Listen up, three Bank of Amerillwide employees who haven't been fired-- management wants to keep you, bad. So bad, that while they're unwilling to actually improve the terms under which you'll work for the Charlotte-based cesspool, they are willing to perform a head bob of words re: your bonus. Moving forward, think of it as a "Long Term Award," and not the answer to the question "what does it feel like to be ass-raped over several years time." Oh, and don't forget about the reusable mug. That's not something you want to walk away from.
Award purpose: The Long-Term Cash Award is designed to improve retention of key associates and deliver competitive incentive compensation.
Award determination: Your 2009 stock option awards under the KASP for the 2008 performance year will be converted to a Long-Term Cash Award. The Long-Term Cash Award amount is calculated to include interest, and no additional interest is credited with respect to the award.
Other important facts
Payment schedule: The award will become earned and payable in three equal installments provided you are still employed at Bank of America or one of its subsidiaries on these applicable payment dates:
Payment date, Amount payable
Feb. 2010: First anniversary of grant date, One-third of award
Feb. 2011: Second anniversary of grant date, One-third of award
Feb. 2012: Third anniversary of grant date, One-third of award
Payment will be made as soon as administratively practicable, generally within 30 days after the applicable payment date.
Impact of termination of employment on earning of award: The extent to which the award is earned in connection with termination of employment depends on the reason for termination as described below. These are the same rules that would have applied to a restricted stock award.
Death or Disability: Any unearned portion of the award is immediately earned as of the date of your termination of employment if your termination is due to death or "disability", as defined in your award agreement.
Workforce Reduction or Divestiture: In the case of termination by the company due to "workforce reduction" or "divestiture" as defined in your award agreement, the next unearned increment (generally, the next one-third of the award) becomes earned. Subject to the Rule of 60 provisions below, any remaining unearned portion of the award will be canceled.
Termination by Bank of America with Cause: If your employment is terminated by the company for cause, your right to receive any unearned portion of the award is canceled as of your employment termination date.
All Other Terminations: Subject to the Rule of 60 provisions below, if your employment terminates for any other reason, including termination by the company without "cause" (other than workforce reduction or divestiture) or voluntary termination by the associate, any unearned portion of the award will be canceled.