LESCO Announces Stock Option Granted to Charles H. Denny, New Senior Vice- President of Sales and Store Operations
August 22 2005 - 3:06PM
PR Newswire (US)
- Company Announces Option Grant - CLEVELAND, Aug. 22
/PRNewswire-FirstCall/ -- LESCO, Inc. (NASDAQ:LSCO), a leading
provider of products for the professional green and pest control
industries, today announced that the Company has entered into a
Stock Option Agreement with Charles H. Denny, Senior Vice-President
of Sales and Store Operations, pursuant to which the Company
granted Mr. Denny an option to purchase one hundred thousand
(100,000) common shares of the Company as an inducement to accept
employment with the Company (the "Option"). The Option was granted
without stockholder approval pursuant to NASDAQ Marketplace Rule
4350(i)(1)(A)(iv). The Option has an exercise price of $14.115,
which represents the average of the high and low selling prices of
the Company's common shares on Mr. Denny's date of hire. The Option
will vest as follows: 33,333 shares on August 8, 2006; 33,333
shares on August 8, 2007; and 33,334 shares on August 8, 2008. The
Option has a term of ten (10) years and will be forfeited if not
exercised before expiration of the term. If Mr. Denny's employment
with the Company is terminated for any reason, the Option will be
forfeited if not exercised within three (3) months of his last day
worked. About LESCO, Inc. LESCO serves more than 130,000 customers
worldwide, through 287 LESCO Service Center(R) locations, 111 LESCO
Stores-on-Wheels(R) vehicles, the Internet, and other direct sales
efforts. Additional information about LESCO can be found on the
Internet at http://www.lesco.com/. Contact: Jeffrey L. Rutherford
Sr. Vice President & Chief Financial Officer LESCO, Inc. (216)
706-9250 DATASOURCE: LESCO, Inc. CONTACT: Jeffrey L. Rutherford,
Sr. Vice President & Chief Financial Officer of LESCO, Inc.,
+1-216-706-9250 Web site: http://www.lesco.com/
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