BBOX » Topics » GRANTS OF PLAN-BASED AWARDS - FISCAL 2008

This excerpt taken from the BBOX DEF 14A filed Jun 26, 2008.
GRANTS OF PLAN-BASED AWARDS – FISCAL 2008
 
The following table sets forth each grant of awards made to our Named Executive Officers in Fiscal 2008 under plans established by us:
 
                   
Name
    Grant Date
    All Other Option
    Exercise or
            Awards:
    Base Price of
            Number of
    Option
            Securities
    Awards
            Underlying
    ($/Sh)
            Options(1)
     
            (#)
     
             
     

Fred C. Young

         —     

         —     

        —    

                   

R. Terry Blakemore

   
03/06/2008

   
60,000(2)

   
39.77

                   

Michael McAndrew

   
08/07/2007

   
20,000(3)

   
42.93

                   

Francis W. Wertheimber

   
     —     

   
     —     

   
    —    

                   
 
 
 
(1) Our Board and our stockholders have adopted the Employee Plan and have authorized the issuance of stock options and stock appreciation rights covering up to 9,200,000 shares of Common Stock under this plan (subject to appropriate adjustments in the event of stock splits, stock dividends and similar dilutive events). Stock options and stock appreciation rights may be granted under the Employee Plan to key salaried and hourly employees (including those who may also be directors but who are not members of our Compensation Committee).
 
(2) On March 6, 2008, Mr. Blakemore received stock options for 10,000 shares and 50,000 shares that were identical to and in exchange for cancelled options for the same amount of shares in order to remediate the adverse tax consequences of Section 409A associated with such options. The new options provided no additional benefit to Mr. Blakemore as compared to the cancelled options. In accordance with SFAS 123(R), the Company did not incur any incremental compensation expense as a result of this cancellation and regrant.


19


 

 
(3) This reflects Mr. McAndrew’s previously-disclosed agreement to voluntarily increase the price of an outstanding stock option from $40.55 to $42.93. The fair market value of the Common Stock on the date of the repricing was $39.43. In accordance with SFAS 123(R), the Company did not incur any incremental compensation expense as a result of this repricing.
 

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