CHTT » Topics » Grants of Plan-Based Awards in Fiscal 2008 Table and Narrative Disclosure

This excerpt taken from the CHTT DEF 14A filed Feb 27, 2009.

Grants of Plan-Based Awards in Fiscal 2008 Table and Narrative Disclosure

 

During fiscal 2008, the named executive officers received two types of plan-based awards:

 

Annual Cash Incentive Plan—Our annual cash incentive plan is an incentive plan based on achieving pre-established corporate and individual performance goals. Awards under the plan are paid in cash. Amounts actually earned under the annual incentive plan for fiscal 2008 were paid in January 2009 based on earnings per share performance achievement that was slightly in excess of the Level 3 goal during fiscal 2008. The payout was made based on the achievement of an interpolated level calculated as Level 3.10. The amounts earned by each named executive officer are reported under the “Non-Equity Incentive Plan Compensation” column for fiscal 2008 in the Fiscal 2008 Summary Compensation Table above. For additional information relating to annual incentive awards under the plan, including performance goals, measures and weighting, see the “Compensation Discussion and Analysis” section above.

 

Options—Non-qualified options were granted on April 30, 2008 under the 2005 Stock Plan. The options vest in full on the fourth anniversary of the grant date (at a vesting rate of 25% per year), remain exercisable for six years from the date of grant, and have an exercise price equal to the closing market price of our common stock on the last business day prior to the date of the grant.

 

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