Ameriprise Financial Announces Equity Award Grants for Employees of Companies Acquired in 2008.MINNEAPOLIS -- Ameriprise Financial Ameriprise Financial, Inc. (NYSE: AMP) is a company offering financial advice and products. It is the successor to American Express Financial Advisors (AEFA), which was a subsidiary of the American Express Company. , Inc. (NYSE NYSE See: New York Stock Exchange : AMP) today announced the grant of equity awards to former employees of J. & W. Seligman & Co. and H&R Block Financial Advisors who became employees of Ameriprise Financial or its subsidiaries resulting from the company's acquisition of the firms in the fourth quarter of 2008. In addition, the company granted equity awards to former employees of Brecek and Young Advisors who became employees of the company's subsidiary, Securities America, Inc., upon its acquisition of the firm. Securities America, Inc. also completed its acquisition in the fourth quarter of 2008. The Compensation and Benefits Committee (CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. ) of the company's Board of Directors approved the program under which these equity awards were granted. The committee is composed solely of independent directors. The committee's approval was given based on the employment inducement exemption provided under the corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. listing standards of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE). As a result, the program did not require approval by the company's shareholders, and this press release is being issued per applicable NYSE guidance. The CBC approved the equity awards at its meeting on December 10, 2008. Under the company's established grant practices and procedures, the grant date for these awards was January 2, 2009. A total of 641 employees that joined the company as part of these transactions received equity awards. If all eligible employees accept the grants, the aggregate number of shares of the company's common stock will be awarded as follows: 809,990 shares underlying non-qualified stock options, 1,949,433 shares of restricted stock, and 188,697 shares of restricted stock units Restricted stock units Similar to restricted stock. However, the unit represents a promise that employees will receive stock in the future. The units do not pay dividends until the stock is vested. . The non-qualified stock options awarded have an exercise price equal to the closing price of a share of the company's stock on the NYSE on January 2, 2009, which was $24.00. The options will vest in one installment on the fourth anniversary of the date of grant and will have a 10-year term. The options may be forfeited under certain circumstances, including termination of employment "Fired" and "Firing" redirect here. For other uses, see Fired (disambiguation) and Firing (disambiguation). “Gross misconduct” redirects here. For the ice hockey term, see Penalty (ice hockey). . The restricted stock or restricted stock units awarded will vest according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. one of the following vesting schedules: over three years, in as nearly equal installments as possible; in one installment on the fifth anniversary of the date of grant; or in one installment on the fourth anniversary of the date of grant. During the restricted period, the restricted stock will have both dividend and voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. and restricted stock units will be eligible for dividend payments but not voting rights. The restricted stock or restricted stock units may be forfeited under certain circumstances, including termination of employment. All of these equity awards were approved as part of an employment inducement program for the former employees of the acquired firms. None of the awards was specifically negotiated by or approved for an individual employee outside of this established program. No employee receiving an award became an executive officer of the company. The CBC may approve similar employment inducement award programs in connection with future merger or acquisition activity by the company. Ameriprise Financial, Inc. is a diversified financial services company serving the comprehensive financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against needs of the mass affluent and affluent. For more information, visit ameriprise.com. [c] 2009 Ameriprise Financial, Inc. All rights reserved. |
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