Here is the largest of them — the one granted to CEO Habiger, via his just-filed SEC Form 4.
At tonight’s NASDAQ closing price of $13.88 per share, his new 110,947 share grant equates to almost exactly $1.54 million. That stock will cliff-vest if he is still employed on July 1, 2016. [He has lots of other equity incentives on longer vesting schedules, previously granted to him, by the board.] Nice work, if you can get it.
That said, I do understand the argument, here: to keep the executives focused on finding, negotiating and ultimately closing a Northwater Capital style transaction (which may well lead to their not having seats at the surviving entity) — some kickers are needed.
The other top five officers also got such bonuses, with the various staggered vesting dates for receipt — but on the order of 20,000 shares each — or around $250,000 per per person, at tonight’s prices.
I suppose, on balance, this makes it at least slightly more likely that an M&A sort of deal gets done — and so, the stock rose around 5 per cent on the day — though it was up over 7 per cent in early trading — on strong volume.
And these grants weren’t disclosed until after market close… so — was there a leak of that information? Who knows? I don’t especially care; I am just reporting the final throes of this long and strange story.
Onward, one and all — results due on the evening of the 23rd.