Business Context and Reporting Period
This Form 8-K Current Report was filed by Builders FirstSource, Inc. on June 27, 2005. The filing discloses the entry into a material definitive agreement regarding executive compensation.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity figures. It is a disclosure of a specific corporate action rather than a financial performance report.
Material Changes
On June 27, 2005, the Company entered into a Restricted Stock Award Agreement with Mr. Robert C. Griffin, a member of the Board of Directors. Under this agreement, Mr. Griffin received a grant of 3,750 shares of restricted common stock pursuant to the Company's 2005 Equity Incentive Plan.
Guidance, Outlook, and Terms of Agreement
- Vesting Schedule: One-third of the shares vest on each of the first, second, and third anniversaries of the Grant Date, contingent upon continuous service as a director.
- Forfeiture: Rights to unvested shares are forfeited if the director ceases service during the term.
- Change in Control: All shares immediately vest and become nonforfeitable in the event of a Change in Control.
- Shareholder Rights: Directors retain voting rights and the right to receive dividends on the restricted shares upon grant.
Investor Verification Checklist
- Verify the total number of shares granted (3,750) and the vesting timeline.
- Review the attached Exhibit 10 (Form of Restricted Stock Award Agreement) for specific legal definitions of "Change in Control."
- Confirm the impact of this grant on the Company's 2005 Equity Incentive Plan share reserve.