LNT outlines Moore options

By Staff -- Home Textiles Today, 6/16/2004 12:00:00 AM

CLIFTON, N.J. — Linens 'n Things today said it granted Jack Moore, new president and chief operating officer, 200,000 options to purchase the company's common stock as part of his hiring package.

The options have an exercise price of $27.01 per share and vest in one-third increments if LNT's stock price reaches predetermined performance marks. The company did not provide details about those marks. Otherwise, the options will vest in roughly seven years from the commencement of Moore's employment.

Moore has also been granted 100,000 options to purchase LNT common stock beginning on the day of his employment. These also have an exercise price of $27.01 per share and vest in five equal annual installments, subject to Moore's continued employment with the company.

LNT's stock price at mid-day was $27.41. Moore was scheduled to begin his employment at the $2.4 billion retailer this week.