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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tiger Reef Inc (CE) | USOTC:TGRR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Delaware
|
000-25781
|
41-1844584
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification Number)
|
One
Landmark Square, 21
st
Floor, Stamford Connecticut
|
06901
|
(Address
of principal executive offices)
|
(Zip
Code)
|
o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item 1.01. |
Entry
into a Material Definitive
Agreement.
|
Item 5.02. |
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers.
|
(e)
|
Material
Compensatory Plan, Contract or Arrangement with Chief Executive Officer,
Chief Financial Officer, or Named Executive Officer
.
|
(i)
|
19.4%
shall be immediately vested;
|
(ii)
|
30.6%
shall vest in twenty-two equal monthly consecutive tranches commencing
on December 27, 2007, subject to Mr. Weggeman's being employed by the
Company on each vesting date;
|
(iii)
|
up
to 50.0% shall vest as follows, provided that Mr. Weggeman is actively
employed as of the vesting date:
|
(A)
|
16.7%
shall vest as of March 31, 2008, if the Company’s Adjusted EBITDA for the
year ending December 31, 2007 (“Year 1”) is not less than $13,800,000
(the “Year 1 Target”); if the Year 1 Target is not achieved, and if the
sum of the Company’s Adjusted EBITDA for the years ending December 31,
2007 and 2008 is not less than the sum of the Year 1 Target plus
the Year
2 Target (as defined below), then the such 16.7% shall vest as of
March
31, 2009;
|
(B)
|
16.7%
shall vest as of March 31, 2009, if the Company’s Adjusted EBITDA for the
year ending December 31, 2008 (“Year 2”) is not less than $15,700,000
(the “Year 2 Target”); if the Year 2 Target is not achieved, and if the
sum of the Company’s Adjusted EBITDA for the years ending December 31,
2008 and 2009 is not less than the sum of the Year 2 Target plus the Year
3 Target (as defined below), then such 16.7% shall vest as of March
31,
2010;
|
(C)
|
16.6%
shall vest as of March 31, 2010, if the Company’s Adjusted EBITDA for the
year ending December 31, 2009 (“Year 3”) is not less than $17,200,000
(the “Year 3 Target”); if (i) the Year 3 Target is not achieved, and
(ii) the Company renews the employment agreement of Mr. Weggeman for
another three-year term, and (iii) the sum of the Company’s Adjusted
EBITDA for the years ending December 31, 2009 and 2010 is not less
than
the sum of the Year 3 Target plus the Year 4 Target (as defined
hereinafter), then such 16.6% shall vest as of March 31, 2011. “Year 4
Target” means an amount of the Company’s Adjusted EBITDA for the year
ending December 31, 2010 that will be agreed upon by the parties
in the
renewed employment agreement, if
any.
|
Item 9.01 |
Financial
Statements and Exhibits.
|
(d)
|
Exhibits.
|
10.1
|
Form
of Restricted Stock Award Agreement dated as of December 27, 2007,
between
the Company and Albert W. Weggeman.
|
10.2
|
Form
of Stock Option Agreement dated as of December 27, 2007, between
the
Company and Albert W. Weggeman.
|
10.3
|
Form
of Deferred Compensation Agreement dated as of December 27, 2007,
between
the Company and Albert W. Weggeman.
|
10.4
|
Form
of Stock Option Agreement dated as of December 27, 2007, between
the
Company and Jonathan LaBarre.
|
10.5
|
The
Company's 2007 Stock Incentive Plan, incorporated herein by reference
to
Appendix B of the Company's definitive proxy statement filed with
the
Securities and Exchange Commission on May 11,
2007.
|
Date:
January 3, 2008
|
Stamford Industrial Group, Inc. | |
|
|
|
By: | /s/ Jonathan LaBarre | |
Jonathan
LaBarre
Chief
Financial Officer
|
||
10.1
|
Form
of Restricted Stock Award Agreement dated as of December 27, 2007,
between
the Company and Albert W. Weggeman.
|
10.2
|
Form
of Stock Option Agreement dated as of December 27, 2007, between
the
Company and Albert W. Weggeman.
|
10.3
|
Form
of Deferred Compensation Agreement dated as of December 27, 2007,
between
the Company and Albert W. Weggeman.
|
10.4
|
Form
of Stock Option Agreement dated as of December 27, 2007, between
the
Company and Jonathan LaBarre.
|
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