Arthur C Martinez, a director of Abercrombie & Fitch Company, just received 95,671 restricted shares from the company. The restricted shares don't become available to Martinez until such time as they become vested. Martinez now owns at least 252,111 restricted shares of the company.
Some additional info was provided as follows:
This award converts to Common Stock of the Issuer on a 1-for-1 basis.
On April 3, 2017, the Board of Directors determined that this award vested as to Deferred Stock Units with the number of Deferred Stock Units determined to vest based on the period of time which elapsed from June 16, 2016 (the grant date of the award) to February 1, 2017.
The shares of phantom stock become payable in the form of Common Stock of the Issuer upon the repor
ting person's termination of service as a director.
Each restricted stock unit represents a contingent right to receive one share of Common Stock of the Issuer.
On April 3, 2017, the Compensation Committee granted to the reporting person a pro-rated award of Restricted Stock Units with a market value of $367,132 (based on the portion of a full year (for which Restricted Stock Units with a market value of $1,000,000 would have been granted) that the period of time between February 1, 2017 and June 15, 2017 represents). The number of Restricted Stock Units granted was based on the closing price of a share of Issuer's Common Stock on the April 3, 2017 grant date (if the closing price of a share of the Company's Common Stock had been higher on February 1, 2017, the closing price on February 1, 2017 would have been used to determine the number of Restricted Stock Units granted - the closing price was the same on each of February 1, 2017 and April 3, 2017).
Vests the earlier of the first anniversary of the date of grant or the 2017 Annual Meeting of Stockholders.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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