FIRST COMMUNITY BANCORP /CA/ 4
4 · FIRST COMMUNITY BANCORP /CA/ · Filed Jul 30, 2003
Insider Transaction Report
Form 4
BORGMAN ROBERT M
EVP, Credit Admin.
Transactions
- Award
Performance Stock
2003-07-28+30,000→ 75,000 totalExercise: $0.00From: 2004-01-01Exp: 2010-07-28→ Common Stock (30,000 underlying)
Footnotes (3)
- [F1]Performance Stock converts 1 for 1 into shares of Issuer common stock upon vesting.
- [F2]Reporting Person received a Performance Stock grant of 30,000 shares under the Issuer's 2003 Stock Incentive Plan (the "Plan"). The award will vest in full or in part on the date the Compensation Committee of the Issuer's Board of Directors, as Administrator of the Plan, determines that the Issuer achieved annual Cash EPS goals (as defined in and pursuant to the terms of the Plan). Fifty percent (50%) of the Perfomance Stock will vest upon reaching annual Cash EPS of $2.48; seventy-five percent (75%) of the Performance Stock will vest upon reaching annual Cash EPS of $2.89; and the Performance Stock will vest in full upon reaching annual Cash EPS of $3.30. As of the date of the grant, the Reporting Person holds dividend and voting rights with respect to the Performance Stock, subject to termination of such rights under the terms of the Plan.
- [F3]Reporting Person beneficially owns 30,000 shares of Performance Stock and 45,000 options convertible into Issuer's common stock. The Performance Stock will vest as set forth above. 25,000 options at $13.875 have vested in one-third increments on March 22, 2001, 2002 and 2003, 10,000 options at $17.85 have vested or will vest in one-third increments on April 26, 2002, 2003 and 2004, and 10,000 options at $26.81 have vested or will vest in one-third increments on July 24, 2003, 2004 and 2005.