The CC Restricted Shares
and plc RSUs will be released from
Under Smith's old working agreement, 53,075 restricted shares
of Class A common stock were scheduled to vest on various dates through 2012.
This number includes 40 million restricted shares
held by The Company's CEO and 40 million restricted shares
held by The Company's CFO.
83 to an employee's conversion or exchange of "fully vested" or "unrestricted" shares for restricted shares
has been unclear.
In the wake of adopting FAS 123(R), some companies have shifted away from exclusively granting stock options toward exclusive use of restricted shares
or a combination of the two.
As a result, eight standard options may be traded for, say, two restricted shares
or, perhaps better, one restricted share
plus eight premium options.
The award of the restricted shares
was approved by the independent members of the Company's Board of Directors without stockholder approval, in accordance with and subject to the exception for an "inducement grant" as such term is defined in Section 711(a) of the NYSE Amex Company Guide.
listing and trading of the tradable restricted shares
this time is 30
As previously reported, PACT has issued 2,330,000 restricted shares
of PACT in connection with its recent acquisition of Octavian.
The restricted shares
will vest in equal installments on Jan.
Changes in the tax law also enhanced the appeal of corporate dividend payments, which are generally available for restricted shares
, but not stock options.
The ruling involved a company that transferred restricted shares
of common stock to an employee.