|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the BRC 10-K filed Oct 6, 2006. Stock
Options
In November 2005, the holders of the Corporation’s
Class B Common Stock approved the Brady Corporation 2005
Nonqualified Stock Option Plan for Non-employee Directors, under
which 300,000 shares of Class A Common Stock were
authorized for grant. In November 2004, the holders of the
Corporation’s Class B Common Stock approved the Brady
Corporation 2004 Omnibus Incentive Stock Plan under which
1,500,000 shares of Class A Common Stock were
authorized for grant. In July 2003, the Company’s
Class B Voting Common shareholders approved the Brady
Corporation 2003 Omnibus Incentive Stock Plan under which
1,500,000 shares of Class A Common Stock were
authorized for grant. In October 2001, the Company approved the
Brady Corporation 2001 Omnibus Incentive Stock Plan under which
1,000,000 shares of Class A Common Stock were
authorized for grant. In May 1997, the Company approved the
Brady Corporation 1997 Omnibus Incentive Stock Plan and the
Brady Corporation 1997 Nonqualified Stock Option Plan for
Non-Employee Directors (the “Option Plans”) under
which
Table of Contents
4,000,000 shares and 250,000 shares, respectively, of
Class A Common Stock were authorized for grant. In 1989,
the Board approved the Brady Corporation 1989 Non-Qualified
Stock Option Plan (the “Option Plan”) under which
3,000,000 shares of Class A Common Stock were
authorized for grant. As of July 31, 2006, the Company had
reserved 3,815,052 shares of Class A Common Stock for
outstanding stock options and 878,968 shares of
Class A Common Stock for future issuance of stock options
under the Option Plans. The Option Plans assist directors,
executive officers, corporate staff officers and key management
employees in becoming shareholders with an important stake in
the Company’s future, aligning their personal financial
interest with that of all shareholders. Stock options are
typically granted annually and have a term of ten years.
Generally, the options become one-third exercisable one year
after the date of the grant and one-third additional in each of
the succeeding two years so that at the end of three years after
the date of the grant they are fully exercisable. In August
2004, 2005 and 2006, certain executives and key management
employees were issued stock options that vest upon meeting
certain financial performance conditions in addition to the
vesting schedule described above and have a term of five years.
All grants under the Option Plans are at market price on the
date of the grant.
|
| |||||||
