Pathmark Announces Stock Award
February 10 2006 - 7:30PM
Business Wire
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.
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