On February 8, 2011, the Company granted eligible employees a total of 250,000 shares of the Company's common stock as compensation under the China Information Technology, Inc. 2007 Equity Incentive Plan ("The Plan"). The fair value of these shares of approximately $1.1 million, based on the quoted market price, was accrued as of December 31, 2010 as the compensation was for services provided in 2010.
On May 3, 2011, upon achievement of earn out targets by Huipu, the Company issued 330,578 shares of the Company's common stock in connection with the acquisition of Huipu.
SOURCE China Information Technology, Inc.
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