The improvements to the 401(K) plan will be retro-active to January 1, 2018. One-time stock grants will be issued on a tiered company tenure basis to U.S. based employees, and the total number of shares in the program will not exceed 50,000 shares. These grants are subject to approval of the new stock plan at the upcoming Board of Directors meeting, corresponding SEC registration requirements and the execution of a stock award agreement. These improved employee benefits will have a $0.01 impact on our first quarter earnings results.
Rollins, Inc. Vice Chairman and CEO, Gary W. Rollins, said "We are excited to announce these significant benefit enhancements for our U.S. based employees. As a service company, our employees are our most important asset and these benefit improvements recognize that."