NABI » Topics » Restricted Stock

This excerpt taken from the NABI DEF 14A filed Apr 22, 2009.

Restricted Stock

The shares of restricted stock awarded to our Named Executive Officers during fiscal year 2008 are subject to a four-year vesting schedule subject to the Named Executive Officer’s continued employment with the Company through the vesting date, except that 50,000 of the shares awarded to Dr. Fahim in January 2008 were fully vested when awarded and 7,000 shares vested on the first anniversary of the date of grant. The Named Executive Officer does not have the right to dispose of the shares of restricted stock, but does have the right to vote and receive dividends (if any) paid by the Company.

 

20


The following table sets forth certain information concerning the number and value of unvested Common Stock awards and shares of Common Stock subject to options held by the Named Executive Officers as of December 27, 2008.

These excerpts taken from the NABI 10-K filed Mar 11, 2009.

Restricted Stock

A summary of the status of our restricted stock awards as of December 27, 2008 and changes during fiscal 2008 is presented below:

 

Restricted Stock

   Number of Shares     Weighted-
Average Fair
Value at Grant
Date

Nonvested at December 29, 2007

   582,793     $ 4.55

Granted

   195,700       3.90

Vested

   (347,242 )     4.27

Forfeited

   (63,803 )     3.91
        

Nonvested at December 27, 2008

   367,448     $ 4.22
        

As of December 27, 2008, there was $0.7 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of shares vested during 2008 and 2007 was $1.3 million and $0.8 million, respectively. No shares vested during 2006.

 

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Table of Contents

Restricted Stock

A summary of the status of our restricted stock awards as of December 27, 2008 and changes during fiscal 2008 is presented below:

 

Restricted Stock

   Number of Shares     Weighted-
Average Fair
Value at Grant
Date

Nonvested at December 29, 2007

   582,793     $ 4.55

Granted

   195,700       3.90

Vested

   (347,242 )     4.27

Forfeited

   (63,803 )     3.91
        

Nonvested at December 27, 2008

   367,448     $ 4.22
        

As of December 27, 2008, there was $0.7 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of shares vested during 2008 and 2007 was $1.3 million and $0.8 million, respectively. No shares vested during 2006.

 

54


Table of Contents

Restricted Stock

A summary of the status of our restricted stock awards as of December 27, 2008 and changes during fiscal 2008 is presented below:

 

Restricted Stock

   Number of Shares     Weighted-
Average Fair
Value at Grant
Date

Nonvested at December 29, 2007

   582,793     $ 4.55

Granted

   195,700       3.90

Vested

   (347,242 )     4.27

Forfeited

   (63,803 )     3.91
        

Nonvested at December 27, 2008

   367,448     $ 4.22
        

As of December 27, 2008, there was $0.7 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of shares vested during 2008 and 2007 was $1.3 million and $0.8 million, respectively. No shares vested during 2006.

 

54


Table of Contents

Restricted Stock

A summary of the status of our restricted stock awards as of December 27, 2008 and changes during fiscal 2008 is presented below:

 

Restricted Stock

   Number of Shares     Weighted-
Average Fair
Value at Grant
Date

Nonvested at December 29, 2007

   582,793     $ 4.55

Granted

   195,700       3.90

Vested

   (347,242 )     4.27

Forfeited

   (63,803 )     3.91
        

Nonvested at December 27, 2008

   367,448     $ 4.22
        

As of December 27, 2008, there was $0.7 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of shares vested during 2008 and 2007 was $1.3 million and $0.8 million, respectively. No shares vested during 2006.

 

54


Table of Contents

Restricted Stock

A
summary of the status of our restricted stock awards as of December 27, 2008 and changes during fiscal 2008 is presented below:

 











































































Restricted Stock

  Number of Shares  Weighted-
SIZE="1">Average Fair
Value at Grant
Date

Nonvested at December 29, 2007

  582,793  $4.55

Granted

  195,700   3.90

Vested

  (347,242)  4.27

Forfeited

  (63,803)  3.91
     

Nonvested at December 27, 2008

  367,448  $4.22
     

As of December 27, 2008, there was $0.7 million of total unrecognized compensation cost
related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of shares vested during 2008 and 2007 was $1.3 million and $0.8 million,
respectively. No shares vested during 2006.

 


54







Table of Contents


These excerpts taken from the NABI 10-K filed Feb 28, 2008.

Restricted Stock

A summary of the status of our restricted stock awards as of December 29, 2007 and changes during fiscal 2007 is presented below:

 

Restricted Stock

   Number of Shares     Weighted -
Average Fair
Value at Grant
Date

Nonvested at December 30, 2006

   449,779     $ 4.55

Granted

   635,727       4.68

Vested

   (164,040 )     5.07

Forfeited

   (338,673 )     4.70
        

Nonvested at December 29, 2007

   582,793     $ 4.45
        

As of December 29, 2007, there was $1.4 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of shares vested during 2007 was $0.8 million. No shares vested during 2006 or 2005.

Restricted
Stock

A summary of the status of our restricted stock awards as of December 29, 2007 and changes during fiscal 2007 is presented below:

 











































































Restricted Stock

  Number of Shares  Weighted -
Average Fair
Value at Grant
Date

Nonvested at December 30, 2006

  449,779  $4.55

Granted

  635,727   4.68

Vested

  (164,040)  5.07

Forfeited

  (338,673)  4.70
     

Nonvested at December 29, 2007

  582,793  $4.45
     

As of December 29, 2007, there was $1.4 million of total unrecognized compensation cost related to restricted
stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of shares vested during 2007 was $0.8 million. No shares vested during 2006 or 2005.

This excerpt taken from the NABI DEFA14A filed Oct 25, 2007.

Restricted Stock

A summary of the status of our restricted stock awards as of June 30, 2007 and changes during the first six months of 2007 is presented below:

 

Restricted Stock

   Number of
Shares

Nonvested at December 30, 2006

   449,779

Granted

   386,766

Vested

   (74,833)

Forfeited

   (232,066)
    

Nonvested at June 30, 2007

   529,646
    

The amount of restricted stock expense recorded in each of the three months ended June 30, 2007 and July 1, 2006 was $0.1 million. In each of the six months ended June 30, 2007 and July 1, 2006 restricted stock expense was $0.2 million. During the first half of 2007, we granted 386,766 restricted shares with an average fair value of $5.22, of which 373,700 shares vest ratably over four years beginning January 2, 2008, 4,355 shares vest in full on August 15, 2007 and 8,711 shares vest upon achievement of certain performance goals.

NOTE 10 SUBSEQUENT EVENT

On July 20, 2007, we announced that in connection with the re-organization of our operations into two strategic business units, we eliminated 33 positions in our Rockville, Maryland research and development facility. This will result in a charge in the third quarter of 2007 of approximately $0.6 million for severance and related expense, which will be allocated between Nabi Biologics and Nabi Pharmaceuticals.

 

B-14


 

This excerpt taken from the NABI DEF 14A filed Apr 12, 2007.

Section 9.    Restricted Stock

 

(a) A Restricted Stock Award is an Award entitling the Participant to acquire shares of Common Stock for a purchase price (which may be zero) equal to or less than their par value, subject to such conditions, including a Company right during a specified period or periods to repurchase such shares at their original purchase price (or to require forfeiture of such shares if the purchase price was zero) upon the Participant’s termination of employment.

 

(b) Subject to the provisions of the Plan, the Committee may award shares of Restricted Stock and determine the purchase price (if any) therefor, the duration of the Restricted Period during which, and the conditions under which, the shares may be forfeited to or repurchased by the Company and the other terms and conditions of such Awards. Shares of Restricted Stock may be issued for no cash consideration or such minimum consideration as may be required by applicable law.

 

(c) Shares of Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered, except as set forth in Section 17(j). Any certificate issued in respect of shares of Restricted Stock shall be registered in the name of the Participant and unless otherwise determined by the Committee, deposited by the Participant, together with a stock power endorsed in blank, with the Company. At the expiration of the Restricted Period, the Company shall deliver such certificates to the Participant.

 

(d) A Participant shall have all the rights of a shareholder with respect to the Restricted Stock including voting and dividend rights, subject to nontransferability restrictions and Company repurchase or forfeiture rights described in this Section and subject to any other condition contained in the Award.

 

This excerpt taken from the NABI 10-K filed Mar 15, 2007.

Restricted Stock

During 2006, we granted 60,000 shares of restricted stock that vest at the end of three years, and 80,000 and 20,000 shares of restricted stock that vest ratably over three and four years, respectively, subject to continuous service with the Company and to acceleration in certain circumstances. In addition, as part of the retention program, during 2006, we granted 50,000 and 304,610 shares of restricted stock that vest at the end of one and three years, respectively, subject to continuous service with the Company and to acceleration in certain circumstances.

 

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Table of Contents

A summary of the status of our restricted stock awards as of December 30, 2006 and changes during fiscal 2006 is presented below:

 

    

Number of

Shares

   

Weighted-

Average

Fair Value

at Grant

Date

Nonvested at December 31, 2005

   —      

Granted

   514,610     $ 4.46

Vested

   —      

Forfeited

   (64,831 )     3.83
        

Nonvested at December 30, 2006

   449,779     $ 4.55
        

The amount of compensation costs recorded in 2006 related to restricted stock awards is $0.5 million, none of which has been reclassified to discontinued operations. As of December 30, 2006, there was $1.2 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans, none of which is related to discontinued operations. That cost is expected to be recognized over a weighted-average period of 2.3 years. No restricted stock awards vested during 2006.

This excerpt taken from the NABI 10-Q filed Nov 14, 2006.

Restricted Stock

During the first quarter of 2006, 50,000 and 304,610 shares of restricted stock were granted that vest in full on March 1, 2007 and March 1, 2009, respectively. During the second quarter of 2006, 80,000, 60,000 and 20,000 shares of restricted stock were granted with various vesting schedules that will be fully vested on May 12, 2009, June 12, 2009 and May 12, 2010, respectively. No restricted stock was granted in the third quarter of 2006.

A summary of the status of our restricted stock awards as of September 30, 2006 and changes during the first nine months of 2006 is presented below:

 

    

Number of

Shares

   

Weighted-

Average

Fair Value

at Grant

Date

Nonvested at December 31, 2005

   —      

Granted

   514,610     $ 4.46

Vested

   —      

Forfeited

   (58,831 )     3.83
        

Nonvested at July 1, 2006

   455,779     $ 4.54
            

The amount of compensation costs recorded in the three and nine months ended September 30, 2006 related to restricted stock awards is $0.1 million and $0.4 million, respectively, none of which has been reclassified to discontinued operations. As of September 30, 2006, there was $1.4 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans, none of which is related to discontinued operations. That cost is expected to be recognized over a weighted-average period of 2.4 years. No restricted stock awards vested during the first nine months of 2006.

This excerpt taken from the NABI 10-Q filed Aug 2, 2006.

Restricted Stock

During the first quarter of 2006, 50,000 and 304,610 shares of restricted stock were granted that vest in full on March 1, 2007 and March 1, 2009, respectively. During the second quarter of 2006, 80,000, 60,000 and 20,000 shares of restricted stock were granted with various vesting schedules that will be fully vested on May 12, 2009, June 12, 2009 and May 12, 2010, respectively.

 

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Table of Contents

A summary of the status of our restricted stock awards as of July 1, 2006 and changes during the first six months of 2006 is presented below:

 

    

Number of

Shares

    Weighted-
Average
Fair Value
at Grant
Date

Nonvested at December 31, 2005

   —      

Granted

   354,610     $ 3.83

Vested

   —      

Forfeited

   —      
        

Nonvested at April 1, 2006

   354,610       3.83

Granted

   160,000       5.85

Vested

   —      

Forfeited

   (44,032 )     3.83
        

Nonvested at July 1, 2006

   470,578     $ 4.52
            

The amount of compensation costs recorded in the three and six months ended July 1, 2006 related to restricted stock awards is $0.1 million and $0.2 million, respectively. As of July 1, 2006, there was $1.5 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 2.6 years. No restricted stock awards vested during the first six months of 2006.

This excerpt taken from the NABI 10-Q filed May 5, 2006.

Restricted Stock

During the first quarter of 2006, 50,000 and 304,610 shares of restricted stock were granted and vest in full on March 1, 2007 and March 1, 2009, respectively.

A summary of the status of our restricted stock awards as of April 1, 2006 and changes during the first quarter of 2006 is presented below:

 

    

Number of

Shares

  

Weighted-

Average

Fair Value

at Grant
Date

Nonvested at December 31, 2005

   0    $ 0

Granted

   354,610      3.83

Vested

   0      0

Forfeited

   0      0
           

Nonvested at April 1, 2006

   354,610    $ 3.83
           

The amount of compensation costs recorded in the first quarter of 2006 related to restricted stock awards is $0.1 million. As of April 1, 2006, there was $1.0 million of total unrecognized compensation cost related to restricted stock awards granted under our stock plans. That cost is expected to be recognized over a weighted-average period of 2.7 years. No restricted stock awards vested during the first quarter of 2006.

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