NEW YORK (Reuters) - Lehman Brothers Holdings Inc
The company granted employees an equity award on July 1, which is intended to be an "advance" against any full-year equity award employees receive.
The shares were granted at $20.96, their closing price on July 1. In previous years, they were granted at a discount to their closing price. But the shares vest sooner, and the holding period is shorter, meaning employees will be able to sell the shares after just three years instead of the previous five years.
The company's shares rose after the report of the share grant, which first appeared on CNBC.
(Reporting by Jennifer Ablan and Dan Wilchins)