HITT » Topics » Restricted stock awards.

This excerpt taken from the HITT DEF 14A filed Apr 30, 2007.
Restricted stock awards.   We believe that long-term equity-based incentives are important as a means of aligning the interests of management with shareholders’ interest in the financial performance of our company and value of our stock, and also in recruiting and retaining qualified executives. In connection with our initial public offering in 2005, we awarded to our employees nonqualified stock options and restricted stock awards covering an aggregate of approximately 1.3 million shares of our common stock. However, since that time we have relied upon restricted stock awards under our 2005 Equity Incentive Plan as our primary form of long-term incentive compensation for our executive officers. These awards are generally made on a company-wide basis in December in conjunction with our annual review of executive compensation. In order to provide a significant incentive to executive officers to remain with our firm and create long-term value for our shareholders, our restricted stock awards to employees generally vest over a five-year period, with one-third of the shares vesting on the third anniversary of the date of grant and the balance of the shares vesting on the fifth anniversary of the date of grant. The sale or (with certain exceptions for estate-planning purposes) other disposition of the shares subject to each restricted stock award is prohibited prior to the fifth anniversary of the date of grant. Each of our named executive officers other than our chief executive officer received a restricted stock award of 5,000 shares of our common stock in December 2006. In addition, each of William W. Boecke, Michael J. Koechlin and Norman G. Hildreth, Jr. received a restricted stock award of 299 shares of our common stock, and Brian J. Jablonski received a restricted stock award of 239 shares of our common stock, in connection with a company-wide grant of restricted stock awards made in July 2006 to all of our employees, including our named executive officers, on the first anniversary of our initial public offering. Each such award was equal in value to 5% of the employee’s salary.

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