revlis: In your previous post you cited note(4) to the compensation table in the Proxy Statement. As described, the amounts in the table for RSU awards represent the $ value of the awards made on Jan 1, 2005, based on a share price of $22.10. Therefore to determine the number of shares awarded you divide the $ amount by $22.10, (or you could check the Form 4s dated Jan 4, 2005). Here are some examples:
Fagan.........$247,498 = 11,199 shares
Lemmo.......$247,056 = 11,179 shares
Miller..........$170,391 = 7,710 shares
Shay...........$197,198 = 8,923 shares
Based on the Form 4s that came out this week, the following number of shares were listed as being given up for the exchange, As can be seen, the shares given up were 50% of the shares that were awarded.
Fagan......5,600 shares
Lemmo....5.590 shares
Miller......3,855 shares
Shay........4,462 shares
Therefore, out of the total time based RSU shares granted, half (50%) were given up to be replaced by the incentive grants with possible payouts ranging from 0 shares to three time the number of shares given up.
Note: the time based RSUs were a fixed number of shares based on just staying with the company until Jan 1, 2008. They were not subject to any incentive change. Before this action, the incentive portion of the LTCP only related to the cash award LTIP portion of the program.
olddog,
Perhaps you can help me understand this.
If performance meets or exceeds 150% of the target goal, the payout will be
three times the number of RSUs exchanged. The remaining 50% of the time-based
vesting RSUs which were previously granted to the persons identified above under
the Company's Long Term Compensation Program remain unchanged.
3 times the number of RSUs exchanged. What was exchanged? stock or cash or both?
So only 50% will be increased from 225% to 300%. Is my interpretation correct?
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