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IMCB > SEC Filings for IMCB > Form 8-K on 25-Feb-2014All Recent SEC Filings




Other Events

Item 8.01 Other Events
At their respective meetings held in February 2014, Intermountain Community Bancorp's (the "Company") Compensation Committee authorized and the Board of Directors ratified a grant of 160,000 shares of its voting common stock to certain of its executive officers and employees in the form of restricted stock awards. The awards are "performance-based," granted as part of an incentive plan approved by the Compensation Committee which provides participants the opportunity to earn both short-term and long-term incentives upon the achievement of certain performance metrics. The awards are subject to a five-year vest and the number of shares that may vest in any year will be determined by the participant achieving certain pre-determined thresholds of individual and Company performance based on the previous year. Notwithstanding the vesting schedule, unvested shares of restricted stock shall immediately vest upon a Change in Control (as defined), as follows: in the case of Messrs. Hecker and Wright, vesting accelerates upon a Change in Control of the Company and any unvested shares issued become fully vested based on the maximum number of shares that could be issued under the restricted stock awards; with respect to Pam Rasmussen and the other officers receiving restricted stock awards, vesting accelerates based on the maximum number of shares that could be issued under the respective awards if termination after a Change in Control is an "involuntary termination without cause" or a "voluntary termination with good reason." The maximum number of shares that could be issued under the awards to the top three executive officers is as follows: Curt Hecker, President and Chief Executive Officer, 50,000 shares; Douglas Wright, Executive Vice President and Chief Financial Officer, 35,000 shares; and Pamela Rasmussen, Executive Vice President and Chief Administrative Officer, 27,500 shares.

The restricted stock grants are subject to shareholder approval at the Company's annual shareholder's meeting on April 2, 2014 of an amendment to the Company's 2012 Stock Option and Equity Compensation Plan (the "Plan") increasing the number of shares of stock reserved for issuance under the Plan.

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