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USA : Linens ''n Things appoints Jane Gilmartin as EVP & CMO |
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2005-7-25
Home textiles retailers Linens ''n Things Inc previously announced on July 13, 2005 the hiring of Jane Gilmartin as its new Executive Vice President and Chief Merchandising Officer.
In accordance with her previously disclosed terms of employment, on July 20, 2005 the Company granted Ms. Gilmartin stock options covering 150,000 shares with an exercise price equal to the fair market value of the stock on the date of grant.
Two-thirds of the options vest at fiscal year end 2005 but any proposed sale of such options shares is subject to performance restrictions until six years and eleven months after the date of grant.
One-third of the options vest after three years. These "new hire" grants are being made in accordance with the requirements of New York Stock Exchange Rule 303(A)(8) for new hire grants made under a non-shareholder approved plan. Rule 303(A)(8) requires public announcement of such new hire grants.
Founded in 1975, New York based Linens ''n Things Inc is one of the leading, national large-format retailers of home textiles, housewares and decorative home accessories. They operate over 400 stores in 45 states and four Canadian provinces.
Company also offers a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values, provide superior guest service, and maintain low operating costs.
Linens ''n Things, with 2004 sales of$2.7 billion are one of the leading, national large format retailers of home textiles, housewares and home accessories. As of July 2, 2005, the Company was operating 516 stores in 45 states and five provinces across the United States and Canada.
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