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CPII » Topics » Restricted Stock Awards:

This excerpt taken from the CPII 10-Q filed May 14, 2007.
Restricted Stock Awards: There were 11,466 and 9,999 shares of restricted stock granted to directors outstanding as of March 30, 2007 and September 29, 2006, respectively. The restricted stock awards vest over periods of one to three years and have a 10 year contractual life.

A summary of the status of the Company’s nonvested restricted stock awards as of March 30, 2007, and changes during the six months then ended is presented below:

 

Number of
Shares

 

Weighted-Average
Grant-Date
Fair Value

 

Nonvested at September 29, 2006

 

9,999

 

$

18.00

 

Granted

 

7,022

 

17.09

 

Vested

 

(5,555

)

18.00

 

Forfeited

 

—

 

—

 

Nonvested at March 30, 2007

 

11,466

 

$

17.44

 

As of March 30, 2007, there was $0.2 million of total unrecognized compensation costs related to nonvested restricted stock awards, which is expected to be recognized over a weighted average vesting period of 1.6 years.

This excerpt taken from the CPII 10-Q filed Feb 12, 2007.
Restricted Stock Awards: There were 9,999 shares of restricted stock outstanding as of December 29, 2006 and September 29, 2006. The restricted stock awards vest over periods of one to three years and have a 10 year contractual life.

17



A summary of the status of the Company’s nonvested restricted stock awards as of December 29, 2006, and changes during the fiscal quarter then ended is presented below:

 

 

 

Weighted-

 

 

 

 

 

Average Grant-

 

 

 

Number of 

 

Date 

 

 

 

Shares

 

Fair Value

 

Nonvested at September 29, 2006

 

9,999

 

$

18.00

 

Granted

 

—

 

—

 

Vested

 

—

 

—

 

Forfeited

 

—

 

—

 

Nonvested at December 29, 2006

 

9,999

 

$

18.00

 

 

As of December 29, 2006, there was $0.1 million of total unrecognized compensation costs related to nonvested restricted stock awards, which is expected to be recognized over a weighted average vesting period of 1.2 years.

These excerpts taken from the CPII 10-K filed Dec 12, 2006.

ARTICLE VII
RESTRICTED STOCK AWARDS

7.1           Grants.  Awards of Restricted Stock may be issued hereunder to Participants either alone or in addition to other Awards granted under the Plan (a “Restricted Stock Award”).  A Restricted Stock Award shall be subject to restrictions imposed by the Committee covering a period of time specified by the Committee (the “Restricted Period”).  The provisions of Restricted Stock Awards need not be the same with respect to each recipient.  The Committee has absolute discretion to determine whether any consideration (other than services) is to be received by the Company or any Affiliate as a condition precedent to the issuance of Restricted Stock.

7.2           Award Agreements.  The terms of any Restricted Stock Award granted under the Plan shall be set forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan.

7.3           Rights of Holders of Restricted Stock.  Except as otherwise provided in the Award Agreement, beginning on the date of grant of the Restricted Stock Award and subject to execution of the Award Agreement, the Participant shall become a shareholder of the Company with respect to all Shares subject to the Award Agreement and shall have all of the rights of a shareholder, including the right to vote such Shares and the right to receive distributions made with respect to such Shares; provided, however, the Award Agreement may provide that any Shares or any other property (including cash) distributed as a dividend or otherwise with respect to any Restricted Shares as to which the restrictions have not yet lapsed may be subject to restrictions.

Restricted Stock Awards:   During fiscal year 2006, the Company issued 9,999 shares of restricted stock under the 2006 Plan at a weighted average grant-date fair value of $18.00 per share. The restricted stock awards vest over periods of one to three years and have a 10 year contractual life. There were no restricted stock awards in prior years. As of September 29, 2006, there were 9,999 nonvested restricted stock awards outstanding, and $127 thousand of total unrecognized compensation costs related to nonvested restricted stock awards, which is expected to be recognized over a weighted average vesting period of 1.2 years.

92



CPI INTERNATIONAL, INC.
and subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(All tabular dollar amounts in thousands except share and per share amounts)

This excerpt taken from the CPII 10-Q filed Aug 14, 2006.
Restricted Stock Awards:  As of June 30, 2006, there were 9,999 shares of restricted stock outstanding.  The restricted stock awards vest over periods of one to three years and have a 10 year contractual life.  There were no restricted stock awards in prior years.

Restricted stock activity for the first nine months of 2006 is summarized as follows:

Outstanding at beginning of period

 

—

 

Granted

 

10.0

 

Exercised

 

—

 

Cancelled or expired

 

—

 

Outstanding at end of period

 

10.0

 

 

 

 

 

Aggregate intrinsic value at end of period

 

$

145

 

 

 

 

 

Weighted average remaining contractual life

 

9.8 years

 

 

The grant-date fair value per share was $18.00 for restricted stock awards granted during the first nine months of 2006.

As of June 30, 2006, there was $161,000 of total unrecognized compensation cost, related to unvested restricted stock awards, which is expected to be recognized over a weighted average vesting period of 1.9 years.

17



 

EXCERPTS ON THIS PAGE:

10-Q
May 14, 2007
10-Q
Feb 12, 2007
10-K (2 sections)
Dec 12, 2006
10-Q
Aug 14, 2006

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