In order to align the interests of van Biene with those of Tag-It stockholders, his compensation package included initial option grants.
van Biene was granted a non-qualified option to purchase 325,000 shares of common stock, which option is exercisable at $0.53 per share, vests over a period of three years from the date of employment subject to van Biene's continued employment, and has a ten-year term.
These options were granted as an inducement to van Biene's employment pursuant to AMEX Company Guide Section 711(a), and were approved by Tag-It's board of directors, including a majority of the independent directors.
Tag-It distributes zippers under its Talon brand name to manufacturers for apparel brands and retailers such as Levi Strauss & Co, Wal-Mart and JCPenney.
Tag-It also supplies a full range of trim items to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers, including Levi Strauss & Co, Motherworks, Express, The Limited, New York & Co, Victoria's Secret and House of Dereon, among others.
marketing@alchempro.com
