Document:

EX-10.8 FIRST BANK OF GEORGIA INCENTIVE PLAN

 

EXHIBIT 10.8

First Bank of Georgia Annual Incentive Plan

for

Patrick G. Blanchard, President and Chief Executive Officer,

Georgia-Carolina Bancshares, Inc.

and

Remer Y. Brinson, III, President and Chief Executive Officer,

First Bank of Georgia

     In March 2006, the independent directors who are members of the Executive Committee of the
Board of Directors of First Bank of Georgia approved the First Bank of Georgia Annual Incentive
Plan (the “Plan”), pursuant to which Mr. Blanchard and Mr. Brinson (the “Executive Officers”) may
earn an incentive award equal to a percentage of their annual base salary. The cash incentive
award is based upon meeting certain financial performance objectives established at the beginning
of each calendar year.

     The performance measures are related to asset growth, net income (including accruals for
incentive payments under the Plan), and a subjective assessment by the Board of Directors. The
financial performance objectives of asset growth and net income are assigned a weighting factor of
40% each, and the subjective assessment of the Board of Directors is assigned a weighting factor of
20%.

     The Plan includes a “threshold,” “target” and “stretch” or aspiration goal in each of the
asset growth and net income categories. Failure to meet the threshold goals results in no
incentive payment in that category. Achievement of the threshold goals is designed to result in an
incentive award of 15% of base salary. Achievement of the target goals is designed to result in an
incentive award of 30% of base salary. Achievement of the stretch goals is designed to result in
an incentive award of 60% of base salary. The performance objectives are designed so that the
achievement of the target goals would be considered to be reflective of superior performance, and
the target goals are considered to be difficult to achieve.

     Certain other quality measures, which are based upon credit quality measures, are also
included in the Plan, which can have the effect of increasing or decreasing the incentive award
amount by as much as 45%. The credit quality measures are designed as to act as control measures
to insure that asset growth and net income are not achieved at the expense of credit quality, and
that balanced results are achieved. The credit quality measures include expectations related to:
(i) classified assets as a percent of total assets, (ii) charge-offs as a percent of loans, and
(iii) delinquencies as a percent of loans. If the credit quality results do not meet expectations
for a particular credit quality measure, the incentive award will be reduced by 15%. If the credit
quality results meet expectations, there is no impact on the incentive award. If the credit
quality results exceed expectations, there will be a 15% increase in the incentive award.
Additional payments for exceeding expectations under the credit quality measures will only be made
if the target net income measure is exceeded.

 

 

     The subjective assessment of the Board of Directors takes into account various circumstances,
developments and occurrences during the year which may have had an impact on the performance
measures, and the Board of Directors may act subjectively based upon those considerations and may
make upward or downward adjustments to an incentive award based upon the 20% weighting factor.

     Excluding the subjective assessment of the Board of Directors, and assuming that (i) the
stretch goals were attained for each financial performance category, and (ii) the results of each
of the credit quality measures exceeded expectations, the maximum annual incentive award which
could be earned is 87% of base salary.

     Pursuant to the actual results for the year ended December 31, 2006, asset growth fell between
the target amount and the stretch amount. Net income for the year ended December 31, 2006 did not
meet the threshold goal, so no incentive payment was earned with respect to that performance
measure. Thus, under the Plan, an incentive award of 15.34% of base salary was earned for 2006.
Based upon the subjective assessment by the Board of Directors, no adjustment was made to the
incentive award for 2006. Under the credit quality measure categories, the target measure was met
in one category and was exceeded in each of the other two categories. However, due to the fact
that the threshold net income goal was not met, no additional incentive award was earned under the
credit quality measure categories. Pursuant to the 2006 Annual Incentive Plan, Mr. Blanchard’s
incentive award was $25,316, and Mr. Brinson’s incentive award was $28,769.

     The financial performance objectives and credit quality measures may be adjusted annually by
the Board of Directors or an appropriate committee of the Board of Directors. The financial
performance objectives have been modified for the 2007 Plan year.EX-10.9 COMPENSATION ARRANGEMENTS

 

EXHIBIT 10.9

Compensation Arrangements with Patrick G. Blanchard

     Georgia-Carolina Bancshares, Inc. (“Company”) has a written employment agreement with Patrick
G. Blanchard, President and Chief Executive Officer of the Company. The Employment Agreement is
filed as Exhibit 10.1 to this Annual Report on Form 10-K for the year ended December 31, 2006. Mr.
Blanchard’s current (2007) annual salary is $175,000 and Mr. Blanchard is eligible for an annual
incentive award under First Bank of Georgia’s Annual Incentive Plan, pursuant to which he received
$25,316 in 2006. See Exhibit 10.8 of this Annual Report on Form 10-K for the year ended December
31, 2006 for a description of the Annual Incentive Plan. Mr. Blanchard’s Employment Agreement
entitles him to certain payments following a change in control of the Company. Mr. Blanchard is
eligible for stock option grants under the Company’s option plans as determined from time to time
by the Board of Directors of the Company. In addition, Mr. Blanchard participates in the Bank’s
medical, dental, life and disability insurance plans and he may participate in the Company’s 401(k)
plan. Mr. Blanchard also receives the following perquisites: payment of private and civic club
membership dues, provision of an automobile and an automobile allowance. The aggregate value of these perquisites in 2006 was
less than $10,000.Ex-10.9 Form of Director Stock Option Agreement

 

EXHIBIT 10.9

FORM OF DIRECTOR STOCK OPTION AGREEMENT

HEALTHSTREAM, INC.

2000 STOCK INCENTIVE PLAN

OPTION granted this                      day of                     , 200__ (“Grant Date”) by HealthStream, Inc. (the
“Company”) to Optionee (the “Director”).

          1. Stock Option. The Company hereby grants to the Director an option (the
“Option”) to purchase up to
                     shares of the common stock of the Company, no par value, to be
issued upon the exercise of the Option, in the manner hereafter set forth, fully paid and
nonassessable. This Option is being granted under the provisions of the Company’s 2000 Stock
Incentive Plan (the “Plan”), which are incorporated herein by reference. The Plan is administered
by the Compensation Committee of the Board of Directors of the Company.

          2. Time of Exercise. This Option shall be exercisable and have a term as follows:

          (a) This Option shall expire on the tenth anniversary of the Grant
Date.

          (b) One hundred percent (100%) of the shares granted under this Option shall vest and
become exercisable on the Grant Date.

          (c)
This Option shall be exercisable only in the lesser of round lots of One Hundred (100) shares or the total number of shares remaining under this Grant.

          3. Purchase Price. The purchase price per share shall be                     , being not less than
the fair market value of the common stock as of the Grant Date.

          4. Rights as a Shareholder. The Director shall have no rights as a shareholder with
respect to any shares covered by this Option until the Director has given written notice of
exercise, has paid in full for such shares and taken such other actions as may be required by the
Committee in accordance with the provisions of the Plan. No adjustment shall be made for dividends
for which the record date is prior to the date of issuance of such stock certificate.

          5. Holding Period. The Director shall hold any shares issued upon exercise of this
Option for a period of not less than one (1) year following the date of such exercise.

HEALTHSTREAM, INC.

                                                            

                                                            

The undersigned:

          (a) Acknowledges receipt of the foregoing Option and the attachments referenced therein and
understands all rights and liabilities with respect to this Option and the Plan, including, but not
limited to, the undersigned’s obligation to hold any shares issued upon exercise of the foregoing
Option for a period of not less than one (1) year from the date of such exercise; and

          (b) Acknowledges that as of the date of grant of this Option, it sets forth the entire
understanding between the undersigned Director and the Company and its Affiliates regarding the
acquisition of stock in the Company pursuant to this grant and supersedes all prior oral and
written agreements on that subject.

                                                            

OptioneeEx-10.10

 

EXHIBIT 10.10

FORM OF EMPLOYEE AND EXECUTIVE OFFICER STOCK OPTION AGREEMENT

HEALTHSTREAM, INC.

2000 STOCK INCENTIVE PLAN

OPTION
granted this                      day of                     , 200__ (“Grant Date”) by HealthStream, Inc. (the “Company”) to Optionee (the “Employee”).

          1. Stock Option. The Company hereby grants to the Employee an option (the
“Option”) to purchase up to
                     shares of the common stock of the Company, no par value, to be
issued upon the exercise of the Option, in the manner hereafter set forth, fully paid and
nonassessable. This Option is being granted under the provisions of the Company’s 2000 Stock
Incentive Plan (the “Plan”), which are incorporated herein by reference. The Plan is administered
by the Compensation Committee of the Board of Directors of the Company.

          2. Time of Exercise. This Option shall be exercisable and have a term as follows:

          (a) This Option shall expire on the eighth anniversary of the Grant
Date.

          (b) One fourth (1/4) of the shares granted under this Option shall vest and become
exercisable on the first anniversary of the Grant Date.

          (c) One half (1/2) of the shares granted under this Option shall vest and become
exercisable on the second anniversary of the Grant Date.

          (d) Three fourths (3/4) of the shares granted under this Option shall vest and become
exercisable on the third anniversary of the Grant Date.

          (e) The remaining one fourth (1/4) of the shares granted under this Option shall vest and
become exercisable on the fourth anniversary of the Grant Date.

          (f)
This Option shall be exercisable only in the lesser of round lots of One Hundred (100) shares or the total number of shares remaining under this Grant.

          3. Purchase Price. The purchase price per share shall be                     , being not less than
the fair market value of the common stock as of the Grant Date.

          4. Rights as a Shareholder. The Employee shall have no rights as a shareholder with
respect to any shares covered by this Option until the Employee has given written notice of
exercise, has paid in full for such shares and taken such other actions as may be required by the
Committee in accordance with the provisions of the Plan. No adjustment shall be made for dividends
for which the record date is prior to the date of issuance of such stock certificate.

HEALTHSTREAM, INC.

                                                            

                                                            

The undersigned:

          (a) Acknowledges receipt of the foregoing Option and the attachments referenced therein and
understands that all rights and liabilities with respect to this Option and the Plan; and

          (b) Acknowledges that as of the date of grant of this Option, it sets forth the entire
understanding between the undersigned Employee and the Company and its Affiliates regarding the
acquisition of stock in the Company pursuant to this grant and supersedes all prior oral and
written agreements on that subject.

                                                            

Optionee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]