CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace, today announced, as required by New York Stock Exchange (NYSE) rules, that it will grant the following equity inducement awards to its newly appointed Executive Vice President and Chief Financial Officer, Rajeev Bhalla, upon his commencement of employment with the Company today, December 2, 2013 (the “Grant Date”):
(i) A stock option exercisable for a maximum of 100,000 shares of the Company’s common stock having an exercise price of $79.33 per share (the closing price per share of the Company’s common stock on November 29, 2013 as listed on the NYSE) and a vesting schedule as follows:
Stock Price Target
(met for 60 continuoustrading days)
Cumulative VestedPortion of StockOption
The options have a ten-year term; however, any options that have not vested within five years of the Grant Date shall terminate. Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting, and 100% two years from the date of vesting.