Note 11 - Share-Based Compensation
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9 Months Ended |
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Mar. 31, 2012
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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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