EXHIBIT 99.1
PANHANDLE STATE BANK
2003-2005 LONG TERM EXECUTIVE INCENTIVE PLAN
PLAN DOCUMENT
January 2003
AMENDED EFFECTIVE MARCH 4, 2005
AMENDED EFFECTIVE MARCH 27, 2006
TABLE OF CONTENTS
SECTION PAGE
Purpose 3
Administration 3
Plan Description 3
Eligibility 3
Size of Award Opportunities 4
Performance Criteria and Goals 4
Payout and Vesting Schedule 4
Withholding 4
Payment 4
Automatic Vesting 4
No Guarantee of Employment 5
Modification and Termination 5
Extraordinary Items 6
Termination 6
Exhibit "A" Participants
Exhibit "B" Matrix of Performance
PANHANDLE STATE BANK
2003-2005 LONG-TERM INCENTIVE PLAN
This document describes the 2003-2005 Long-Term Incentive Plan (the Plan) for
Panhandle State Bank (the Bank).
1. PURPOSE.
The purpose of the Plan is to provide motivation and direction to key
executives to achieve the long-term strategic goals of the Bank. Specific
objectives of the Plan include:
- Support the Bank's long-term strategic plan.
- Provide long-term orientation to decision making
- Focus participants' attention on maximizing long-term shareholder
value.
2. ADMINISTRATION.
The Plan will be administered by the Compensation Committee of the Board
of Directors of Intermountain Community Bancorp (the Committee). The
Committee will assure that the Plan is implemented and maintained
according to Plan provisions.
3. PLAN DESCRIPTION.
The Plan will provide participants with long-term financial reward
opportunities based on achieving minimum levels of long-term performance
goals. The Plan consists of a matrix which will reward the participants
providing the minimum long-term corporate goals are obtained, and, if
achieved, stock awards will be provided to Plan participants such that, if
the eligibility requirements are met, a restricted stock award will be
granted on March 31, 2006, and will vest one-third at the time of grant,
one-third on January 2, 2007 and the remaining one-third on January 2,
2008. The minimum performance levels are to be based upon a three (3) year
(2003-2005) running average of return on equity and net asset growth (the
"Plan Performance Period").
2
4. ELIGIBILITY.
Participants in the Plan will include key members of the executive team of
the Bank. The CEO of the Bank will recommend who participates in the Plan
for Committee approval. Participants must be continuously employed at the
Bank during the Plan Performance Period and must further be employed on
March 31, 2006, the date the award is granted, and remain employed on each
vesting date. The CEO will communicate such participation to each
participant at the beginning of the Plan Performance Period.
Participants in the Plan are listed on Exhibit "A."
At the beginning of each calendar year, the CEO will review and, if
appropriate, revise Plan participation for the remaining period of the
Long-Term Plan.
5. SIZE OF AWARD OPPORTUNITIES.
To be most effective, payout opportunities must be meaningful and
competitive. To accomplish this, there has been established a matrix which
will award participants for Bank performance so long as minimum levels of
return on equity and average asset growth over the Plan Performance Period
are met. If the Bank's performance is in excess of the minimums, the
Plan's participant benefits will increase as performance increases. The
performance matrix for each participant in this Plan is attached hereto as
Exhibit "B." The restricted stock award shall be adjusted for any stock
splits/dividends issued during the term of the Plan.
6. PERFORMANCE CRITERIA AND GOALS.
The performance criteria of consolidated average annual return on equity
of Intermountain Community Bancorp and consolidated average annual asset
growth of Intermountain Community Bancorp for the Plan Performance Period
will support the maximization of long-term shareholder value. At the
beginning of each fiscal year, the CEO will provide to the Committee the
performance pursuant to the Plan for the prior calendar year.
7. PAYOUT SCHEDULE.
The benefits, if any, to be paid to the executives shall vest such that
one-third of the benefits paid on March 31, 2006 will vest at the time of
grant, one-third on January 2, 2007 and the remaining one-third on January
2, 2008. As a condition precedent to the award of any benefits pursuant to
this Plan, the executive will be required to be employed by the Bank on
each vesting date.
8. WITHHOLDING.
The participant shall be responsible for all related federal and state
income tax implications. The Bank will withhold all required regulatory
federal income tax, state income tax and payroll taxes when paid.
3
9. PAYMENT.
Benefits to be awarded pursuant to this Plan, if any, shall be in the form
of a restricted stock grant to the executive according to the applicable
matrix attached as Exhibit "B," the full amount of which will be granted
on March 31, 2006, vesting in the amounts and on such dates as set forth
in Section 7 of the Plan.
10. AUTOMATIC VESTING.
If a change in control of Intermountain Community Bancorp or the Bank
occurs before the end of the Plan Performance Period, the stock grants
awarded to participants under the Plan shall be determined as of the date
the change in control occurred rather than as of the end of the Plan
Performance Period. The stock grants shall be determined by the Committee
based on Intermountain Community Bancorp's consolidated average annual
return on equity and consolidated average annual asset growth through the
most recent quarter end before the change in control occurred. If the most
recent quarter end is an interim period, the Committee may make
annualizing or other appropriate adjustments to consolidated average
annual return on equity and consolidated average annual asset growth. The
stock awards shall be similarly determined for any participant who dies or
who becomes disabled (as determined by the Committee) before the end of
the Plan Performance Period, based on consolidated average annual return
on equity and consolidated average annual asset growth through the most
recent quarter end before death or disability occurred. Once a
participant's stock award is determined after a change in control or after
the participant's death or disability, the stock award shall be paid to
the participant as promptly as practicable, rather than according to the
schedule set forth in Section 7 (one-third March 31, 2006, one-third on
January 2, 2007 and one-third on January 2, 2008), and the requirement
that a participant remain employed through January 2, 2008 to claim
entitlement to the full amount of this stock award shall not apply. If a
change in control occurs after December 31, 2005, or if the participant
dies or becomes disabled after December 31, 2005, but before the stock
award fully vests according to the schedule described in Section 7, the
stock award shall likewise be considered "fully vested" and the
requirement that the participant remain employed through January 2, 2008
to claim entitlement to the full amount of his stock award shall not
apply.
For purposes of this section 10, the term change in control shall mean a
change in the ownership of Intermountain Community Bancorp, a change in
effective control of Intermountain Community Bancorp, or a change in the
ownership of a substantial portion of the assets of Intermountain
Community Bancorp, as those terms are defined in Internal Revenue Code
section 409A or in regulations or guidance of general applicability issued
by the Treasury Department under Section 409A of the Internal Revenue
Code, including the Treasury Department's Notice 2005-1, Part IV.B
(questions 11 through 14), contained in Internal Revenue Bulletin 2005-2
(January 10, 2005). For purposes of this section 10, the term disability
means that, because of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to
last for a continuous period of at least 12 months, the participant is
unable to engage in any substantial gainful activity or the participant is
receiving income replacement benefits for a period of at least
three months under an accident and health plan covering employees of the
Bank. The existence of disability shall be determined by the Committee.
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11. NO GUARANTEE OF EMPLOYMENT.
Nothing in the Plan or any Plan materials guarantees employment at the
Bank. Further, this Plan should not be implied as any contract agreement.
12. MODIFICATION AND TERMINATION.
The Committee has the right to amend or terminate the Plan at any time.
However, termination or modification of the Plan during the Plan
Performance Period will not negatively affect performance goals and payout
opportunities up until the point of termination.
13. EXTRAORDINARY ITEMS.
The Committee has the authority but no obligation to exclude any
extraordinary accounting items such as changes in generally accepted
accounting procedures, sales or major assets or regulatory changes.
14. TERMINATION.
Participants must be continuously employed by the Bank throughout the Plan
Performance Period and must further be employed on March 31, 2006 in order
to receive the award, the first one-third of which will vest on the date
of grant. The Participant must continue to remain employed on the vesting
dates of January 2, 2007 and January 2, 2008 to receive the remaining
two-thirds of the award. Participants who become fully disabled or die
during the term of the Plan will receive benefits pursuant to the Plan on
a pro-rata basis based upon the performance results through the most
recent quarter end. Participants who voluntarily or involuntarily
terminate their employment prior to receiving benefits under the Plan will
forfeit automatically their rights to any unvested portions of the award.
5
Exhibit "A" - Participants
2003 - 2005 Long Term Plan
Curt Hecker Chief Executive Officer
Jerry Smith President, Branch Administration
Doug Wright Executive Vice President
& Chief Financial Officer
John Nagel Senior Vice President
& Credit Administrator
6
EXHIBIT B
IMCB 2003-2005 LONG TERM INCENTIVE PLAN MATRIX
PANHANDLE BANK
Long-Term Incentive Program
CURT HECKER SHARES 35% OF TOTAL SHARES
0.35
Asset Growth
ROE 58.0% 60.0% 62.0% 64.0% 66.0% 68.0% 70.0% 72.0% 74.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
12.00% 7,042 7,504 7,966 8,428 8,890 9,352 9,814 10,276 10,738
12.25% 7,168 7,644 8,120 8,596 9,072 9,548 10,024 10,500 10,976
12.50% 11,004 11,739 12,474 13,209 13,944 14,679 15,414 16,149 16,884
12.75% 11,256 12,012 12,768 13,524 14,280 15,036 15,792 16,548 17,304
13.00% 11,508 12,285 13,062 13,839 14,616 15,393 16,170 16,947 17,724
13.25% 11,771 12,548 13,325 14,102 14,879 15,656 16,433 17,210 17,987
13.50% 12,054 12,852 13,650 14,448 15,246 16,044 16,842 17,640 18,438
13.75% 12,327 13,157 13,986 14,816 15,645 16,475 17,304 18,134 18,963
14.00% 12,600 13,440 14,280 15,120 15,960 16,800 17,640 18,480 19,320
14.25% 12,884 13,745 14,606 15,467 16,328 17,189 18,050 18,911 19,772
14.50% 13,188 14,070 14,952 15,834 16,716 17,598 18,480 19,362 20,244
14.75% 13,482 14,385 15,288 16,191 17,094 17,997 18,900 19,803 20,706
15.00% 13,776 14,700 15,624 16,548 17,472 18,396 19,320 20,244 21,168
15.25% 14,112 15,057 16,002 16,947 17,892 18,837 19,782 20,727 21,672
15.50% 14,438 15,404 16,370 17,336 18,302 19,268 20,234 21,200 22,166
15.75% 14,763 15,761 16,758 17,756 18,753 19,751 20,748 21,746 22,743
16.00% 15,099 16,107 17,115 18,123 19,131 20,139 21,147 22,155 23,163
16.25% 15,435 16,454 17,472 18,491 19,509 20,528 21,546 22,565 23,583
16.50% 15,792 16,853 17,913 18,974 20,034 21,095 22,155 23,216 24,276
16.75% 16,149 17,220 18,291 19,362 20,433 21,504 22,575 23,646 24,717
17.00% 16,527 17,630 18,732 19,835 20,937 22,040 23,142 24,245 25,347
17.25% 16,905 18,039 19,173 20,307 21,441 22,575 23,709 24,843 25,977
17.50% 17,273 18,428 19,583 20,738 21,893 23,048 24,203 25,358 26,513
17.75% 17,682 18,858 20,034 21,210 22,386 23,562 24,738 25,914 27,090
18.00% 18,081 19,278 20,475 21,672 22,869 24,066 25,263 26,460 27,657
18.25% 18,501 19,740 20,979 22,218 23,457 24,696 25,935 27,174 28,413
18.50% 18,932 20,181 21,431 22,680 23,930 25,179 26,429 27,678 28,928
18.75% 19,352 20,643 21,935 23,226 24,518 25,809 27,101 28,392 29,684
19.00% 19,793 21,116 22,439 23,762 25,085 26,408 27,731 29,054 30,377
19.25% 20,244 21,599 22,953 24,308 25,662 27,017 28,371 29,726 31,080
19.50% 20,706 22,092 23,478 24,864 26,250 27,636 29,022 30,408 31,794
19.75% 21,179 22,586 23,993 25,400 26,807 28,214 29,621 31,028 32,435
20.00% 21,662 23,111 24,560 26,009 27,458 28,907 30,356 31,805 33,254
20.25% 22,155 23,625 25,095 26,565 28,035 29,505 30,975 32,445 33,915
20.50% 22,670 24,182 25,694 27,206 28,718 30,230 31,742 33,254 34,766
20.75% 23,184 24,738 26,292 27,846 29,400 30,954 32,508 34,062 35,616
21.00% 23,720 25,305 26,891 28,476 30,062 31,647 33,233 34,818 36,404
21.25% 24,255 25,872 27,489 29,106 30,723 32,340 33,957 35,574 37,191
21.50% 24,801 26,460 28,119 29,778 31,437 33,096 34,755 36,414 38,073
21.75% 25,368 27,069 28,770 30,471 32,172 33,873 35,574 37,275 38,976
22.00% 25,998 27,720 29,442 31,164 32,886 34,608 36,330 38,052 39,774
Asset Growth
76.0% 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0% 94.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
11,200 11,690 12,131 12,572 13,013 13,454 13,895 14,336 14,777 15,218
11,452 11,956 12,404 12,852 13,300 13,748 14,196 14,644 15,092 15,540
17,619 18,344 19,037 19,730 20,423 21,116 21,809 22,502 23,195 23,888
18,060 18,753 19,457 20,160 20,864 21,567 22,271 22,974 23,678 24,381
18,501 19,184 19,898 20,612 21,326 22,040 22,754 23,468 24,182 24,896
18,764 19,625 20,360 21,095 21,830 22,565 23,300 24,035 24,770 25,505
19,236 20,076 20,832 21,588 22,344 23,100 23,856 24,612 25,368 26,124
19,793 20,538 21,315 22,092 22,869 23,646 24,423 25,200 25,977 26,754
20,160 21,000 21,788 22,575 23,363 24,150 24,938 25,725 26,513 27,300
20,633 21,483 22,281 23,079 23,877 24,675 25,473 26,271 27,069 27,867
21,126 21,966 22,796 23,625 24,455 25,284 26,114 26,943 27,773 28,602
21,609 22,470 23,310 24,150 24,990 25,830 26,670 27,510 28,350 29,190
22,092 22,985 23,846 24,707 25,568 26,429 27,290 28,151 29,012 29,873
22,617 23,510 24,392 25,274 26,156 27,038 27,920 28,802 29,684 30,566
23,132 24,056 24,959 25,862 26,765 27,668 28,571 29,474 30,377 31,280
23,741 24,602 25,526 26,450 27,374 28,298 29,222 30,146 31,070 31,994
24,171 25,158 26,103 27,048 27,993 28,938 29,883 30,828 31,773 32,718
24,602 25,725 26,691 27,657 28,623 29,589 30,555 31,521 32,487 33,453
25,337 26,313 27,311 28,308 29,306 30,303 31,301 32,298 33,296 34,293
25,788 26,922 27,930 28,938 29,946 30,954 31,962 32,970 33,978 34,986
26,450 27,531 28,550 29,568 30,587 31,605 32,624 33,642 34,661 35,679
27,111 28,161 29,222 30,282 31,343 32,403 33,464 34,524 35,585 36,645
27,668 28,802 29,873 30,944 32,015 33,086 34,157 35,228 36,299 37,370
28,266 29,463 30,576 31,689 32,802 33,915 35,028 36,141 37,254 38,367
28,854 30,135 31,269 32,403 33,537 34,671 35,805 36,939 38,073 39,207
29,652 30,828 31,983 33,138 34,293 35,448 36,603 37,758 38,913 40,068
30,177 31,542 32,718 33,894 35,070 36,246 37,422 38,598 39,774 40,950
30,975 32,256 33,474 34,692 35,910 37,128 38,346 39,564 40,782 42,000
31,700 32,991 34,230 35,469 36,708 37,947 39,186 40,425 41,664 42,903
32,435 33,747 35,007 36,267 37,527 38,787 40,047 41,307 42,567 43,827
33,180 34,524 35,826 37,128 38,430 39,732 41,034 42,336 43,638 44,940
33,842 35,312 36,635 37,958 39,281 40,604 41,927 43,250 44,573 45,896
34,703 36,110 37,475 38,840 40,205 41,570 42,935 44,300 45,665 47,030
35,385 36,939 38,325 39,711 41,097 42,483 43,869 45,255 46,641 48,027
36,278 37,779 39,186 40,593 42,000 43,407 44,814 46,221 47,628 49,035
37,170 38,640 40,089 41,538 42,987 44,436 45,885 47,334 48,783 50,232
37,989 39,522 41,003 42,483 43,964 45,444 46,925 48,405 49,886 51,366
38,808 40,425 41,948 43,470 44,993 46,515 48,038 49,560 51,083 52,605
39,732 41,349 42,903 44,457 46,011 47,565 49,119 50,673 52,227 53,781
40,677 42,294 43,890 45,486 47,082 48,678 50,274 51,870 53,466 55,062
41,496 43,302 44,919 46,536 48,153 49,770 51,387 53,004 54,621 56,280
EXHIBIT B
IMCB 2003-2005 LONG TERM INCENTIVE PLAN MATRIX
PANHANDLE BANK
Long-Term Incentive Program
JERRY SMITH SHARES 23.67% OF TOTAL SHARES
0.24
Asset Growth
ROE 58.0% 60.0% 62.0% 64.0% 66.0% 68.0% 70.0% 72.0% 74.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
12.00% 4,762 5,075 5,387 5,700 6,012 6,325 6,637 6,950 7,262
12.25% 4,848 5,170 5,491 5,813 6,135 6,457 6,779 7,101 7,423
12.50% 7,442 7,939 8,436 8,933 9,430 9,927 10,424 10,921 11,418
12.75% 7,612 8,124 8,635 9,146 9,657 10,169 10,680 11,191 11,702
13.00% 7,783 8,308 8,834 9,359 9,885 10,410 10,936 11,461 11,986
13.25% 7,960 8,486 9,011 9,537 10,062 10,588 11,113 11,639 12,164
13.50% 8,152 8,692 9,231 9,771 10,311 10,850 11,390 11,930 12,469
13.75% 8,337 8,898 9,459 10,020 10,580 11,141 11,702 12,263 12,824
14.00% 8,521 9,089 9,657 10,225 10,794 11,362 11,930 12,498 13,066
14.25% 8,713 9,295 9,877 10,460 11,042 11,624 12,207 12,789 13,371
14.50% 8,919 9,515 10,112 10,708 11,305 11,901 12,498 13,094 13,691
14.75% 9,118 9,728 10,339 10,950 11,560 12,171 12,782 13,392 14,003
15.00% 9,317 9,941 10,566 11,191 11,816 12,441 13,066 13,691 14,316
15.25% 9,544 10,183 10,822 11,461 12,100 12,739 13,378 14,017 14,656
15.50% 9,764 10,417 11,070 11,724 12,377 13,030 13,684 14,337 14,990
15.75% 9,984 10,659 11,333 12,008 12,682 13,357 14,032 14,706 15,381
16.00% 10,211 10,893 11,575 12,256 12,938 13,620 14,301 14,983 15,665
16.25% 10,438 11,127 11,816 12,505 13,194 13,882 14,571 15,260 15,949
16.50% 10,680 11,397 12,114 12,832 13,549 14,266 14,983 15,700 16,418
16.75% 10,921 11,646 12,370 13,094 13,819 14,543 15,267 15,991 16,716
17.00% 11,177 11,923 12,668 13,414 14,159 14,905 15,651 16,396 17,142
17.25% 11,433 12,200 12,966 13,733 14,500 15,267 16,034 16,801 17,568
17.50% 11,681 12,462 13,243 14,024 14,806 15,587 16,368 17,149 17,930
17.75% 11,958 12,753 13,549 14,344 15,139 15,935 16,730 17,525 18,321
18.00% 12,228 13,037 13,847 14,656 15,466 16,275 17,085 17,895 18,704
18.25% 12,512 13,350 14,188 15,026 15,864 16,702 17,539 18,377 19,215
18.50% 12,803 13,648 14,493 15,338 16,183 17,028 17,873 18,718 19,563
18.75% 13,087 13,961 14,834 15,707 16,581 17,454 18,328 19,201 20,075
19.00% 13,385 14,280 15,175 16,070 16,964 17,859 18,754 19,648 20,543
19.25% 13,691 14,607 15,523 16,439 17,355 18,271 19,187 20,103 21,019
19.50% 14,003 14,941 15,878 16,815 17,753 18,690 19,627 20,564 21,502
19.75% 14,323 15,274 16,226 17,177 18,129 19,080 20,032 20,983 21,935
20.00% 14,649 15,629 16,609 17,589 18,569 19,549 20,529 21,509 22,489
20.25% 14,983 15,977 16,971 17,966 18,960 19,954 20,948 21,942 22,936
20.50% 15,331 16,354 17,376 18,399 19,421 20,444 21,466 22,489 23,511
20.75% 15,679 16,730 17,781 18,832 19,883 20,934 21,985 23,036 24,087
21.00% 16,041 17,113 18,186 19,258 20,330 21,402 22,475 23,547 24,619
21.25% 16,403 17,497 18,590 19,684 20,778 21,871 22,965 24,058 25,152
21.50% 16,773 17,895 19,016 20,138 21,260 22,382 23,504 24,626 25,748
21.75% 17,156 18,306 19,457 20,607 21,757 22,908 24,058 25,209 26,359
22.00% 17,582 18,747 19,911 21,076 22,240 23,405 24,569 25,734 26,899
Asset Growth
76.0% 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0% 94.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
7,574 7,906 8,204 8,502 8,801 9,099 9,397 9,695 9,993 10,292
7,745 8,086 8,389 8,692 8,995 9,298 9,601 9,904 10,207 10,509
11,915 12,405 12,874 13,343 13,811 14,280 14,749 15,217 15,686 16,155
12,214 12,682 13,158 13,634 14,110 14,585 15,061 15,537 16,013 16,489
12,512 12,974 13,456 13,939 14,422 14,905 15,388 15,871 16,354 16,836
12,689 13,272 13,769 14,266 14,763 15,260 15,757 16,254 16,751 17,248
13,009 13,577 14,088 14,600 15,111 15,622 16,133 16,645 17,156 17,667
13,385 13,890 14,415 14,941 15,466 15,991 16,517 17,042 17,568 18,093
13,634 14,202 14,735 15,267 15,800 16,332 16,865 17,397 17,930 18,460
13,953 14,529 15,068 15,608 16,148 16,687 17,227 17,767 18,306 18,846
14,287 14,855 15,416 15,977 16,538 17,099 17,660 18,221 18,782 19,343
14,614 15,196 15,764 16,332 16,900 17,468 18,037 18,605 19,173 19,741
14,941 15,544 16,126 16,709 17,291 17,873 18,455 19,038 19,620 20,202
15,296 15,899 16,496 17,092 17,689 18,285 18,882 19,478 20,075 20,671
15,644 16,268 16,879 17,490 18,100 18,711 19,322 19,933 20,543 21,154
16,055 16,638 17,263 17,887 18,512 19,137 19,762 20,387 21,012 21,637
16,347 17,014 17,653 18,292 18,931 19,570 20,209 20,849 21,488 22,127
16,638 17,397 18,051 18,704 19,357 20,011 20,664 21,317 21,970 22,624
17,135 17,795 18,470 19,144 19,819 20,493 21,168 21,843 22,517 23,192
17,440 18,207 18,889 19,570 20,252 20,934 21,615 22,297 22,979 23,661
17,887 18,619 19,308 19,996 20,685 21,374 22,063 22,752 23,440 24,129
18,335 19,045 19,762 20,479 21,196 21,914 22,631 23,348 24,065 24,782
18,711 19,478 20,202 20,927 21,651 22,375 23,100 23,824 24,548 25,272
19,116 19,925 20,678 21,431 22,184 22,936 23,689 24,442 25,194 25,947
19,514 20,380 21,147 21,914 22,681 23,448 24,214 24,981 25,748 26,515
20,053 20,849 21,630 22,411 23,192 23,973 24,754 25,535 26,316 27,097
20,408 21,331 22,127 22,922 23,717 24,513 25,308 26,103 26,899 27,694
20,948 21,814 22,638 23,462 24,285 25,109 25,933 26,757 27,580 28,404
21,438 22,311 23,149 23,987 24,825 25,663 26,501 27,339 28,177 29,015
21,935 22,823 23,675 24,527 25,379 26,231 27,083 27,935 28,787 29,640
22,439 23,348 24,229 25,109 25,990 26,870 27,751 28,631 29,512 30,392
22,887 23,881 24,775 25,670 26,565 27,460 28,354 29,249 30,144 31,038
23,469 24,420 25,343 26,267 27,190 28,113 29,036 29,959 30,882 31,805
23,930 24,981 25,919 26,856 27,793 28,731 29,668 30,605 31,543 32,480
24,534 25,549 26,501 27,452 28,404 29,356 30,307 31,259 32,210 33,162
25,138 26,132 27,112 28,092 29,071 30,051 31,031 32,011 32,991 33,971
25,691 26,728 27,729 28,731 29,732 30,733 31,734 32,736 33,737 34,738
26,245 27,339 28,368 29,398 30,428 31,457 32,487 33,517 34,546 35,576
26,870 27,964 29,015 30,066 31,117 32,168 33,218 34,269 35,320 36,371
27,509 28,603 29,682 30,762 31,841 32,920 34,000 35,079 36,158 37,238
28,063 29,285 30,378 31,472 32,565 33,659 34,752 35,846 36,939 38,061
EXHIBIT B
IMCB 2003-2005 LONG TERM INCENTIVE PLAN MATRIX
PANHANDLE BANK
Long-Term Incentive Program
DOUG WRIGHT SHARES 22.67% OF TOTAL SHARES
0.2267
Asset Growth
ROE 58.0% 60.0% 62.0% 64.0% 66.0% 68.0% 70.0% 72.0% 74.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
12.00% 4,561 4,860 5,160 5,459 5,758 6,057 6,357 6,656 6,955
12.25% 4,643 4,951 5,259 5,568 5,876 6,184 6,493 6,801 7,109
12.50% 7,127 7,604 8,080 8,556 9,032 9,508 9,984 10,460 10,936
12.75% 7,291 7,780 8,270 8,760 9,249 9,739 10,229 10,718 11,208
13.00% 7,454 7,957 8,460 8,964 9,467 9,970 10,474 10,977 11,480
13.25% 7,624 8,127 8,630 9,134 9,637 10,140 10,644 11,147 11,650
13.50% 7,808 8,324 8,841 9,358 9,875 10,392 10,909 11,426 11,943
13.75% 7,984 8,522 9,059 9,596 10,133 10,671 11,208 11,745 12,283
14.00% 8,161 8,705 9,249 9,793 10,338 10,882 11,426 11,970 12,514
14.25% 8,345 8,903 9,460 10,018 10,576 11,133 11,691 12,249 12,806
14.50% 8,542 9,113 9,685 10,256 10,827 11,398 11,970 12,541 13,112
14.75% 8,732 9,317 9,902 10,487 11,072 11,657 12,242 12,827 13,412
15.00% 8,923 9,521 10,120 10,718 11,317 11,915 12,514 13,112 13,711
15.25% 9,141 9,753 10,365 10,977 11,589 12,201 12,813 13,425 14,037
15.50% 9,351 9,977 10,603 11,228 11,854 12,480 13,106 13,731 14,357
15.75% 9,562 10,208 10,854 11,500 12,147 12,793 13,439 14,085 14,731
16.00% 9,780 10,433 11,086 11,739 12,391 13,044 13,697 14,350 15,003
16.25% 9,997 10,657 11,317 11,977 12,636 13,296 13,956 14,615 15,275
16.50% 10,229 10,916 11,603 12,289 12,976 13,663 14,350 15,037 15,724
16.75% 10,460 11,154 11,847 12,541 13,235 13,928 14,622 15,316 16,010
17.00% 10,705 11,419 12,133 12,847 13,561 14,275 14,989 15,704 16,418
17.25% 10,950 11,684 12,419 13,153 13,888 14,622 15,357 16,091 16,826
17.50% 11,188 11,936 12,684 13,432 14,180 14,928 15,676 16,424 17,173
17.75% 11,453 12,215 12,976 13,738 14,500 15,261 16,023 16,785 17,547
18.00% 11,711 12,487 13,262 14,037 14,813 15,588 16,363 17,139 17,914
18.25% 11,983 12,786 13,588 14,391 15,193 15,996 16,798 17,601 18,404
18.50% 12,262 13,072 13,881 14,690 15,499 16,309 17,118 17,927 18,737
18.75% 12,534 13,371 14,207 15,044 15,880 16,717 17,553 18,390 19,226
19.00% 12,820 13,677 14,534 15,391 16,248 17,105 17,961 18,818 19,675
19.25% 13,112 13,990 14,867 15,744 16,622 17,499 18,376 19,254 20,131
19.50% 13,412 14,309 15,207 16,105 17,003 17,900 18,798 19,696 20,593
19.75% 13,718 14,629 15,540 16,452 17,363 18,274 19,186 20,097 21,008
20.00% 14,030 14,969 15,908 16,846 17,785 18,723 19,662 20,600 21,539
20.25% 14,350 15,302 16,254 17,207 18,159 19,111 20,063 21,015 21,967
20.50% 14,683 15,663 16,642 17,621 18,601 19,580 20,559 21,539 22,518
20.75% 15,017 16,023 17,030 18,036 19,043 20,049 21,056 22,062 23,069
21.00% 15,363 16,390 17,417 18,444 19,471 20,498 21,525 22,552 23,579
21.25% 15,710 16,758 17,805 18,852 19,900 20,947 21,994 23,042 24,089
21.50% 16,064 17,139 18,213 19,288 20,362 21,437 22,511 23,586 24,660
21.75% 16,431 17,533 18,635 19,737 20,838 21,940 23,042 24,144 25,245
22.00% 16,839 17,955 19,070 20,185 21,301 22,416 23,531 24,647 25,762
Asset Growth
76.0% 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0% 94.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
7,254 7,572 7,857 8,143 8,429 8,714 9,000 9,286 9,571 9,857
7,418 7,744 8,034 8,324 8,615 8,905 9,195 9,485 9,775 10,065
11,412 11,881 12,330 12,779 13,228 13,677 14,126 14,575 15,023 15,472
11,698 12,147 12,602 13,058 13,514 13,969 14,425 14,881 15,336 15,792
11,983 12,425 12,888 13,350 13,813 14,275 14,738 15,200 15,663 16,125
12,153 12,711 13,187 13,663 14,139 14,615 15,091 15,567 16,044 16,520
12,459 13,004 13,493 13,983 14,473 14,962 15,452 15,942 16,431 16,921
12,820 13,303 13,806 14,309 14,813 15,316 15,819 16,322 16,826 17,329
13,058 13,602 14,112 14,622 15,132 15,642 16,152 16,662 17,173 17,680
13,364 13,915 14,432 14,949 15,465 15,982 16,499 17,016 17,533 18,050
13,684 14,228 14,765 15,302 15,840 16,377 16,914 17,451 17,989 18,526
13,996 14,554 15,098 15,642 16,186 16,730 17,275 17,819 18,363 18,907
14,309 14,887 15,445 16,003 16,560 17,118 17,676 18,233 18,791 19,349
14,649 15,227 15,799 16,370 16,941 17,513 18,084 18,655 19,226 19,798
14,983 15,581 16,166 16,751 17,336 17,921 18,506 19,090 19,675 20,260
15,377 15,935 16,533 17,132 17,730 18,329 18,927 19,526 20,124 20,723
15,656 16,295 16,907 17,519 18,131 18,744 19,356 19,968 20,580 21,192
15,935 16,662 17,288 17,914 18,540 19,165 19,791 20,417 21,042 21,668
16,411 17,043 17,689 18,335 18,982 19,628 20,274 20,920 21,566 22,212
16,703 17,438 18,091 18,744 19,396 20,049 20,702 21,355 22,008 22,661
17,132 17,832 18,492 19,152 19,811 20,471 21,131 21,790 22,450 23,110
17,560 18,240 18,927 19,614 20,301 20,988 21,675 22,362 23,049 23,735
17,921 18,655 19,349 20,043 20,736 21,430 22,124 22,817 23,511 24,205
18,308 19,084 19,805 20,525 21,246 21,967 22,688 23,409 24,130 24,851
18,689 19,519 20,253 20,988 21,722 22,457 23,191 23,926 24,660 25,395
19,206 19,968 20,716 21,464 22,212 22,960 23,708 24,456 25,205 25,953
19,546 20,430 21,192 21,954 22,715 23,477 24,239 25,000 25,762 26,524
20,063 20,893 21,682 22,471 23,259 24,048 24,837 25,626 26,415 27,204
20,532 21,369 22,171 22,974 23,776 24,579 25,381 26,184 26,986 27,789
21,008 21,858 22,675 23,491 24,307 25,123 25,939 26,755 27,571 28,387
21,491 22,362 23,205 24,048 24,892 25,735 26,578 27,422 28,265 29,108
21,920 22,872 23,729 24,586 25,443 26,299 27,156 28,013 28,870 29,727
22,477 23,389 24,273 25,157 26,041 26,925 27,809 28,693 29,578 30,462
22,919 23,926 24,824 25,721 26,619 27,517 28,415 29,312 30,210 31,108
23,497 24,470 25,381 26,293 27,204 28,115 29,027 29,938 30,849 31,761
24,076 25,028 25,966 26,905 27,843 28,782 29,720 30,659 31,597 32,536
24,606 25,599 26,558 27,517 28,476 29,435 30,394 31,353 32,312 33,270
25,136 26,184 27,170 28,156 29,142 30,128 31,115 32,101 33,087 34,073
25,735 26,782 27,789 28,795 29,802 30,809 31,815 32,822 33,828 34,835
26,347 27,394 28,428 29,462 30,496 31,529 32,563 33,597 34,631 35,664
26,878 28,047 29,095 30,142 31,189 32,237 33,284 34,331 35,379 36,453
EXHIBIT B
IMCB 2003-2005 LONG TERM INCENTIVE PLAN MATRIX
PANHANDLE BANK
Long-Term Incentive Program
JOHN NAGEL 18.67% OF TOTAL SHARES
0.1867
Asset Growth
ROE 58.0% 60.0% 62.0% 64.0% 66.0% 68.0% 70.0% 72.0% 74.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
12.00% 3,756 4,003 4,249 4,496 4,742 4,989 5,235 5,482 5,728
12.25% 3,824 4,078 4,331 4,585 4,839 5,093 5,347 5,601 5,855
12.50% 5,870 6,262 6,654 7,046 7,438 7,830 8,222 8,614 9,006
12.75% 6,004 6,408 6,811 7,214 7,617 8,021 8,424 8,827 9,230
13.00% 6,139 6,553 6,968 7,382 7,797 8,211 8,626 9,040 9,454
13.25% 6,279 6,693 7,108 7,522 7,937 8,351 8,766 9,180 9,595
13.50% 6,430 6,856 7,281 7,707 8,133 8,558 8,984 9,410 9,835
13.75% 6,576 7,018 7,461 7,903 8,345 8,788 9,230 9,673 10,115
14.00% 6,721 7,169 7,617 8,065 8,514 8,962 9,410 9,858 10,306
14.25% 6,872 7,332 7,791 8,250 8,710 9,169 9,628 10,087 10,547
14.50% 7,035 7,505 7,976 8,446 8,917 9,387 9,858 10,328 10,799
14.75% 7,192 7,673 8,155 8,637 9,118 9,600 10,082 10,563 11,045
15.00% 7,349 7,841 8,334 8,827 9,320 9,813 10,306 10,799 11,292
15.25% 7,528 8,032 8,536 9,040 9,544 10,048 10,552 11,056 11,560
15.50% 7,701 8,217 8,732 9,247 9,763 10,278 10,793 11,308 11,824
15.75% 7,875 8,407 8,939 9,471 10,003 10,535 11,068 11,600 12,132
16.00% 8,054 8,592 9,130 9,667 10,205 10,743 11,280 11,818 12,356
16.25% 8,233 8,777 9,320 9,863 10,407 10,950 11,493 12,037 12,580
16.50% 8,424 8,990 9,555 10,121 10,687 11,252 11,818 12,384 12,950
16.75% 8,614 9,186 9,757 10,328 10,900 11,471 12,042 12,613 13,185
17.00% 8,816 9,404 9,992 10,580 11,168 11,756 12,345 12,933 13,521
17.25% 9,018 9,623 10,227 10,832 11,437 12,042 12,647 13,252 13,857
17.50% 9,214 9,830 10,446 11,062 11,678 12,294 12,910 13,526 14,143
17.75% 9,432 10,059 10,687 11,314 11,941 12,569 13,196 13,823 14,451
18.00% 9,645 10,283 10,922 11,560 12,199 12,837 13,476 14,115 14,753
18.25% 9,869 10,530 11,191 11,852 12,513 13,174 13,834 14,495 15,156
18.50% 10,099 10,765 11,432 12,098 12,765 13,431 14,098 14,764 15,431
18.75% 10,323 11,012 11,700 12,389 13,078 13,767 14,456 15,145 15,834
19.00% 10,558 11,264 11,969 12,675 13,381 14,087 14,792 15,498 16,204
19.25% 10,799 11,521 12,244 12,966 13,689 14,411 15,134 15,856 16,579
19.50% 11,045 11,785 12,524 13,263 14,003 14,742 15,481 16,220 16,960
19.75% 11,297 12,048 12,798 13,549 14,299 15,050 15,800 16,551 17,301
20.00% 11,555 12,328 13,101 13,874 14,647 15,420 16,192 16,965 17,738
20.25% 11,818 12,602 13,386 14,171 14,955 15,739 16,523 17,307 18,091
20.50% 12,093 12,899 13,706 14,512 15,319 16,125 16,932 17,738 18,545
20.75% 12,367 13,196 14,025 14,854 15,683 16,512 17,341 18,170 18,999
21.00% 12,653 13,498 14,344 15,190 16,036 16,881 17,727 18,573 19,419
21.25% 12,938 13,801 14,663 15,526 16,389 17,251 18,114 18,976 19,839
21.50% 13,230 14,115 14,999 15,884 16,769 17,654 18,539 19,424 20,309
21.75% 13,532 14,439 15,347 16,254 17,161 18,069 18,976 19,884 20,791
22.00% 13,868 14,787 15,705 16,624 17,542 18,461 19,379 20,298 21,217
Asset Growth
76.0% 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0% 94.0%
- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
5,974 6,236 6,471 6,706 6,942 7,177 7,412 7,647 7,882 8,118
6,109 6,378 6,617 6,856 7,095 7,334 7,573 7,812 8,051 8,289
9,398 9,785 10,155 10,524 10,894 11,264 11,633 12,003 12,373 12,742
9,634 10,003 10,379 10,754 11,129 11,504 11,880 12,255 12,630 13,006
9,869 10,233 10,614 10,995 11,376 11,756 12,137 12,518 12,899 13,280
10,009 10,468 10,860 11,252 11,644 12,037 12,429 12,821 13,213 13,605
10,261 10,709 11,112 11,516 11,919 12,322 12,725 13,129 13,532 13,935
10,558 10,956 11,370 11,785 12,199 12,613 13,028 13,442 13,857 14,271
10,754 11,202 11,622 12,042 12,462 12,882 13,302 13,722 14,143 14,560
11,006 11,460 11,885 12,311 12,737 13,162 13,588 14,014 14,439 14,865
11,269 11,717 12,160 12,602 13,045 13,487 13,930 14,372 14,815 15,257
11,527 11,986 12,434 12,882 13,330 13,778 14,227 14,675 15,123 15,571
11,785 12,261 12,720 13,179 13,638 14,098 14,557 15,016 15,476 15,935
12,065 12,541 13,011 13,482 13,952 14,423 14,893 15,364 15,834 16,305
12,339 12,832 13,314 13,795 14,277 14,759 15,240 15,722 16,204 16,685
12,664 13,123 13,616 14,109 14,602 15,095 15,588 16,080 16,573 17,066
12,894 13,420 13,924 14,428 14,932 15,436 15,940 16,445 16,949 17,453
13,123 13,722 14,238 14,753 15,268 15,784 16,299 16,814 17,329 17,845
13,515 14,036 14,568 15,100 15,632 16,164 16,697 17,229 17,761 18,293
13,756 14,361 14,899 15,436 15,974 16,512 17,049 17,587 18,125 18,663
14,109 14,686 15,229 15,772 16,316 16,859 17,402 17,946 18,489 19,032
14,462 15,022 15,588 16,153 16,719 17,285 17,850 18,416 18,982 19,547
14,759 15,364 15,935 16,506 17,077 17,649 18,220 18,791 19,363 19,934
15,078 15,716 16,310 16,904 17,498 18,091 18,685 19,279 19,872 20,466
15,392 16,075 16,680 17,285 17,890 18,495 19,099 19,704 20,309 20,914
15,817 16,445 17,061 17,677 18,293 18,909 19,525 20,141 20,757 21,373
16,097 16,825 17,453 18,080 18,707 19,335 19,962 20,589 21,217 21,844
16,523 17,206 17,856 18,506 19,155 19,805 20,455 21,105 21,754 22,404
16,909 17,598 18,259 18,920 19,581 20,242 20,903 21,564 22,225 22,886
17,301 18,002 18,674 19,346 20,018 20,690 21,362 22,034 22,706 23,379
17,699 18,416 19,111 19,805 20,500 21,194 21,889 22,583 23,278 23,972
18,052 18,836 19,542 20,248 20,953 21,659 22,365 23,071 23,776 24,482
18,511 19,262 19,990 20,718 21,446 22,174 22,902 23,631 24,359 25,087
18,875 19,704 20,444 21,183 21,922 22,662 23,401 24,140 24,880 25,619
19,351 20,152 20,903 21,653 22,404 23,155 23,905 24,656 25,406 26,157
19,828 20,612 21,385 22,158 22,930 23,703 24,476 25,249 26,022 26,795
20,264 21,082 21,872 22,662 23,451 24,241 25,031 25,821 26,610 27,400
20,701 21,564 22,376 23,188 24,000 24,812 25,625 26,437 27,249 28,061
21,194 22,057 22,886 23,715 24,544 25,373 26,201 27,030 27,859 28,688
21,698 22,561 23,412 24,264 25,115 25,966 26,818 27,669 28,520 29,372
22,135 23,099 23,961 24,824 25,686 26,549 27,411 28,274 29,136 30,021