This work was financed by a restricted grant fromf Serumwerke Bernburg, Bernburg, Germany.
How ironic, then, that Congress, which unsuccessfully attempted to lift the arms embargpo against the Bosnian Army, now seems eager to embrace an insidious bill--called the Immigration in the National Interest Act, drafted by Representative Lamar Smith, of Texas--that would severely restrict grants of political asylum.
Executive compensation committees are using cash bonuses, restricted stock grants and phantom stock grants to replace stock purchases financed with loans, says William Neff, a tax lawyer with Hogan & Hartson in Washington, D.C.
In the current environment, restricted stock grants, for example, may be preferable to option grants, given that stock grants will align director and shareholder interests more directly and avoid the perception that option grants may encourage directors to support more aggressive risk-taking on the part of management to maximize option values.
"If we're heading to full-value restricted stock grants, we may be going to a worse place than we were with options, because those grants may be less sensitive to actual performance".
The restricted stock grants came before these boffo results.
Typically, restricted stock grants vest over longer periods.
Restricted stock grants, on the other hand, have less upside.
For example, the averages for restricted stock grants include only those executives who received restricted stock.
Chief executives at 203 companies, roughly half of those studied, received restricted stock grants in 2003.
