New Peoples Bankshares adopts long-term cash incentive plan tied to EPS; initial awards to top executives

NEW PEOPLES BANKSHARES INC

Plan provides cash awards based on quarterly EPS; up to 500,000 notional shares may be granted.
Initial awards: CEO C. Todd Asbury (140,000 shares), EVP James W. Kiser (110,000), EVP Bryan T. Booher (100,000), plus 150,000 to other senior management.
Awards vest 25% per year over four years; settled in cash upon separation, change of control, or 10-year anniversary.
Plan effective Feb 27, 2023; administered by independent directors.

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