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LBAI » Topics » OPTION GRANTS IN LAST FISCAL YEAR

This excerpt taken from the LBAI DEF 14A filed Apr 6, 2006.

OPTION GRANTS IN LAST FISCAL YEAR

 

     Number of
Common
Shares
Underlying
Options
Granted(A)
    Individual Grants
    Expiration
Date
   

Potential Realizable

Value at Assumed Annual
Rates of Stock Price
Appreciation for
Option Term

        Percent of
Total Options
Granted to
Employees in
Fiscal 2005
     Exercise
Price
Per
Share
      

Name

               5%
    10%

Roger Bosma

    45,000    28.8 %   $ 15.69    12/18/2015    $ 444,031    $ 1,125,262

Joseph F. Hurley

    10,000    6.4 %     15.69    12/18/2015      98,673      250,058

Robert A. Vandenbergh

    10,000    6.4 %     15.69    12/18/2015      98,673      250,058

Steven Schachtel

    10,000    6.4 %     15.69    12/18/2015      98,673      250,058

Louis E. Luddecke

    10,000    6.4 %     15.69    12/18/2015      98,673      250,058

Jeffrey Buonforte

    10,000    6.4 %     15.69    12/18/2015      98,673      250,058
(A) The stock options granted to the Named Officers were granted under the Company’s Stock Option Plan. Options granted to employees generally are granted at exercise prices equal to the fair market value of the Common Stock on the grant date and typically vest in 25% annual installments beginning on the first anniversary of the grant date. On May 13, 2005, the Company’s Board of Directors accelerated the vesting of all outstanding unvested stock options with exercise prices in excess of the closing price of a share of the Company’s Common Stock on May 13, 2005. In addition, the Stock Option Plan provides that all outstanding stock options will become immediately exercisable upon the occurrence of a “change in control event” (as defined in the Stock Option Plan).

 

The following table provides data regarding stock options exercised by the Named Officers during the year ended December 31, 2005 and the number of shares of Lakeland Common Stock covered by both exercisable and non-exercisable stock options held by the Named Officers at December 31, 2005. Also reported are the values for “in-the-money” options, which represent the positive spread between the exercise prices of existing options and $14.70 the closing sale price of Lakeland’s Common Stock on December 31, 2005.

 

This excerpt taken from the LBAI DEF 14A filed Apr 6, 2005.

OPTION GRANTS IN LAST FISCAL YEAR

 

     Number of
Common
Shares
Underlying
Options
Granted(A)
    Individual Grants
         Potential Realizable
Value at Assumed
Annual Rates of Stock
Price Appreciation for
Option Term
        Percent of
Total Options
Granted to
Employees in
Fiscal 2004
     Exercise
Price
Per
Share
    Expiration
Date
   

Name

               5%
    10%

Roger Bosma

    40,000    26.6 %   $ 17.21    12/7/2014    $ 432,800    $ 1,097,200

Steven Schachtel

    10,000    6.6 %     17.21    12/7/2014      108,200      274,300

Joseph F. Hurley

    10,000    6.6 %     17.21    12/7/2014      108,200      274,300

Robert A. Vandenbergh

    10,000    6.6 %     17.21    12/7/2014      108,200      274,300

Louis E. Luddecke

    10,000    6.6 %     17.21    12/7/2014      108,200      274,300

Jeffrey Buonforte

    10,000    6.6 %     17.21    12/7/2014      108,200      274,300
(A) The stock options granted to the Named Officers were granted under the Company’s Stock Option Plan. See Proposal 2. Options granted to employees generally are granted at exercise prices equal to the fair market value of the Common Stock on the grant date and typically vest in 25% annual installments beginning on the first anniversary of the grant date. The Stock Option Plan provides that all outstanding stock options will become immediately exercisable upon the occurrence of a “change in control event” (as defined in the Stock Option Plan).

 

The following table provides data regarding stock options exercised by the Named Officers during the year ended December 31, 2004 and the number of shares of Lakeland Common Stock covered by both exercisable and non-exercisable stock options held by the Named Officers at December 31, 2004. Also reported are the values for “in-the-money” options, which represent the positive spread between the exercise prices of existing options and $17.55, the closing sale price of Lakeland’s Common Stock on December 31, 2004.

 

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 6, 2006
DEF 14A
Apr 6, 2005

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