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Note 11 - Share-Based Compensation
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6 Months Ended |
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Dec. 31, 2011
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| Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] |
(11)
Share-Based Compensation
Effective
October 1, 2011, the Company and M. Farooq Kathwari, our
President and Chief Executive Officer, entered into a new
employment agreement (the "Agreement"). Pursuant to the terms
of the Agreement, Mr. Kathwari was awarded on October 1,
2011, (i) options to purchase 300,000 shares of our common
stock at an exercise price of $13.61 (the closing price of a
share of our common stock on September 30, 2011), and (ii)
105,000 shares of restricted stock, with both awards
vesting ratably over a 5-year period on each June 30,
unless earlier vested, in certain circumstances, in
accordance with the terms of the Agreement. During the
quarter ended September 30, 2011, the Company awarded options
to purchase 30,000 shares of our common stock to certain
executives other than Mr. Kathwari, at the closing stock
price on the respective grant dates. These options vest in
four equal annual installments on the grant date anniversary.
On July 26, 2011, as a result of the Company’s
performance, the Compensation Committee of the
Company’s board of directors awarded Mr. Kathwari
30,000 service-based restricted shares, which vest in three
equal annual installments on the grant date
anniversary.
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