Legacy Bancorp, Inc. 2010 CEO Inducement Plan
May 18 2010 - 4:00PM
Business Wire
Legacy Bancorp, Inc. (the “Company” or “Legacy”) (NASDAQ:LEGC),
the holding company for Legacy Banks (the “Bank”) announced today
that the Company’s Compensation Committee granted certain
inducement stock awards to Patrick J. Sullivan, President of the
Company and Chief Executive Officer and President of the Bank on
May 17, 2010.
As contemplated by Mr. Sullivan’s Employment Agreement with the
Company and the Bank dated February 26, 2010 and effective April 1,
2010, Mr. Sullivan was granted 25,000 non-qualified stock options
and 10,000 shares of restricted stock that will vest at the rate of
20% per year over a five year period. The exercise price of the
options is $9.24, the closing price of the Company’s stock on the
grant date. In addition, Mr. Sullivan was granted up to 40,000
performance shares which may be earned upon the attainment of
prescribed return on average equity benchmarks as compared to the
Company’s peers.
Legacy Banks is headquartered in Pittsfield, Massachusetts. It
employs 186 people and has 19 offices throughout western
Massachusetts and eastern New York. Legacy offers Personal Banking,
Mortgage Lending, Commercial Services, Insurance, Investments,
Portfolio Management, Credit and Debit Card products, and Online
Services.
FORWARD LOOKING STATEMENTS
Certain statements herein constitute "forward looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on the beliefs and
expectations of management, as well as the assumptions made using
information currently available to management. Since these
statements reflect the views of management concerning future
events, these statements involve risks, uncertainties and
assumptions. As a result, actual results may differ from those
contemplated by these statements. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
“believe”, “expect”, “anticipate”, “estimate”, and “intend” or
future or conditional verbs such as “will”, “would”, “should”,
“could” or “may”. Certain factors that could cause actual results
to differ materially from expected results include changes in the
interest rate environment, changes in general economic conditions,
legislative and regulatory changes that adversely affect the
businesses in which Legacy Bancorp, Inc. is engaged and changes in
the securities market. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release. The Company disclaims any intent or
obligation to update any forward-looking statements, whether in
response to new information, future events or otherwise.
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