PrivateBancorp, Inc. News
PrivateBancorp, Inc. Makes Inducement Equity Awards to Newly Hired Managing Directors
CHICAGO, July 3 PRNewswire-FirstCall — PrivateBancorp, Inc. (Nasdaq: PVTB) today announced that on July 1, 2008, in connection with and pursuant to its previously announced Transformation Equity Award Program, four of its recently hired managing directors received inducement equity awards. The announcement was made to comply with the rules of the NASDAQ Global Select Market on which the Company's stock is traded.
The Transformation Equity Award Program was established by the Company's Board of Directors for making inducement stock option and performance share awards to attract such hires and promote achievement of exceptional performance. The recently hired managing directors received an aggregate of 43,750 time-vested stock options and 43,750 performance-vested stock options, each with an exercise price of $29.84, the closing price for the common stock on July 1, 2008, and 26,250 performance shares. As was the case with the earlier awards under the Transformation Equity Award Program, approximately half of the performance-based awards vest upon achievement of a 20 percent compound annual growth rate in the Company's stock price above the previously established baseline of $27.91 over a five-year period ending December 31, 2012, and the other half of the awards vest at a rate of between 50 percent and 100 percent depending upon achievement of earnings per share growth hurdles of 15 percent to 20 percent above the previously-established baseline of $1.65 over the same five-year period. The time-vested options vest over the five-year period as well.
About PrivateBancorp, Inc.
PrivateBancorp, Inc. is a growing diversified financial services company with 22 offices in nine states and more than $6 billion in assets as of March 31, 2008. Through its subsidiaries, PrivateBancorp delivers customized business and personal financial services to middle-market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and wealthy families. To learn more about PrivateBancorp, Inc., visit us at http://www.theprivatebank.com.
SOURCE PrivateBancorp, Inc.
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