National Financial Partners Corp. (NYSE:NFP) today vested some principals’ restricted stock units early and also changed its logo.
NFP, New York, a financial services distributed says it expects to report a $10 million gain for the third quarter in connection with a recently completed tender offer for convertible senior notes.
NFP also expects to record a $13.5 million charge for the quarter, to account for accelerating vesting of the restricted stock units, which are part of the company’s long-term equity incentive plan.
The acceleration affects 1.5 million restricted stock units going to the principals at local distribution firms NFP has acquired over the years, not to NFP’s executives or directors, the company says.
When the units vest, NFP will pay holders 60% of the amount in restricted shares and 40% in cash. The recipients will face restrictions on selling the restricted shares until Nov. 24, 2012.