Lancer (AMEX:LAN)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Lancer Charts. Click Here for more Lancer Charts.](/p.php?pid=staticchart&s=A%5ELAN&p=8&t=15)
Lancer Announces Change in Compensation Policy for Non-Employee
Directors
SAN ANTONIO, Nov. 23 /PRNewswire-FirstCall/ -- Lancer Corporation (AMEX:LAN)
announced that its Board of Directors has changed its policy of compensating
non-employee Board members. Effective November 4, 2004, compensation for
non-employee Board members is payable entirely in the form of discretionary
stock options. Previously, such Directors received a portion of their annual
compensation in cash and a portion in the form of discretionary stock options.
Pursuant to the new policy, the Board issued options to the non-employee Board
members effective November 8, 2004. The options will vest in full the day
before the Lancer 2005 annual meeting of shareholders. The options are
exercisable only after they fully vest and Lancer's closing stock price
averages $15.00 or higher over a ninety day period. The $15.00 level
represents a more than 30% premium over the closing share price on the date the
options were granted. Lancer shares have not closed above $15.00 since 1998.
Chairman Hank Schmitz commented: "It is the intent of the Board that this
change will better align the compensation of the Board with the interests of
Lancer shareholders as defined by a rising share price. The Board remains
committed to maximizing the value of Lancer."
Lancer Corporation is a leading innovator, manufacturer and marketer of
beverage dispensing systems serving customers worldwide. Headquartered in San
Antonio, Texas, Lancer also maintains facilities in Mexico, Australia, Belgium,
New Zealand and the United Kingdom. Lancer is a vertically integrated
manufacturer with 2003 sales of $113 million, and employing approximately 1,200
people. Lancer designs and manufactures a complete range of fountain soft
drink dispensers, frozen beverage dispensers, dispensing valves, beer
dispensing equipment, and an extensive line of beverage dispensing parts and
accessories, which are marketed through a network of Company sales
representatives and authorized distributors.
This press release contains various forward-looking statements and information,
including statements relating to Board intent and the market value of Lancer
stock, that are based on management's belief as well as assumptions made by and
information currently available to management. Although the Company believes
that the expectations reflected in such forward- looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct. Such statements contain certain risks, uncertainty and
assumptions. Should one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those expected.
DATASOURCE: Lancer Corporation
CONTACT: Scott Adams of Lancer Corporation, +1-210-310-7065
Web site: http://www.lancercorp.com/