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RESTRICTED STOCK PLAN
9 Months Ended
Sep. 30, 2012
Restricted Stock Plan [Abstract]  
Restricted Stock Plan [Text Block]

NOTE J: RESTRICTED STOCK PLAN

 

On August 14, 2012, the Board of Directors of Rurban Financial Corp. (the "Company") approved the creation of the Rurban Financial Corp. and Affiliates Incentive Compensation Plan (the "Incentive Plan"). The purposes of the Incentive Plan are to increase Company performance and shareholder return, link executive interests with those of shareholders, create executive ownership and provide a valuable retention tool for top executives and high performing officers. Any key employee of the Company who holds the position of Senior Vice President or higher, including the following named executive officers: Mark A. Klein, Anthony V. Cosentino and Jonathan R. Gathman, are eligible to participate. Under the Incentive Plan, employees who are designated as participants by the Compensation Committee are given the opportunity to earn awards of incentive compensation if the Company achieves various performance objectives established by the Compensation Committee.

 

Restricted shares granted as payment of the 2012 Incentive Award, if any, will vest ratably over the four-year period following the payment date, subject to the named executive officer's continued employment through each vesting date. If a name executive officer terminates employment with the Company or a subsidiary during this vesting period other than due to death, disability, retirement or the occurrence of a change in control (as those terms are defined in the Stock Incentive Plan), any unvested restricted shares will be forfeited. No shares have been awarded under this plan as of September 30, 2012.