BKI » Topics » Restricted Stock.

This excerpt taken from the BKI DEF 14A filed Sep 25, 2008.
Restricted Stock. Under the 2007 Omnibus Plan, restricted stock awards are granted to directors, officers and certain other employees. The purpose of these restricted stock awards is to focus the individual’s attention on the long-term performance of the business, to enhance employee retention, to encourage long-term stock ownership and to strengthen the alignment of stockholder and employee interests in share price appreciation. Restricted stock awards are recommended by management to the Compensation Committee. The Compensation Committee reviews and approves the restricted stock awards based on a number of factors including individual performance, the individual participant’s position and responsibilities, market conditions and overall Company performance.

 

In April 2008, restricted stock awards were issued to certain employees at the fair market value on the date of grant, or $9.03. Restrictions on the restricted stock granted in fiscal year 2008 lapse at the rate of one-third per year, commencing one year from the date of grant.

 

 

The restrictions applicable to the restricted stock will lapse upon the first to occur of the following:

 

 

the participant’s death;

 

the termination of the participant’s employment by reason of permanent disability; or

 

a change in control of Buckeye.

 

Upon a participant’s termination of employment with Buckeye prior to the lapse of the restrictions or violation of the restrictions placed on the restricted stock, the participant’s unvested shares of restricted stock will be forfeited to us.

 

The Compensation Committee granted restricted stock awards to our named executive officers under the 2007 Omnibus Plan in April 2008 in the following amounts: John B. Crowe: 42,047 shares; Steven G. Dean: 5,698 shares; Kristopher J. Matula: 15,872 shares; Paul N. Horne: 8,140 shares; and Charles S. Aiken: 7,558 shares. The total value of restricted stock granted to each named executive officer was based on data provided by Mercer, including benchmark data, senior management’s recommendations and the Compensation Committee’s own assessment of each individual’s performance and experience.

 

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