Summary
Altria Group, Inc. (MO) filed an 8-K on December 21, 2009, reporting on the Compensation Committee's approval of restricted stock awards for key executive officers under the 2005 Performance Incentive Plan. These awards, with aggregate values ranging from $1.5 million to $2.5 million per executive, are set to be granted on December 31, 2009, and will vest five years from that date. The specific number of shares will be determined by the fair market value of Altria's common stock on the grant date.
Key Highlights
- 1Altria's Compensation Committee approved restricted stock awards for named executive officers.
- 2Awards are made under the 2005 Performance Incentive Plan.
- 3Grant Date for the restricted stock awards is December 31, 2009.
- 4Restricted stock awards will vest five years from the Grant Date.
- 5Aggregate values of the awards are: Martin J. Barrington ($2,000,000), David R. Beran ($2,500,000), and Denise F. Keane ($1,500,000).
- 6The number of shares awarded will be based on the fair market value of Altria's common stock on the Grant Date.
- 7Further compensation details will be provided in the 2010 Proxy Statement.
Frequently Asked Questions
The primary purpose of this 8-K filing is to disclose the Compensation Committee's approval of restricted stock awards for certain executive officers, detailing the aggregate values of these awards and their vesting schedule.
The restricted stock awards are scheduled to be granted on December 31, 2009.
The restricted stock awards will vest five years from the Grant Date, which is December 31, 2009. Therefore, they will fully vest on December 31, 2014.
The number of shares awarded will be determined by the fair market value of Altria's common stock on the Grant Date (December 31, 2009), in accordance with the terms of the 2005 Performance Incentive Plan.