Pathmark Stores (NASDAQ:PTMK)
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As previously announced, Kenneth Martindale joined
Pathmark Stores, Inc. (Nasdaq: PTMK) as a Co-President and Chief
Merchandising and Marketing Officer, effective January 1, 2006 (the
"Effective Date"). On January 1, 2006, pursuant to award agreements
dated December 14, 2005, Pathmark granted Mr. Martindale an option to
purchase an aggregate of 500,000 shares of Pathmark common stock at an
exercise price of $9.99 per share (the closing price of Pathmark
common stock on the last business day before the Effective Date), and
an award of restricted stock consisting of 200,000 restricted shares
of Pathmark's common stock. The option will vest and become
exercisable in three annual installments beginning on the first
anniversary of the Effective Date, and the restricted stock will vest
in twelve quarterly installments beginning on March 31, 2006 and each
June 30th, September 30th, December 31st and March 31st thereafter,
until the award shares are fully vested.
Pathmark is a regional supermarket chain currently operating 141
supermarkets primarily in the New York - New Jersey and Philadelphia
metropolitan areas. Additional information about Pathmark may be found
at its website, www.pathmark.com.
This press release contains certain "forward-looking statements"
that are subject to risks and uncertainties and could cause actual
results to differ materially. For these statements, the Company claims
the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
Factors that may affect results include changes in business and
economic conditions generally and in the Company's operating areas,
the competitive environment in which the Company operates and other
risks detailed from time to time in the Company's reports and filings
available from the Securities and Exchange Commission.