texb: Thanks for the information. Looking at last year's proxy statement I see that in addition to base salary they had a "Performance-Based Annual Bonus" and "Long-Term Equity Incentives". As you say, and as stated in the proxy statement, the new LTIP comes under "Long-Term Equity Incentives" and is just a substitute for the stock options that were previously granted. It is separate from the "Performance-Based Annual Bonus".
No wonder Fagan didn't want to answer questions about the program. It just seems to be another rip off of the stockholders
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