BFK Capital Group granted 448,265 shares, or a 6.9% stake, of its restricted stock units yesterday to the employees of subsidiary John A. Levin as part of a new incentive package. The stock award will be about $8.1 million. Levin executives who are subject to performance-based compensation in 2000 may receive more shares in the first quarter, bringing Levin employees total ownership of BFKs outstanding equity to 10%. That stock award will be about $3.6 million, assuming BFKs stock price of $18 per share holds. Additional shares may be awarded in the future to give Levin employees an even larger equity stake.
BFK became a publicly traded operating company in January. John A. Levin manages more than $10 billion for institutional and high-net-worth clients.