’s) to achieve these goals. 
 2. RSU and Option Grant Eligibility 
 Only members of the AngioDynamics Global Sr.
Executive team are eligible to participate in the SEEIP as described in this document. Participation in the SEEIP must be approved by the CEO and the Compensation Committee of the Board of Directors. Participants must have commenced employment with
AngioDynamics at least 3 months prior to the end of the previous fiscal year to be eligible. Grants for those individuals who have less than a full year of service will be prorated. 
 To be eligible for a Restricted Stock grant an executive must: 
  

	 	•	 	 Have their most recent performance evaluation indicate an overall performance rating of meeting or exceeding expectations or in exceptional cases if
the rating was “needs development.” Both individual and overall business unit performance will be considered in the development of the recommendation, or 

 

	 	•	 	 Be considered a high potential employee or holding a critical position 

 3. Recommendations for RSU and Stock Option Grants 
 The Compensation Committee will
be responsible for determining the RSU and Option grant size for the CEO. The CEO will make recommendations for RSU and Option grants for each member of the GLT and the Compensation Committee will review and approve these grants. 

4. Stock Options 
 Stock Options
granted under the SEEIP will be nonqualified stock options, granted with an exercise price at the market value of AngioDynamics Common Stock on the date of grant, have a 7 year term, and vest in equal parts over a 4 year period at the rate of
25% per year beginning on the first anniversary date following the date of grant. Stock Options are granted under and governed by to the terms of the 2004 Stock And Incentive Award Plan (As Amended). 

 5. Restricted Stock Units 
 Restricted Stock Units (RSU’s) granted under the SEEIP entitle the recipient to receive shares of common stock on a time-based vesting schedule subject to continued employment, such that they vest
over 4 years at a rate of 25% per year beginning on the first anniversary date following the grant. RSU’s are granted under and governed by to the terms of the 2004 Stock And Incentive Award Plan (As Amended). 

6. Establishing the RSU and Option Pool Size 
 The RSU pool size available each year will be recommended by the CEO and approved by the Compensation Committee of the Board of Directors at the end of every fiscal year. 

The initial pool size for the fiscal year will be established using the sum of the midpoint recommendations for the eligible executives. Based on the
most recent fiscal year performance, that number may be adjusted up or down to reflect under or overachievement of key financial metric(s). The core metric, but not necessarily the only one, will be Operational EPS versus business plan. In its
recommendation for the pool size management will outline any variance between operational and reported EPS for consideration of the Compensation Committee. 
 In the case of the underachievement of the key financial metric(s), the overall pool size may be reduced by up to 25%. In the case of the overachievement of key financial metric(s), the overall pool size
may be increased by up to 25%. (Please note the +/- 25% is only a guideline. The Compensation Committee and/or Board can deviate from the range if extraordinary performance (positive or negative) warrants such action). 

 

					
	 Fiscal Year Performance
	  	 Metric Attainment
	  	 Range of Pool Size

	 Underachievement
	  	80% - 95%	  	75% - 100%
	 Achievement
	  	95% - 105%	  	100%
	 Overachievement
	  	105% +	  	100% - 125%

 Every year before the end of a fiscal year the Compensation Committee will review the size of the equity pool based on
benchmarking of peer group companies and actual movement in share price. Other factors weighing in on this determination are the number of equity units available under our various equity plans as well as the equity burn rate as calculated and
recommended by the Risk Management Group (RMG) 
 7. Annual Option and RSU Grant Guidelines 

Using the data provided in the table below, the CEO will make a recommendation for grants for each individual member of the GLT. The Compensation
Committee will review and approve the individual grants. 
 In making these recommendations the total size of the pool, calculated as the sum of
all options and RSU’s at mid-point, adjusted for the pool-size adjustment as described in section 6, will not be exceeded. 
 The
Compensation Committee will also be responsible for determining the options grant size for the CEO. 

 Option Grant Ranges: 

 

													
	 Title/Position
	  	Low	 	  	Mid	 	  	High	 
	 President / CEO
	  				  	 	—  	  	  			
	 Executive Vice President / CFO
	  	 	12,500	  	  	 	25,000	  	  	 	37,500	  
	 Senior Vice President / GM
	  	 	10,000	  	  	 	20,000	  	  	 	30,000	  
	 Senior Vice President / CTO
	  	 	7,500	  	  	 	15,000	  	  	 	22,500	  
	 Senior VP’s NBD, Int., Ops
	  	 	6,000	  	  	 	12,000	  	  	 	18,000	  

 RSU Grant Ranges: 
  

													
	 Title/Position
	  	Low	 	  	Mid	 	  	High	 
	 President / CEO
	  				  	 	—  	  	  			
	 Executive Vice President / CFO
	  	 	5,000	  	  	 	10,000	  	  	 	15,000	  
	 Senior Vice President / GM
	  	 	5,000	  	  	 	10,000	  	  	 	15,000	  
	 Senior Vice President / CTO
	  	 	4,000	  	  	 	8,000	  	  	 	12,000	  
	 Senior VP’s NBD, Int., Ops
	  	 	3,000	  	  	 	6,000	  	  	 	9,000	  

 8. Plan Administration 
 This program is not intended and shall not be construed to create or imply a guarantee of employment for any specified period of time. Nothing in this Program should modify, limit or restrict the standard
terms and conditions governing the employment relationship between AngioDynamics and the Program Participant. 
 This program is governed by the
Compensation Committee of the Board of Directors. All modifications to this program must be approved proactively by the Committee. The Committee has the sole discretion as to the terms and conditions of the program. 

The administration of the Program and the responsibility for carrying out its provisions shall be the responsibility of the CEO, CFO, and VP—Human
Resources. In the case of disputes regarding this Program or the interpretation of this Program, the decisions of the VP—Human Resources, CFO and CEO will be final. 
 AngioDynamics, at its sole discretion, retains the right to amend the Program in whole or in part at any time. Amendments must be stated in writing and are binding. Normally, amendments are intended to be
prospective in nature; however, AngioDynamics reserves the right to make retroactive changes.Second Amendment to the First United Security Bank Salary Continuation Agreement

 Exhibit 10.1 
 SECOND AMENDMENT 
 TO THE 

FIRST UNITED SECURITY BANK 
 SALARY CONTINUATION AGREEMENT 
 FOR 

R. TERRY PHILLIPS 
 THIS SECOND AMENDMENT is adopted this 30th day of June, 2011, by and among United Security Bancshares, Inc., a Delaware corporation (“USB”), First United Security Bank, a state-chartered
commercial bank located in Thomasville, Alabama (“FUSB”) (USB and FUSB collectively are referred to herein as the “Company”), and R. TERRY PHILLIPS (the “Executive”). 

The Company and the Executive executed the First United Security Bank Salary Continuation Agreement on September 20, 2002, effective
as of September 1, 2002, and the First Amendment to the First United Security Bank Salary Continuation Agreement on November 20, 2008, effective as of January 1, 2005 (the “Agreement”). 

The undersigned hereby amend the Agreement, effective as of June 30, 2011, as follows: 

 

	1.	The following shall be inserted as the second paragraph in Section 2.2.1: 

“Notwithstanding the foregoing or any provision in this Agreement to the contrary, in the event the Executive has a
Termination of Employment on or after June 30, 2011, the amount of the annual benefit to which the Executive is entitled upon Early Termination under this Section 2.2 is Seventy-Five Thousand Dollars ($75,000).” 

 

	2.	Schedule A of the Agreement shall be deleted in its entirety and replaced with the attached Schedule A. 

 

	3.	All other terms and provisions of the Plan not herein modified or amended shall remain in full force and effect. 

IN WITNESS OF THE ABOVE, the Company and the Executive hereby consent to this Second Amendment to the First United Security Bank
Salary Continuation Agreement. 
  

							
	Executive:	 		 	First United Security Bank
				
	/s/    R. Terry Phillips	 		 	By:	 	/s/    Hardie B. Kimbrough
	R. Terry Phillips	 		 	  
 Title:
	 	  
         Chairman of
the Board

  

							
			
		 		 	United Security Bancshares, Inc.
				
		 		 	By:	 	/s/    Hardie B. Kimbrough 
		 		 	  
 Title:
	 	  
         Chairman of
the Board

 Attachment 1 

First United Security Bank Salary Continuation Plan - Schedule A as of June 30, 2011 

(R. Terry Phillips) 

  
 A-1

 Plan Year Reporting 
 Salary Continuation Plan Schedule A 
  

																															
	 R. Terry Phillips
	 	  	  	  	  	  	 	  	  	  	  	  	 	  	  	  	  	  	 
	Birth Date: 2/13/1954	 	 	  	 	  	Early Voluntary Termination	 	 	  	 	  	Disability	 	 	  	 	  	Change of Control	 
	Plan Anniversary Date: 9/1/2003	 	 	  	 	  	 	 	 	  	 	  	 	 	 	  	 	  	 	 
	 Normal Retirement: 2/13/2019, Age 65

Normal Retirement Payment: Monthly for 15 Years

	 	  	  	  	  	 Annual Benefit/2/

Amount Payable at

Normal Retirement Age
	 	  	  	  	  	 Annual Benefit/2/

Amount Payable at

Normal Retirement Age
	 	  	  	  	  	 Annual Benefit/2/

Amount Payable at

Normal Retirement Age
	 
	Values
as of	  	Age	    	Benefit
Level	 	  	  	  	  	Vesting	  	Based On
Benefit	 	  	  	  	  	Vesting	  	Based On
No Benefit	 	  	  	  	  	Vesting	  	Based On
No Benefit	 
		  	(1)	    	(2)	 		  		  	(3)	  	(4)	 		  		  	(5)	  	(6)	 		  		  	(7)	  	 	(8)	  
		  		    		 		  		  		  		 		  		  		  		 		  		  		  			
	 Aug 2003/1/
	  	49	    	102,511	 		  		  	20.00%	  	20,502	 		  		  	100%	  	102,511	 		  		  	100%	  	 	192,001	  
	 Aug 2004
	  	50	    	106,611	 		  		  	40.00%	  	42,645	 		  		  	100%	  	106,611	 		  		  	100%	  	 	192,001	  
	 Aug 2005
	  	51	    	110,876	 		  		  	60.00%	  	66,526	 		  		  	100%	  	110,876	 		  		  	100%	  	 	192,001	  
	 Aug 2006
	  	52	    	115,311	 		  		  	80.00%	  	92,249	 		  		  	100%	  	115,311	 		  		  	100%	  	 	192,001	  
	 Aug 2007
	  	53	    	119,923	 	 	  	 	  	100.00%	  	119,923	 	 	  	 	  	100%	  	119,923	 	 	  	 	  	100%	  	 	192,001	  
															
	 Aug 2008
	  	54	    	124,720	 		  		  	100.00%	  	124,720	 		  		  	100%	  	124,720	 		  		  	100%	  	 	192,001	  
	 Aug 2009
	  	55	    	129,709	 		  		  	100.00%	  	129,709	 		  		  	100%	  	129,709	 		  		  	100%	  	 	192,001	  
	 Aug 2010
	  	56	    	134,897	 		  		  	100.00%	  	134,897	 		  		  	100%	  	134,897	 		  		  	100%	  	 	192,001	  
	 Jun 2011
	  	57	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 Starting July 1, 2011, only interest is
accrued.
	   

															
	 Aug 2011
	  	57	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 Aug 2012
	  	58	    	75,000	 	 	  	 	  	100.00%	  	75,000	 	 	  	 	  	 	  	 	 	 	  	 	  	 	  	 	 	 
															
	 Aug 2013
	  	59	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 Aug 2014
	  	60	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 Aug 2015
	  	61	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 Aug 2016
	  	62	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 Aug 2017
	  	63	    	75,000	 	 	  	 	  	100.00%	  	75,000	 	 	  	 	  	 	  	 	 	 	  	 	  	 	  	 	 	 
															
	 Aug 2018
	  	64	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 Feb 2019
	  	65	    	75,000	 		  		  	100.00%	  	75,000	 		  		  		  		 		  		  		  			
	 February 13, 2019 Retirement; March 1, 2019 First Payment
Date
	   

 /1/ The first line reflects 12 months of data, September 2002 to August 2003. 

/2/ The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments.

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