|World Fuel Services directors boost shareholding by $158k|
|Eight board members receive restricted stock unit grant under the firm's 2016 Omnibus Plan.
|Image credit: Pixabay CC0|
|Updated on 30 May 2018 14:54 GMT
|Eight members of World Fuel Services' (WFS) board of directors increased their shareholding in the firm on May 24.
Directors Ken Bakshi, Jorge Benitez, Stephen Gold, Richard Kassar, John Manley, J. Thomas Presby, Stephen Roddenberry were all issued with 7,434 shares as a restricted stock unit grant under WFS's 2016 Omnibus Plan, whilst Paul Stebbins received 6,954 shares.
Based on the company's current share price, the value of the 7,434 shares is more than $158,000, and Stebbins' shares are worth around $10,000 less.
The stock will vest on the earlier of: (i) the day prior to the next annual shareholder meeting or (ii) the one-year anniversary of the grant date.
A breakdown of the current share ownership of the aforementioned eight directors has been provided below together with a valuation based on the company's share price at the time of writing.
According to data as per April 4, CEO Michael Kasbar - the other member of the nine-man board - owned 790,146 WFS shares, which would value his shareholding at more than $16.8m.
2016 Omnibus Plan
WFS's 2016 Omnibus Plan was approved on March 4, 2016, replacing the firm's 2006 version.
The plan is designed to enable the company to use different forms of compensation awards to attract new employees, executives and directors; to further the goal of retaining and motivating existing personnel and directors; and to align their interests with those of shareholders.
As Bunker Index previously reported, all nine directors were elected for one-year terms at the company's annual shareholder meeting on May 24.