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ModusLink Global Solutions, Inc. Message Board

  • bobof1y777 bobof1y777 Jan 30, 2013 5:15 PM Flag

    Gravy train for the new CEO

    Pursuant to the Offer Letter, at the commencement of the first open trading window applicable to Mr. Boucher after his first day of employment, Mr. Boucher
    will be granted two stock options. One award will be an option to purchase shares of the Company’s common stock with a grant date fair value of $600,000
    and an exercise price equal to the closing price of the Company’s common stock on the grant date (the “Standard Option”). The Standard Option will have a
    seven-year term and will vest and become exercisable as to 25% of the total number of shares subject to the Standard Option on the first anniversary of the
    grant date and as to 1/48 of the shares subject to the Standard Option on each monthly anniversary date of the grant date starting on the 13 monthly
    anniversary date, so that the Standard Option becomes fully vested and exercisable on the fourth anniversary of the grant date. The second award will be an
    option to purchase shares of the Company’s common stock with a grant date fair value of $775,000 and an exercise price equal to the closing price of the
    Company’s common stock on the grant date (the “Performance Option”). The Performance Option will have a seven-year term and will vest and become
    exercisable as to 20% of the total number of shares subject to the Performance Option on each of the first five anniversaries of the grant date, subject to a
    minimum average share price being achieved as of each such vesting date (the “Price Performance Threshold”), which shall be (i) 1.5 times the exercise price,
    (ii) 2 times the exercise price, (iii) 2.5 times the exercise price, (iv) 3 times the exercise price and (v) 3.5 times the exercise price, respectively. If the specified
    minimum average share price for the applicable anniversary date is not achieved, then the 20% of the total number of shares subject to the Performance Option
    shall not vest and become exercisable but may vest on a subsequent anniversary date if the minimum average share price related to the earlier anniversary date
    is achieved or exceeded on a subsequent anniversary date.
    In addition, on the same day the Standard Option and Performance Option are granted, Mr. Boucher will be awarded 50,000 restricted shares of the
    Company’s common stock. Such restricted shares will be subject to forfeiture provisions which will lapse on the third anniversary of the grant date.
    Beginning in fiscal 2014, Mr. Boucher will be eligible for annual equity based compensation awards with a target grant date fair value of $1,200,000, with
    50% to be awarded in stock options and 50% in the form of performance-based restricted stock.

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