Pierce has served as an independent director and chairman of the audit committee on the On Assignment board since 2007. Most recently, Pierce was affiliated with a Chicago-based private equity firm and was previously the president of First Acceptance Corporation, a publicly traded retailer, servicer and underwriter of non-standard private-passenger automobile insurance. Pierce has held executive financial and accounting management positions since 1989 having served as the chief financial officer of three publicly held companies, including Metamor Worldwide, a global staffing and solutions business, from November 1994 through January 2001. Pierce began his career in public accounting at Arthur Andersen & Co. in Houston.
In connection with the commencement of his employment with On Assignment, on September 1, 2012, On Assignment granted Mr. Pierce (a) a stock option covering 75,000 shares of On Assignment common stock and (b) a restricted stock unit award covering 8,883 shares of On Assignment common stock. In addition, on the first trading day in January 2013, On Assignment expects to grant Mr. Pierce a restricted stock unit award covering a number of shares of On Assignment common stock having a value equal to $440,000 on the applicable grant date.
The stock option will vest and become exercisable, subject to continued service, with respect to 18,750 shares on the first anniversary of the grant date, and with respect to 1,563 shares on each monthly anniversary thereof over the following three years.
The restricted stock unit award granted on September 1, 2012 will vest, subject to continued service, with respect to 2,221 shares on the first anniversary of the grant date, and with respect to 6,662 shares over the next two years in substantially equal quarterly installments.The January 2013 restricted stock unit award is expected to vest, subject to continued service, as to 60% of the award on the first anniversary of the grant date and as to 40% of the award based on the achievement of applicable performance targets.