Aceto Corporation Makes Announcement.LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Jan. 12, 1999--Aceto Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACET ACET AIDS Care Education and Training ACET Advisory Council for the Elimination of Tuberculosis (CDC) ACET Association for Compensatory Educators of Texas ACET Advisory Committee on Electronics and Telecommunications ) announces that, at its annual meeting on Dec. 10, 1998, shareholders approved the 1998 Omnibus Equity Plan (OEP OEP Office of Emergency Preparedness (US Department of Health and Human Services) OEP Oxford Economic Papers OEP Optometric Extension Program OEP Operational Evolution Plan OEP Open Enrollment Period (US Medicare) ) and the company shortly thereafter has commenced execution of this plan. The OEP for executive employees (which include all salaried personnel) is comprised of the following:
1. Multi-year stock options,
2. The ability to receive incentivized restricted stock in place of
cash in the annual incentive bonus,
3. Mandatory stock ownership guidelines.
In conjunction with this plan, the company issued stock options to all employees (including non-executives), outside directors and certain service providers totalling 3% of the outstanding shares. Leonard S. Schwartz, chairman, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , did not participate in this stock option grant. |
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