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This excerpt taken from the LLTC DEF 14A filed Sep 23, 2009. Restricted Stock - During fiscal 2005, the Company implemented a restricted stock program.
Under the terms of the program, the Company grants certain employees, including
executive officers, restricted stock with a per share purchase price equal to
the par value of the Company's common stock, which is $0.001 per share. Upon
grant, participants receive shares of restricted stock that are subject to a
right of reacquisition in favor of the Company that lapses annually, currently
over a five-year period from the date of grant. Participants are entitled to
receive dividends on the shares of restricted stock during the vesting period.
The restricted stock program was implemented to encourage employee retention.
For executive officers, restricted stock is generally granted on a five quarter
rotation.
The Company views equity awards as essential in hiring and retaining professional talent and in directing the efforts of key employees to maximize long-term total return to stockholders. In granting stock-based awards going forward, the Company will attempt to attract and retain key employees, while being cognizant of the effects such grants have on charges to its income statement. Depending on both the performance of the Company's common stock and the hiring environment in the Company's industry, the Company may grant stock options, restricted stock, restricted stock units, stock appreciation rights or other awards as deemed appropriate to meet its employment and financial performance objectives. In fiscal year 2008 the Company primarily granted restricted stock and, to certain non-U.S. employees, restricted stock units, whereas in fiscal year 2009 the Company granted both non-qualified stock options, restricted stock grants and restricted stock units. The Company generally grants stock four times a year at the Company’s quarterly Board of Director meetings.
This excerpt taken from the LLTC DEF 14A filed Sep 23, 2008. Restricted Stock. Restricted stock
awards may be granted under the 2005 Equity Incentive Plan. Awards of restricted
stock are rights to acquire or purchase shares of the Company’s common stock
that are subject to repurchase or reacquisition by the Company upon the
termination of the participant’s service with the Company for any reason
(including death or disability). The Company’s right to reacquire the shares
lapses in accordance with terms and conditions established by the plan
administrator in its sole discretion, including, for example, based on the lapse
of time or the achievement of specific performance goals. Currently, the
26 vesting terms of restricted stock granted by the Company generally provide for annual vesting over a term of five years. No participant may be granted more than 1,500,000 shares of restricted stock during any fiscal year, except that a participant may be granted up to an additional 1,500,000 shares in connection with his or her initial employment.
This excerpt taken from the LLTC DEF 14A filed Sep 26, 2007. Restricted Stock - During fiscal 2005, the Company implemented a restricted stock program.
Under the terms of the program, the Company grants certain employees, including
executive officers, restricted stock with a per share purchase price equal to
the par value of the Company's common stock, which is $0.001 per share. Upon
grant, participants receive shares of restricted stock that are subject to a
right of reacquisition in favor of the Company that lapses annually, currently
over either a three- or five-year period from the date of grant. Participants
are entitled to receive dividends on the shares of restricted stock during the
vesting period. The restricted stock program was implemented to encourage
employee retention.
The Company views equity awards as essential in hiring and retaining professional talent and in directing the efforts of these key employees to maximize long-term total return to stockholders. In granting stock-based awards going forward, the Company will attempt to attract and retain key employees, while being cognizant of the effects such grants will have on charges to its income statement. Depending on both the performance of the Company's common stock and the hiring environment in the Company's industry, the Company may grant stock options, restricted stock, restricted stock units, stock appreciation rights or other awards as deemed appropriate to meet its employment and financial performance objectives. Accordingly, in recent quarters the Company has granted primarily restricted stock.
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