2013 Equity Incentive Plan; Options Exchange; Stock Repurchase ProgramOn March 4, 2013, CTC Media's Board of Directors approved the Company's 2013 Equity Incentive Plan (the "Plan"), which was approved by the stockholders on April 30, 2013, at the 2013 annual general meeting. The Plan provides for the grant of a variety of forms of awards to acquire up to an aggregate of 2.5 million shares of common stock. The Compensation Committee of the Board has approved an initial round of awards to the Company's employees to acquire up to 2.0 million shares of common stock. Option awards will entitle the grantees to receive shares of common stock, at no cost, upon the satisfaction of performance-based vesting conditions over a period of three years from grant, which will become exercisable on a staggered basis over a period of four years from grant. Exercise will be subject to the condition that the closing price of the Company's common stock has exceeded $12.00 per share on at least ten trading days prior to exercise.
CTC Media Financial Results For The First Quarter Ended March 31, 2013
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