Flexsteel Industries recently announced that the company granted Jerald K. Dittmer, in connection with his appointment as the company’s president and CEO, an option to purchase 55,000 shares of the company’s common stock with a per share exercise price of $21.96, the closing trading price of the company’s common stock on the grant date of Dec. 28.
The stock option vests one third on each of July 1, 2019, July 1, 2020 and July 1, 2021 and has a ten-year term. The stock option was granted outside of the company’s Omnibus Stock Plan in accordance with Nasdaq Listing Rule 5635(c)(4) as an inducement material to Dittmer entering into employment with the company.
This option grant was previously disclosed, as part of the terms of Dittmer’s employment agreement dated Dec. 17, in a Current Report on Form 8-K filed with the Securities and Exchange Commission on Dec. 20.