Summary of Performance-Based Restricted Stock Grants to Executive Officers of Concurrent Computer Corporation
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Summary
Concurrent Computer Corporation granted performance-based restricted shares to several executive officers on October 25, 2004. The number of shares for each officer is specified, and vesting depends on meeting annual revenue and net operating income goals set by the Compensation Committee. If goals are not met in one year, results can be made up in the following year if the two-year totals meet the combined targets. The grants are under the 2001 Stock Option Plan. Officers who left the company forfeited their shares.
EX-10.1 2 ex10_1.txt EXHIBIT 10.1 EXHIBIT 10.1 Summary of Performance Grants The following executive officers of Concurrent Computer Corporation (the "Company") were granted the stated number of performance based restricted shares of Company stock on October 25, 2004 by the Compensation Committee of the Board of Directors:
The shares granted will vest upon achievement of yearly revenue and net operating income goals set by the Compensation Committee at the time of the grant. If the performance criteria are not met within any one year, they can be made up in the next fiscal year if the sum of the actual results for the two year period exceeds the sum of the performance criteria for that two year period. The performance based restricted shares were granted pursuant to the terms of the Company's 2001 Stock Option Plan filed as Exhibit A to the Company's Proxy Statement dated September 7, 2004. The grants and the specific performance criteria are described in memoranda to the executive officers named above dated October 27, 2004. Messrs. Necessary and Norton forfeited their shares when their employment with the Company ended.
