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XPRT > SEC Filings for XPRT > Form 8-K on 8-Sep-2008All Recent SEC Filings

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Form 8-K for LECG CORP


8-Sep-2008

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Grant of Restricted Stock Units to CEO

Effective September 2, 2008, Michael J. Jeffery, the Chief Executive Officer of LECG Corporation (the "Company") received a Restricted Stock Unit Award Agreement under the Company's 2003 Stock Option Plan, providing for the grant to him of 80,000 restricted stock units ("RSU"). Each RSU represents the right for Mr. Jeffery to receive one share of Company common stock on the date the RSU vests. The award provides that the RSUs will vest in four increments based on the sustained attainment of four specified stock price targets. Vesting will occur upon the second business day following the attainment of each of the specified closing stock price targets for a period of 10 consecutive business days, as follows:

20,000 RSUs - based on sustained closing price of at least $10.75

20,000 RSUs - based on sustained closing price of at least $12.50

20,000 RSUs - based on sustained closing price of at least $14.50

20,000 RSUs - based on sustained closing price of at least $17.00

If the closing market price rises above more than one target price and satisfies the required, sustained period at the higher level, each of the applicable increments will vest. The vesting of all the RSUs will accelerate in the event of a change of control of the Company. Any RSUs that have not vested by July 31, 2009 will terminate, as will any unvested RSUs if Mr. Jeffery's employment with the Company ceases prior to vesting.


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