80% of their target was achieved with 3 small deals and only 2 of which are 3g related? Wow I guess the bar had been set pretty low. When I say small deals, its deals as a percentage of total market. The biggest was RIMM and that was a modification to the contract that already existed so it was even totally new. Either way they lost for not performing timely which is what should happen to management. If they continue to underperform, then they should be out the door at some point. And no I am not calling for that yet.
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revlis: There might be some confusion between the goal percentage and the payout percentage. The following from last years 10-K describes how it works. Based on the RSUs that were awarded, they apparently achieved 80% of the target goal (whatever it was); however, by just meeting that goal they only received 20% of the what would have been received if they met the goal. If they had achieved less than 80% of the goal they would have received nothing. The 100% payout for meeting the goal would have resulted in receipt of the same number of RSUs that they originally gave up
"During 2006, fourteen members of our senior management voluntarily exchanged approximately 56,000 Cycle 2 time-based RSUs for an equal number of Cycle 2 performance-based RSUs. The Company will ultimately satisfy these performance-based RSUs through the issuance of between zero and 168,000 shares, depending upon senior management’s performance against specified goals. If actual performance were to meet, but not exceed, all specified goals, the Company would have a 100% payout of 56,000 shares, valued at $1.2 million, based on the grant date value of the time-based shares exchanged. Under the program, 100% achievement of the goals set by the Compensation Committee of the Board of Directors results in a 100% payout of the performance-based RSU incentive target amounts. For each 1% change above or below 100% achievement, the payout is adjusted by 4% with a maximum payout of 300% and for performance that falls below 80% of target, no share pay-out would occur. The following table provides examples of the performance-based cash incentive payout that would be earned based on various levels of goal achievement:
Goal Achievement..............Payout
less than 80%....................0 %
80%..................................20 %
100%..............................100 %
120%...............................180 %
150% or greater...............300 %"
I think you are right. They did not even come close
