Georgia Gulf officers forfeit purchase options, allow employee grants

By Caroline Salls

Pittsburgh, May 27 - Georgia Gulf Corp. said some of its executive officers have decided to voluntarily forfeit options to purchase shares of the company's common stock so further grants can be made to other employees, according to an 8-K filed with the Securities and Exchange Commission.

Specifically, president and chief executive officer Paul Carrico and vice president of human resources James Worrell both forfeited their options to buy 5,000 shares; vice president, general counsel and secretary Joel Beerman, vice president of aromatics and additives Mark Seal, vice president of PVC compounds William Doherty and vice president of procurement Doug Shannon each agreed to forfeit their option to buy 14,500 shares; and vice president and corporate controller Mark Buckis agreed to forfeit his option to buy 3,600 shares.

Georgia Gulf said the executives did not receive any consideration for the forfeited options.

The company said the executive purchase options were granted in 2005 at an exercise price of $53.38.

Georgia Gulf is an Atlanta-based maker of chlorovinyls and aromatics chemicals and vinyl-based building and home improvement products.

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