Corporate has just issued blocks of Gannett stock to CEO Craig Dubow (left) and other members of the top brass, according to public documents filed today with the U.S. Securities and Exchange Commission.The shares were given in the form of what are called restricted stock units (RSUs). They are typically granted as part of an executive's annual compensation. Similar RSUs were granted last year at this time.
RSUs aren't actual shares of company stock. Instead, they are a promise of stock paid to an individual at some time in the future, when the executive has satisfied the so-called vesting requirements. In the case of the RSUs disclosed in today's filings, they won't vest -- or become the executive's property -- for another four years. Companies establish these vesting dates so executives will stick around and, hopefully, manage the business so that the company's stock increases in value.
For example, according to today's filings, Dubow was given 100,000 shares of stock in the form of RSUs; he may claim those shares on Dec. 11, 2013, this document shows. Chief Financial Officer Gracia Martore was granted 84,000 shares in the form of RSUs, this document shows.
Today's SEC documents, known as a Form 4, don't put a dollar value on these grants. But assuming Gannett stock in December 2013 is trading at the same level as its closing price today -- $13.83 -- those 100,000 shares for Dubow would be worth about $1.4 million.
To see the full list of these just-filed Forms 4, go to the SEC documents section of the investor relations page on Corporate's website.
Please post your replies in the comments section, below. To e-mail confidentially, write jimhopkins[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green rail, upper right.
Jim:
ReplyDeleteIsn't it great to have all of this data right at your fingertips? He has the option to exercise 100,000 shares in February, in addition to his 100,000 in grants from today? Am I reading this correctly?
http://gannettblog.blogspot.com/2009/04/his-500k-in-stock-options-arent.html
6:47 p.m.: I think the correct figure is 125,000 shares in February. He got 500,000 options that he can claim in four equal installments over four years, as I recall. So, 500,000/4 would be 125,000.
ReplyDeleteSeems like this is part of his contract. Would you turn down money you were owed? I think not.
ReplyDeleteAre you starting this thing back up? Full force? No? Then leave it to Gannettoid.
ReplyDeleteRE: 8:08 p.m.'s comment. Gannettoid is a good resource. So is Jim. We can never have too much information.
ReplyDeleteGlad to see this post about the stock options. No, I don't think there is anything wrong with stock options. I am just glad that someone like Jim is digging up what was offered and when. Sunlight does much good for an organization.
Welcome back Jim. You've been added back to my bookmarks page again.
Thank you, 4:43 p.m.
ReplyDelete4:43:
ReplyDeleteIt doesn't take much to dig up this info as it is public knowledge about a public corporation. What is interesting is all the other stuff you see (in the sunlight) when you take the time to check it out yourself instead of being spoonfed only certain items.