1-800 CONTACTS Announces CFO Appointment, Incentive Stock Grants and Employment Agreements
29 Marzo 2006 - 4:01PM
PR Newswire (US)
DRAPER, Utah, March 29 /PRNewswire-FirstCall/ -- 1-800 CONTACTS,
INC., (NASDAQ:CTAC), today announced the appointment of Robert G.
Hunter, CPA as Chief Financial Officer. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040107/LACONTACTSLOGO ) Rob
has served as Vice President, Finance and Treasurer since July
2000, and prior to that as Corporate Controller since November
1997. Brian Bethers, President of 1-800 CONTACTS, commented, "Rob
has directed 1-800 CONTACTS' accounting and SEC reporting efforts
since before our initial public offering in February 1998 and has
played a critical role in integrating our acquisitions. In the past
several years, Rob has restructured our finance department to
better support our US Retail and ClearLab businesses. Under Rob's
direction, we have also been able to comply with the requirements
for public companies under the Sarbanes-Oxley Act." Prior to
joining 1-800 CONTACTS, Rob spent six years in public accounting,
including two years with Arthur Andersen LLP in Salt Lake City. He
graduated summa cum laude with a Bachelor's Degree from Brigham
Young University, where he also earned a Master of Accountancy
Degree. Rob is a Certified Public Accountant. Incentive Stock
Grants and Employment Agreements The Company has approved and
issued to its US Retail and ClearLab management and employees
approximately 600,000 restricted shares for incentive grants under
its Amended and Restated 2004 Stock Incentive Plan. The grants are
the first substantial grants to the management team since 2003, and
the grants are the only grants intended for senior officers during
the approximate five year term of the grants. These share grants
were designed and developed with the assistance of compensation
advisors, and they have been approved by the Compensation Committee
of the Company's Board of Directors. The grants are intended to
promote focus and attention on sales growth, retail operations,
manufacturing, and product development initiatives. The Company
believes that the grants will align management incentives with
shareholder interests and the Company's business strategy. The
restricted share grants include both time-vesting and performance-
vesting restricted shares. The time-vesting shares will vest 20%
per year beginning November 30, 2006 and ending November 30, 2010.
The performance- vesting shares (approximately 54% of the total
shares granted) will vest only upon achievement during the term of
the grants of certain operational milestones -- such as obtaining
sources for "doctors only" lenses on competitive terms, development
of certain contact lens products, and the achievement of an eight
quarter cumulative financial target of at least $81 million
consolidated earnings before taxes by or before the end of fiscal
2010. Approximately 55,000 time-vesting shares issued to management
are expected to vest in 2006. Performance-vesting shares do not
vest until performance targets are achieved. The Company has also
signed new employment agreements with nine executives that will
replace two expired agreements and update seven existing
agreements. The employment agreements and a form of the restricted
stock agreement will be filed with the Securities and Exchange
Commission this week. The Company has also authorized and issued a
total of approximately 50,000 restricted shares for incentive stock
grants to its five independent Directors. These grants will vest
over three years. About 1-800 CONTACTS, INC. 1-800 CONTACTS offers
consumers an attractive alternative for obtaining replacement
contact lenses in terms of convenience, price and speed of
delivery. Through its easy-to-remember, toll-free telephone number,
"1-800 CONTACTS" (1-800-266-8228), and its Internet web site,
http://www.1800contacts.com/, the Company sells almost all of the
popular brands of contact lenses. 1-800 CONTACTS offers products at
competitive prices, while delivering a high level of customer
service. ClearLab develops and manufactures a wide range of
disposable contact lens products and distributes these lenses in
international markets. More information about ClearLab can be found
at its website, http://www.clearlab.com/. This news release
contains forward-looking statements about the Company's future
business prospects. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth in or implied by such forward-looking
statements.
http://www.newscom.com/cgi-bin/prnh/20040107/LACONTACTSLOGO
http://photoarchive.ap.org/ DATASOURCE: 1-800 CONTACTS, INC.
CONTACT: Brian W. Bethers, President, or Robert G. Hunter, CFO,
both of 1-800 CONTACTS, INC., +1-801-316-5000, Web site:
http://www.clearlab.com/ Web site: http://www.1800contacts.com/
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