pab bankshares, inc. - SNL Financial

The following table summarizes in tabular form each grant of an award made to the Company’s named executive
officers under any equity compensation plan for the last completed fiscal year.
Grants of Plan-Based Awards
For the Fiscal Year Ended December 31, 2009
All Other
Option
Awards:
Name Grant Date 1 Number of
Securities
Underlying
Options
Exercise or
Base Price of
Option
Awards
Grant Date
Fair Value
of Stock
and Option
Awards
(#) ($/sh) ($)
Donald J. Torbert, Jr.
Nicole S. Stokes
R. Wesley Fuller
9/29/2009 11,600
2.00 23,906
9/29/2009 16,762 3.00 30,240
9/29/2009 17,928 3.00 32,668
9/29/2009 14,100 3.00 25.693
9/29/2009 3,600 2.00 7,419
9/29/2009 5,172 3.00 9,381
9/29/2009 17,928 3.00 32,668
9/29/2009
5,800 2.00 11,953
David H. Hammond 9/29/2009
15,100 3.00 27,515
9/29/2009
3,800 2.00 7,831
George D. Henderson 9/29/2009 5,200 2.00 10,717
9/29/2009 20,700 3.00 37,720
(1) On September 29, 2009, the Board of Directors granted stock options under the Company’s 1999 Stock Option Plan to each of the named
executive officers listed in the table with an exercise price of $3.00 per share for Incentive Stock Options, which was the closing price of
the Company’s stock listed on NASDAQ on the grant date and $2.00 per share for Non-Qualified Options, which was based on a discount
to the market price with that discount representing the value given to the officer in lieu of a raise. The options were granted subject to a
two year cliff vesting and a five year option period. The fair value of the $2.00 options granted was estimated at $2.06 per share and the
fair value of the $3.00 options granted was estimated at $1.82 per share based on the Black-Scholes option pricing model using the
following assumptions:
Risk-free interest rate: 2.98%
Expected life of the option: 7 years
Expected dividend yield: 0.00% Expected volatility: 58.28%
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