have religious connection ... what's up with that? Remind you of Gateway?
It told me he was embarrassed of his performance to all of the staff member at Bank of Hampton! The President of Gateway also left in embarrassement for putting the bank at peril for his stupid decisions in putting so much of the companies assets in Fannie and Freddie preferred shares without taking some risk insurance!
Actually, option benefit wasn't too good for Mr. Gibson ... by 1/4/2010, his option to cash in shares will be worthless:
"In addition, the Company agrees to grant Executive the option, on the latter of January 4, 2010 or such date as the Company is permitted to do so in accordance with law (“Option Date”), to require the Company to purchase 100,000 of his shares of the Company, free and clear of all liens, for the closing price of the Company’s stock on the Option Date."
Are you sure that is a good deal considering how much time and money he spent building the company? It appears to me he left a poor man for his time and effort! Maybe you should do alittle more research in Golden Parachute deals!