Ameriprise Financial Announces Long-Term Incentive Awards to Former Employees of Columbia Management
May 04 2010 - 4:30PM
Business Wire
Ameriprise Financial, Inc. (NYSE: AMP) today announced the grant
of long-term incentive awards to former employees of Columbia
Management and its affiliates who became employees of Ameriprise
Financial in connection with the acquisition of the long-term asset
management business of Columbia Management.
The Compensation and Benefits Committee (CBC) of the Ameriprise
Financial Board of Directors approved the program under which these
long-term incentive awards were granted. The committee is composed
solely of independent directors. The CBC’s approval was given based
on the employment inducement exemption provided under the corporate
governance listing standards of the New York Stock Exchange (NYSE).
This news release is being issued per applicable NYSE guidance.
The CBC approved the long-term incentive awards on April 28,
2010. Under the company's established long-term incentive award
grant practices and procedures, the grant date for these awards was
May 3, 2010. A total of 133 employees that joined the company as
part of this transaction received long-term incentive awards. If
all eligible employees accept the awards, the aggregate number of
shares of the company's common stock will be awarded as follows:
406,126 shares underlying non-qualified stock options, 124,454
shares of restricted stock and 29,184 shares of restricted stock
units.
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 May 3, 2010, which was $47.50. The options will vest in
four equal annual installments commencing on the first 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.
The restricted stock or restricted stock units awarded will vest
in four equal annual installments commencing on the first
anniversary of the date of grant. During the restricted period, the
restricted stock will have both dividend and voting rights 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 long-term incentive awards were approved as part of
an employment inducement award program for the former employees of
an acquired business. 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.
Ameriprise Financial, Inc. is a diversified financial services
company serving the comprehensive financial planning needs of the
mass affluent and affluent. For more information, visit
ameriprise.com.
© 2010 Ameriprise Financial, Inc. All rights reserved.
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