Description of January 2001 Stock Grants to Executive Officers under 1993 Stock Option and Stock Grant Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

In January 2001, the Compensation Committee granted a total of 144,810 shares to six executive officers (excluding the Chairman, President, and CEO) under the company's 1993 Stock Option and Stock Grant Plan. These stock grants will vest over five years, but may vest earlier if the company meets certain profit targets or in specific situations such as a change in company control.

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EX-10.(C)(3) 3 0003.txt EXHIBIT (10)(C)(3) Exhibit (10) (c) (3) Description of January 2001 Stock Grants In January 2001 the Company's Compensation Committee made an aggregate of 144,810 stock grants to the six executive officers of the Company (other than Donald L. Thompson, Chairman, President and Chief Executive Officer) under the Company's 1993 Stock Option and Stock Grant Plan. These stock grants vest in five years, subject to earlier vesting if specified profit before taxes levels are attained by the Company, and in certain other circumstances, including a change in control of the Company.