OAK BROOK, Ill., Oct. 16, 2012 /PRNewswire/ -- A. M. Castle & Co. (NYSE: CAS), a global distributor of specialty metal and plastic products, value-added services and supply chain solutions, today announced that in accordance with New York Stock Exchange rules regarding employment inducement awards, the Company has granted an equity inducement award of 78,492 restricted stock units to Scott Dolan, its newly appointed President and Chief Executive Officer, on October 15, 2012.
The restricted stock units will vest over four years, assuming continued employment by Mr. Dolan, with one-fourth of the restricted stock units vesting on the first anniversary of the grant date, and the remainder in equal annual installments. This award was granted outside of the Company's current equity plan. However, the units are subject to substantially the same terms and conditions of other service-based restricted stock units granted by the Company to its executive officers.
The independent Human Resources Committee of the Board of Directors approved the equity inducement award in reliance on an employment inducement exception to shareholder approval provided for in the NYSE governance rules. To comply with the terms of this exemption, the inducement equity grant requires public announcement of the award and written notice to the NYSE.
About A. M. Castle & Co. Founded in 1890, A. M. Castle & Co. is a global distributor of specialty metal and plastic products and supply chain services, principally serving the producer durable equipment, oil and gas, commercial aircraft, heavy equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the global economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller-sized firms spread across a variety of industries. Within its metals business, it specializes in the distribution of alloy and stainless steels; nickel alloys; aluminum and carbon. Through its wholly-owned subsidiary, Total Plastics, Inc., the Company also distributes a broad range of value-added industrial plastics. Together, Castle and its affiliated companies operate out of more than 60 locations throughout North America, Europe and Asia. Its common stock is traded on the New York Stock Exchange under the ticker symbol "CAS".SOURCE A. M. Castle & Co.