Hanger Inc. recently filed an 8-K form with the Securities and Exchange Commission announcing the company’s approval of an omnibus incentive plan. The plan was adopted April 15, 2016.
According to the 8-K filing, the two purposes of the plan are “to attract and retain outstanding individuals to serve as officers, directors, employees and consultants” and to increase value for shareholders. The incentives of the plan include offers to acquire shares of Hanger stock, to receive monetary payments based on the value of stock and to “receive other compensation,” according to the filing. As of April 15, the company’s 2010 omnibus incentive plan was no longer available for future awards.
The new plan authorizes the issuance of up to 2,250,000 shares of common stock, as well as any shares available for issuance under the 2010 omnibus plan that have not been made subject to outstanding awards as of April 15, and any shares that would have become available again for new grants under the terms of the 2010 plan if that plan were still in effect. The new omnibus incentive plan will be administered by Hanger’s compensation committee, except to the extent that the committee elects to delegate certain duties permitted under the plan’s terms.
Under the plan, any officers, employees, directors, non-employee directors, consultants and advisors for Hanger and its affiliates are eligible for one or more of the following types of awards: options to purchase shares of common stock; stock appreciation rights; performance shares; performance units; common stock; restricted shares of common stock; restricted stock units; incentive awards; and dividend equivalent units. The plan places separate limits on the number of shares and dollar values of awards that may be issued to any individual participant, the details of which are included in the April 15 8-K filing.
According to the filing, Hanger cannot currently determine any future benefits that would be paid under the plan to its named executive officers.