Last checked at 16 Sep 2011 07:00
Press Announcement | ||
FOR IMMEDIATE RELEASE | ||
16 September 2011 | ||
Somero Enterprises, Inc ® (the "Company") | ||
DIRECTOR SHAREHOLDING | ||
On 15 September 2011, the Board of the Company approved awards to the following executive directors under the terms of Somero's 2010 Equity Incentive Plan at a price of 10 pence per restricted share unit (RSU) being the closing price on 15 September 2011.
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Name | Existing shareholding | Number of RSU awarded |
Jack Cooney | 3,455,502 shares | 327,476 shares |
Mike Niemela | 108,166 shares | 164,212 shares |
Additionally, 1,544,856 RSU were granted to 15 other key employees for a total grant of 2,036,544 units. The number of shares referred to is the maximum available under the grant and the awarded shares will vest over a three-year period beginning on the date of the grant and require continued employment for the period. The participating directors and other key employees will, following the end of the performance period, be notified as to the extent to which the performance conditions have been met and their awards have vested. | ||
Should an award vest then each restricted stock unit will be satisfied by the issue to the employee of one ordinary share in the Company. | ||
The Company's total issued share capital is 56,425,598 ordinary shares. | ||
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