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New
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news release:
Intermagnetics' Chairman & CEO
To Increase Personal Holdings By More Than 30,000 Shares, CFO By More Than
15,000 Shares
Latham, NY, July 27:
Intermagnetics General Corporation (Nasdaq:
IMGC), today
announced that Chairman and CEO Glenn H. Epstein plans to increase his direct
ownership of Intermagnetics' common stock by 31,500 shares through retention of
shares that have vested from the company's performance-based restricted stock
program. Executive Vice President and CFO Michael K. Burke plans to increase his
direct ownership by 15,750 shares.
The Compensation Committee
of its Board of Directors has certified that the company achieved the growth
target in pre-tax earnings per share required to allow management to vest in 15%
of the shares granted under the company's 2002 performance-based long-term
equity program. The restricted equity grants vest only if the company reaches
specific growth targets in fiscal years 2005, 2006 and 2007.
Under the program, Epstein
earned 63,000 shares and Burke earned 15,750 shares. In total, 169,650 shares
vested among all participants.
"Company
guidelines state that senior managers are to own between one and two times their
base salary in stock," Epstein said. "All of my direct reports with two or more
years of service either meet or substantially exceed that goal. In connection
with the vesting of restricted stock units, we expect some senior managers,
including myself, to sell a portion of these shares to cover their tax
liability, as well as for other financial planning and/or portfolio
diversification reasons, provided that they continue to meet our ownership
guidelines."
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