Intevac's EVP & General Manager was just granted 52,500 options and restricted shares


Jay Cho, Intevac's EVP & General Manager, just received 52,500 options and restricted shares from the company. The strike price of the options received was $8.50, and these expire on January 16, 2021. The restricted shares don't become available to Cho until such time as they become vested. Cho now has at least 45,000 options, and at least 7,500 restricted shares.

Some additional info was provided as follows:

The option will vest and become exercisable in four equal installments upon the Reporting Person's completion of each year of service over the four-year period measured from the grant date. These are restricted stock units awarded to the Reporting Person and each restricted stock unit represents a contingent right to receive one share of IVAC common stock. The restricted stock units vest in four equal installments upon the Reporting Person's completion of each year of service over the four-year period measured from vesting commencement date. Vested shares will be delivered to the Reporting Person as soon as possible after each vesting date.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. Intevac next reports earnings on January 27, 2014.

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