Founder And CEO Increases Ownership Stake In Radiant Logistics
BELLEVUE, Wash., March 21, 2014 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE MKT: RLGT), a domestic and international freight forwarding and logistics services company, today announced that its founder and chief executive officer, Bohn Crain, has increased his ownership stake in the Company through the exercise of a portion of the option grant he received in connection with the launch of the company in October of 2005. The Company granted Mr. Crain a non-qualified option to purchase 2,000,000 shares of Radiant common stock in October of 2005 under Radiant's 2005 Stock Incentive Plan (the "Founder Options") with an exercise price of $0.50 per share for 1,000,000 shares and an exercise price of $0.75 per share for the other 1,000,000 shares.
Mr. Crain has begun the process of exercising the Founder Options through the exercise of the option to purchase 325,000 shares at a strike price of $0.75 per share (the "March 2014 Exercise") and expects to exercise the remaining Founder Options over the course of the next 18 months, subject to SEC and Company imposed trading restrictions, in order to complete a full exercise of the Founder Options before the options expire in October 2015. In accordance with the 2005 Stock Incentive Plan, the Company withheld 146,485 shares otherwise issuable to Mr. Crain having a fair market value equal to the option exercise price of the shares being purchased pursuant to the exercise of the option along with applicable tax withholding, thus resulting in Mr. Crain receiving 178,515 net shares of Radiant common stock from the transaction. After giving effect to the March 2014 Exercise, Mr. Crain owns a total of 10,173,882 shares of common stock (approximately 30.0% of the Company's common stock), options to acquire an additional 1,743,891 shares of Radiant common stock (including the remaining Founder Options on 1,675,000 shares of Radiant in common stock) and 4,000 shares of Radiant's redeemable perpetual preferred stock issued in October of 2013.
About Radiant Logistics (NYSE MKT: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a non-asset based transportation and logistics company providing domestic and international freight forwarding services and an expanding array of value-added solutions, including customs and property brokerage, order fulfillment, inventory management and warehousing. The company operates through a network of company-owned and independent agent offices across North America under the Radiant, Airgroup, Adcom, DBA and On Time network brands servicing a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.
SOURCE Radiant Logistics, Inc.