Wonder Auto Technology, Inc. (WATG) announced that the compensation committee of the company's board has approved an employee stock option award, as part of the company's 2008 Employee Incentive Plan.
Under the stock option, the company has approved the grant of about 1.67 million stock options, around 5% of total shares outstanding, to approximately 109 eligible key employees and directors which will vest over 3 years upon achievement of certain targeted annual pro forma net income thresholds of US$23 million for 2009, US$34.5 million for 2010 and US$42.3 million for 2011.
The awards allow for 5% deviation from the respective pro forma net income threshold. The options have a strike price of US$11.48 per share and will terminate at the last business day of the fifteenth months after the respective vesting date.
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