Exhibit 10.1
Summary of Option Cancellations and Restricted Stock Unit Awards
On January 13, 2006, the Compensation Committee of the Board of Directors of Virco Mfg. Corporation (the “Company”), unanimously approved (i) the cancellation of all existing options for Company common stock previously granted by the Company for services as a director and held by the Company’s non-employee directors (as reflected below) and (ii) the grant of restricted stock units to such non-employee directors (as reflected below). The restricted stock units vest on July 5, 2006, on which date each vested restricted stock unit may be converted into one share of common stock of the Company.
Number of Shares | ||||||||
Underlying Cancelled | Number of Restricted | |||||||
Non-Employee Director | Options | Stock Units Granted | ||||||
Donald S. Friesz | 14,220 | 14,220 | ||||||
Evan M. Gruber | 8,200 | 8,200 | ||||||
Robert K. Montgomery | 11,951 | 11,951 | ||||||
Albert J. Moyer | 4,000 | 4,000 | ||||||
Glen D. Parish | 2,000 | 2,000 | ||||||
Donald A. Patrick | 16,755 | 16,755 | ||||||
James R. Wilburn | 16,755 | 16,755 |