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Hibbett Board Alters Vesting Plan
FEBRUARY 03, 2006 --
The '05 Equity Incentive Plan of Hibbett Sporting Goods now provides acceleration of vesting or the lapse of forfeiture requirements in certain cases upon participants' death, disability or retirement.
The Compensation Committee determined to adopt similar principles for vesting and forfeiture applicable to all outstanding and unexercised stock options granted under the Amended and Restated '96 Stock Option Plan, as well as those awards granted before December 15, '05, under the '05 Plan.
Effective immediately, if any holder of such awards ceases to be employed because of death or disability, or if the holder retires and the Committee approves, then any unvested portion of a covered option shall fully vest and the forfeiture requirements of any restricted stock unit shall lapse.
Disability is further defined as a medically determinable physical or mental impairment which renders the participant unable to engage in any substantial gainful activity for not less than 120 days, as determined by a physician selected by the Committee. To qualify, retirement must occur after the date the participant attains age 65 years, following at least five years of service.
On January 27, the Committee also granted COB/CEO Mickey Newsome new stock options to purchase 24,000 shares of common stock, as well as an award for 5,100 executive restricted stock units.
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