Lehman needs more stock for compensation |
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Published
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Fri, 30 Mar 2007 23:36
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NEW YORK (AP) - Lehman Brothers Holdings Inc., the fourth-largest U.S. investment bank, on Friday said it is seeking shareholder approval to increase the amount of stock allotted to compensation for its employees.The New York-based company said in a filing with the Securities and Exchange Commission that it has 'only 7.5 million shares available' for future grant and that it is 'insufficient to cover stock-based awards' for the year. Lehman will ask shareholders to approve a plan to increase the amount by 75 million shares, which represents about 14 percent of the company's shares outstanding.The firm will ask shareholders to approve the plan at its April 12 shareholders meeting held in New York City. Lehman also said in the filing that it expects to request additional shares allotted to compensation at its 2009 annual shareholders meeting.Stock-based compensation has become an increasingly popular way for Wall Street firms to reward top executives. The company granted 45.6 million shares, including restricted stock units and options.Lehman shares fell 24 cents to $70.07 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Lehman CEO Fuld paid $40.6 million 