ADC Telecommunications 8-K 2008
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
ADC Telecommunications, Inc.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 23, 2008, the compensation committee of our board of directors approved the grant of a stock option to purchase 426,000 shares of our common stock to our Chief Executive Officer, Robert E. Switz. This stock option grant was divided between incentive stock options and non-qualified stock options, all issued pursuant to our 2008 Global Stock Incentive Plan. The exercise price under this grant is $4.85 per share. Under the terms of the grant, the stock options generally vest as to 106,500 shares of common stock every year for four years on the anniversary of the grant date. The option agreements also address vesting and exercise terms in the event of a change in control of the company or Mr. Switz' retirement or death during the term. The forms of the option agreements for this grant are filed as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.