The Toro Company Announces Stock Grant to Timothy Dordell
BLOOMINGTON, Minn.--(BUSINESS WIRE)--Nov. 7, 2006--The Toro Company (NYSE:TTC), as required by New York Stock Exchange rules, today reported the grant of restricted stock to a new employee, Timothy Dordell, vice president and deputy general counsel.
The Compensation and Human Resources Committee of the board of directors for The Toro Company awarded 2,620 restricted shares of common stock to Dordell as an employment inducement award.
The award will be vested 100 percent on the second anniversary of Dordell's first day of employment with Toro. In the event Dordell voluntarily terminates his employment with Toro prior to his second anniversary with Toro, the entire stock grant will be forfeited and the shares will be returned to Toro's treasury account.
In accordance with NYSE Rule 303A.08, this inducement stock award requires a public announcement of the award and written notice to the NYSE.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of outdoor beautification products, support services and integrated solutions. With sales of $1.8 billion in 2005, Toro is committed to providing environmentally responsible products of customer-valued quality and innovation. Since 1914, the company has built a tradition of excellence around a number of strong brands that serve a customer base that includes golf course superintendents, groundskeepers, sports field managers, landscape and irrigation contractors, fruit and vegetable growers, and homeowners. The Toro Company is headquartered at 8111 Lyndale Avenue in Bloomington, Minn. Visit the company website at www.thetorocompany.com.
CONTACT: The Toro Company
Investor Relations:
John Wright, Director, Investor Relations, 952-887-8865
or
Media Relations:
Connie Kotke, Manager, Corporate Communications,
952-887-8984
pr@toro.com
www.thetorocompany.com
SOURCE: The Toro Company