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This excerpt taken from the MRO 8-K filed Jul 1, 2005. Grants of Long-Term Incentive Awards under the 2003 Incentive Compensation Plan
On May 25, 2005, the Committee also approved grants to Mr. Heminger of long-term incentive awards in the form of stock options, restricted stock and performance units, as follows:
The stock options have a grant price per share of $47.65 and will vest in three equal
3
annual installments beginning on the first anniversary of the grant date. The restricted stock will vest on the third anniversary of the grant date, subject to Mr. Heminger’s continued employment with the Company. The performance units have a target value of $1.00 each and will vest at the end of a three-year performance period based on the Company’s total shareholder return as compared to peer group performance.
Complete descriptions of the terms and conditions applicable to these long-term incentive awards are set forth in the respective award agreements, which were filed on May 27, 2005 on Form 8-K and attached as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.
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