4//SEC Filing
CARLSEN ALAN R 4
Accession 0001239843-06-000002
CIK 0001091883other
Filed
Jan 16, 7:00 PM ET
Accepted
Jan 17, 12:09 PM ET
Size
14.0 KB
Accession
0001239843-06-000002
Insider Transaction Report
Form 4
CARLSEN ALAN R
Group Vice President
Transactions
- Exercise/Conversion
Common Stock
2006-01-13+1,682→ 3,002 total - Exercise/Conversion
Restricted Stock Units
2006-01-13−620→ 0 totalFrom: 2006-01-13→ Common Stock (620 underlying) - Exercise/Conversion
Restricted Stock Units
2006-01-13−1,682→ 0 totalFrom: 2006-01-13→ Common Stock (1,682 underlying) - Exercise/Conversion
Common Stock
2006-01-13+620→ 1,320 total
Footnotes (4)
- [F1]The Restricted Stock Units (RSUs), the conversion of which are reported herein were issued to the reporting person pursuant to the issuer's Management Stock Purchase Plan (MSPP) on 2/12/03. On that date the fair market value of a share of the issuer's stock was $15.00. Under the MSPP executives may make an advance election to receive RSUs in lieu of a specified percentage or dollar amount of the executive's annual incentive bonus under the issuer's Bonus Plan. RSUs are issued in whole units on the basis of a 33% discount from the fair market value of the issuer's common stock on the date the underlying bonus is determined and generally vest 3 years from the date of grant at which time it converts into shares of common stock unless the executive has previously selected a longer deferral period.
- [F2]Although the MSPP provides for a 3-year vesting of RSUs, in the event of an individual's retirement, RSUs vest as of the retirement date on a one-third per year over a 3-year basis. Accordingly, due to Mr. Carlsen's retirement on January 13, 2006, two-thirds of the shares became vested and are being distributed to him. Under the terms of the MSPP, the remaining shares were forfeited and the reporting person is entitled to receive a refund of the previously deferred bonus in cash together with interest.
- [F3]The Restricted Stock Units (RSUs), the conversion of which are reported herein, were issued to the reporting person pursuant to the issuer's Management Stock Purchase Plan (MSPP) on March 4, 2004. On that date, the fair market value of a share of the issuer's stock was $23.76. Under the MSPP, executives may make an advance election to receive RSUs in lieu of a specified percentage or dollar amount of the executive's annual incentive bonus under the issuer's Bonus Plan. RSUs are issued in whole units on the basis of a 33% discount from the fair market value of the issuer's common stock on the date the underlying bonus is determined and generaly vest 3 years from the date of the grant, at which time they convert into shares of common stock unless the executive has previously selected a longer deferral period.
- [F4]Although the MSPP provides for a 3-year vesting of RSUs, in the event of an individual's retirement, RSUs vest as of the retirement date on a one-third per year over a 3-year basis. Accordingly, due to Mr. Carlsen's retirment on January 13, 2006, two-thirds of the shares became vested and are being distributed to him. Under the terms of the MSPP, the remaining shares were forfeited and the reporting person is entitled to receive a refund of the previously deferred bonus in cash together with interest.
Documents
Issuer
CIRCOR INTERNATIONAL INC
CIK 0001091883
Entity typeother
Related Parties
1- filerCIK 0001239843
Filing Metadata
- Form type
- 4
- Filed
- Jan 16, 7:00 PM ET
- Accepted
- Jan 17, 12:09 PM ET
- Size
- 14.0 KB