MORRISVILLE, N.C. – Network communications gear provider Tekelec has awarded Chief Executive Officer Frank Plastina a long-term incentive to stay on the job.
In a filing with the Securities and Exchange Commission, Tekelec said its compensation committee granted Plastina 100,000 shares of stock that are based on performance and service.
Tekelec (NASDAQ: TKLC) shares closed at $14.86 on Monday.
This is not the first time Tekelec has provided Plastina with shares. He joined the company as CEO in February of last year and received more than million options on shares in August.
The stock is tied to how Tekelec performs financially this year, according to the filing. If Tekelec achieves less than 80 percent of its revenue objective, the shares will be forfeited. All shares would be awarded only if Tekelec meets its financial objective entirely.
Shares will vest over a four-year period.
“All vesting is subject to Mr. Plastina’s continued employment with the Company through the date of vesting,” the filing said.