Quiksilver is doing something nice for some of their employees according to tender offer papers filed yesterday (April 19, 2010) with the US Securities and Exchange Commission.
According to the documents, Quiksilver is now giving eligible employees and contractors the ability to trade in their underwater stock options for a fewer number stock options at what may be a reduced price. Those who have options with an “exercise price per share greater than $7.71” that were “granted prior to October 19, 2008 under the Company’s Amended and Restated 2000 Stock Incentive Plan” have until 5 PM Pacific Time on May 17, 2010 to decide if they’d like to trade their options in for fewer options at the stock’s price on May 18, 2010.
Here’s why the Quik decided on the changes:
We believe that an effective and competitive incentive program for our employees and consultants is imperative for the success of our business. We rely on our experienced and productive employees and consultants and their efforts to help us achieve our business objectives. At Quiksilver, stock options constitute a key component of our incentive and retention programs because we believe that equity compensation encourages employees and consultants to act like owners of the business, motivating them to work toward our success and rewarding their contributions by allowing them to benefit from increases in the value of our shares.
Options eligible for the trade cover an aggregate of 4,105,852 shares or $10 million worth. One upside is that for most employees (excluding some European workers) the new stock options have a five-year term, rather than the Quik’s regular 10-year term. Any eligible employees who’d rather have their stock option money sooner rather than later might find this deal extremely attractive, and may actually give them a reason to stick around a little longer.
Eneliko “Liko” Smith, the Las Vegas-based hotelier who got into both financial and legal trouble in South Lake Tahoe with The Block chain of snowboard-themed hotels is reportedly planning to spend about $10 million to purchase Leelanau County, Michigan’s “long-shuttered Sugar Loaf Resort,” according to a story in the Traverse City Record-Eagle.
Leelanau County Commissioner Melinda Lautner wonders how plenty of red flags went unnoticed as Sugar Loaf’s owners and some county officials touted Smith as an ideal buyer. . . “I’m greatly concerned that there are people in our county that were this far along in agreements and plans, etcetera, and hadn’t even Googled the guy,” she said. “I’m kind of stunned.” . . . Still, Lautner said, concerned county officials won’t have much say in the matter if Smith doesn’t opt to use brownfield dollars or other public incentives. . . . “On a totally private deal, the county has absolutely no involvement,” she said. . . Commission Chair Mary Tonneberger agrees. . . . “I don’t think we have the ability on a private sale to examine the financial status of the buyer,” she said.
County offices apparently received many emails questioning the sale. The guy certainly keeps business rolling no matter what.
A 17-year-old surfer got clocked on the head by a loose stand up paddle board at Dana Point, Calfiornia’s Salt Creek last weekend, according to a story in the OC Register.
The surfer, who was not identified because of his age, was taken to the hospital after feeling dizzy and then released, his grandmother told Orange County Sheriff’s deputies. . . Lifeguards told deputies that the paddle boarder appeared to be surfing responsibly, said Sgt. Lynn Koehmstedt of Dana Point Police Services.
Well, as responsibly as someone can be while paddling a leash-less 40 pound board through a crowded lineup on a saturday morning at the Creek. . .
Jim Rowlinson was surfing at the Point at Hanalei Bay, on the north shore of Kaua’i around 4 PM on Monday, April 19, 2010 when he said he saw the water boil. Seconds later a shark took a bite out of Rowlinson’s blue longboards, according to a story in the The Garden Island.
Based on the teethmarks embedded in the board, marine biologist Terry Lilley of Save Our Seas said the shark was likely 14 feet long. He estimated this based off the base of the tooth measuring 1.25 inches. . . Lilley said the shark involved in this incident was likely chasing after a turtle when it mistakenly bit the surfboard. He said Rowlinson noted he saw a “yellow flash,” which could have been the underside of a turtle, just before the shark bit his board.
The best part about longboards is the nose and tail are a long ways from where you’re sitting. Especially when the sharks hit.
On Saturday night (April 17, 2010) Shaun White became the first snowboarder since Ross Rebagliati to be clowned on Saturday Night Live and as several snowboard pundits have mentioned: it wasn’t even that funny.
A 33-year-old father of two 13-year-old boys and an 11-year-old girl took his kids to the Denver Skatepark on Wednesday night (April 14, 2010) and ended up getting beaten by a crowd of skateboarders, according to a story on CBS4Denver.
Police say more than two dozen skateboarders joined in the melee, striking the father with skateboards. The victim received a head injury, a fractured back vertebrae and a broken elbow.
The Denver Post has more of the story of a man known only as Dave:
After about 30 minutes Dave watched as a group chased an individual across the park. As a pursuer ran by, Dave asked: “What’s going on?” . . The man turned to Dave, cursed at him, and told him to leave. . . The words had just passed from the man’s mouth when Dave was slammed with a skateboard from behind, he said. . . “I guess just me asking was enough for them to clock me,” Dave said. . . Immediately, others joined in and started beating Dave with skateboards. A friend of Dave’s who was there tried to help him, and he also was attacked. . . The friend’s injuries were not as serious.
Dave, who told The Post he’s been “going to the skatepark for years” drove his kids home and then drove himself to Lutheran Medical Center where he was treated for his injuries.
It appears that Shaun White had to get up a little too early for his interview with The Today Show’sMatt Lauer. Is all that late-night Vegas party action “spending time with his family” catching up with him a little. . . ?
[Editors’ Note: Turns out Shaun does say the word “Target” once in the interview. We missed it the first time. Thank you to our astute readers for pointing that out. The post has been corrected.]
Good lord! Would you look at that turn? Is there any wonder why rookie Carissa Moore is having no trouble with the current ASP Women’s World Tour establishment? With a 9.33 first wave score in the finals against Australia’s Sally Fitzgibbons Carissa announced her intentions. The rest was just follow through.
“The conditions definitely turned on for us this afternoon and I knew I couldn’t leave Sally (Fitzgibbons) a lot of room to maneuver,” Moore said. “She has been getting the highest scores every round and she’s so dangerous. I just felt like I was building momentum throughout the event and fortunately peaked in the Final.”
The ASP Tour is reportedly getting a last-minute bailout from Billabong after going nearly to the wire without a title sponsor for the Santa Catarina Pro whose waiting period begins April 23, 2010, according to a Jake Howard story on ESPN.com/Action.
Sources yesterday confirmed that Billabong will be the title sponsor of the Brazil leg of the World Tour. . . Of course, the conspiracy theorist would say that Taj Burrow has won Brazil four times, and seeing as he’s looking ripe for a world title push this year, he might enjoy the company of his sponsor while surfing on favored grounds
Our sources say we’ll be getting an official news release tomorrow. The Billabong Pro Santa Catarina has a nice ring to it and we know the webcast will be rockin’ with Billabong on the paying end.
[Update April 19, 2010: It wasn’t “tomorrow” but we finally got all the info from Billabong. Follow the jump for all the details.
The NBA Mix Master series is a limited edition, and only 100 headphones of each team and player will be made. Once they’re sold out, they’re gone for good. Skullcandy unveiled the lineup this week, but the NBA Mix Master headphones will be available to purchase on the Skullcandy Web site and at select Apple Store locations in cities that match up with the featured teams on April 20th, for $299 each.
Achem, did they say $299? Add Skullcandy to the “action ball lovers” list that already includes Vans and Girl Skateboards/Neff and add anyone who buys them to the “people with the wrong priorities” list.
Quiksilver is doing something nice for some of their employees according to tender offer papers filed yesterday (April 19, 2010) with the US Securities and Exchange Commission.
