MINNEAPOLIS--(BUSINESS WIRE)--
Ameriprise Financial, Inc. (NYSE: AMP) today announced the grant of
long-term incentive awards to former employees of Columbia Management
and its affiliates who became employees of Ameriprise Financial in
connection with the acquisition of the long-term asset management
business of Columbia Management.
The Compensation and Benefits Committee (CBC) of the Ameriprise
Financial Board of Directors approved the program under which these
long-term incentive awards were granted. The committee is composed
solely of independent directors. The CBC’s approval was given based on
the employment inducement exemption provided under the corporate
governance listing standards of the New York Stock Exchange (NYSE). This
news release is being issued per applicable NYSE guidance.
The CBC approved the long-term incentive awards on April 28, 2010. Under
the company's established long-term incentive award grant practices and
procedures, the grant date for these awards was May 3, 2010. A total of
133 employees that joined the company as part of this transaction
received long-term incentive awards. If all eligible employees accept
the awards, the aggregate number of shares of the company's common stock
will be awarded as follows: 406,126 shares underlying non-qualified
stock options, 124,454 shares of restricted stock and 29,184 shares of
restricted stock units.
The non-qualified stock options awarded have an exercise price equal to
the closing price of a share of the company's stock on the NYSE on May
3, 2010, which was $47.50. The options will vest in four equal annual
installments commencing on the first anniversary of the date of grant
and will have a 10-year term. The options may be forfeited under certain
circumstances, including termination of employment.
The restricted stock or restricted stock units awarded will vest in four
equal annual installments commencing on the first anniversary of the
date of grant. During the restricted period, the restricted stock will
have both dividend and voting rights and restricted stock units will be
eligible for dividend payments but not voting rights. The restricted
stock or restricted stock units may be forfeited under certain
circumstances, including termination of employment.
All of these long-term incentive awards were approved as part of an
employment inducement award program for the former employees of an
acquired business. None of the awards was specifically negotiated by or
approved for an individual employee outside of this established program.
No employee receiving an award became an executive officer of the
company.
Ameriprise Financial, Inc. is a diversified financial services company
serving the comprehensive financial planning needs of the mass affluent
and affluent. For more information, visit ameriprise.com.
© 2010 Ameriprise Financial, Inc. All rights reserved.
Source: Ameriprise Financial, Inc.
Contact:
Ameriprise Financial
Paul Johnson, 612-671-0625
paul.w.johnson@ampf.com