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Incentive stock options granted to CEO of Tag-It Pacific
26 Jan '06
2 min read
Trim items distributor Tag-It Pacific Inc has announced that it has made inducement grants of 135,135 shares and options to purchase 1,035,135 shares to Stephen Forte, its new CEO. He officially joined Tag-It as CEO on October 24, 2005.
The options and shares were granted with the approval of Tag-It's board of directors, including a majority of the independent directors.
In lieu of $50,000 in cash compensation, Forte was granted 135,135 shares of common stock and a non-qualified option to purchase an additional 135,135 shares of common stock. This option has an exercise price of $0.37 per share, vests in full on October 24, 2006 subject to Forte's continued employment and has a ten-year term.
In addition, Forte was granted a non-qualified option to purchase 900,000 shares of common stock, which option is exercisable at $0.37 per share, vests over a period of three years from the date of employment subject to Forte's continued employment and has a ten-year term.
The option and stock grants are an inducement to Forte agreeing to serve as CEO and were finalized and approved, pursuant to AMEX Company Guide Section 711(a), on January 16, 2006.
Tag-It Pacific specializes in the distribution of a full range of trim items to manufacturers of fashion apparel, specialty retailers and mass merchandiser. It acts as a full service outsourced trim management department for manufacturers of fashion apparel such as Kellwood and Azteca Production International.
Tag-it also serves as a specified supplier of trim items to specific brands, brand licensees and retailers, including Levi Strauss & Co., Motherworks, Express, The Limited, Miller's Outpost and Lerner, among others. It distributes zippers under its Talon brand name to manufacturers for apparel brands and retailers such as Levi Strauss & Co., Wal-Mart and JCPenney, among others.
The options and shares were granted with the approval of Tag-It's board of directors, including a majority of the independent directors.
In lieu of $50,000 in cash compensation, Forte was granted 135,135 shares of common stock and a non-qualified option to purchase an additional 135,135 shares of common stock. This option has an exercise price of $0.37 per share, vests in full on October 24, 2006 subject to Forte's continued employment and has a ten-year term.
In addition, Forte was granted a non-qualified option to purchase 900,000 shares of common stock, which option is exercisable at $0.37 per share, vests over a period of three years from the date of employment subject to Forte's continued employment and has a ten-year term.
The option and stock grants are an inducement to Forte agreeing to serve as CEO and were finalized and approved, pursuant to AMEX Company Guide Section 711(a), on January 16, 2006.
Tag-It Pacific specializes in the distribution of a full range of trim items to manufacturers of fashion apparel, specialty retailers and mass merchandiser. It acts as a full service outsourced trim management department for manufacturers of fashion apparel such as Kellwood and Azteca Production International.
Tag-it also serves as a specified supplier of trim items to specific brands, brand licensees and retailers, including Levi Strauss & Co., Motherworks, Express, The Limited, Miller's Outpost and Lerner, among others. It distributes zippers under its Talon brand name to manufacturers for apparel brands and retailers such as Levi Strauss & Co., Wal-Mart and JCPenney, among others.
Tag-It Pacific Inc
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