This excerpt taken from the FDP DEF 14A filed Mar 19, 2009.
Jimenez Tenazas is the Companys Senior Vice President of Asia-Pacific and an executive officer. His wife, Marissa Tenazas, is the Companys Vice President of Human Resources and received a base salary of $286,654 during fiscal year 2008, and receives other benefits generally available to all of our employees based in the United States. She also has stock options with respect to 80,000 Ordinary Shares, of which 24,000 were vested as of March 2, 2009.
At December 26, 2008, the close of our most recent fiscal year, the Company was 26.7% owned by IAT, which was in turn 100% beneficially owned by members of the Abu-Ghazaleh family, including Mohammad Abu-Ghazaleh, our Chairman and Chief Executive Officer, and Maher Abu-Ghazaleh and Amir Abu-Ghazaleh, directors of the Company. At that date, members of the Abu-Ghazaleh family directly owned 7.7% of our outstanding ordinary shares. On February 20, 2009, each of these Abu-Ghazaleh family members entered into a repurchase agreement with IAT, pursuant to which IAT repurchased a substantial majority of its ordinary shares held by the family in exchange for a pro-rata distribution of a portion of its assets, which consist entirely of Ordinary Shares. As of March 2, 2009, IAT owned 6.7% of the Ordinary Shares and members of the Abu-Ghazaleh family directly owned 27.3% of the Ordinary Shares. We expect that IAT will repurchase the remainder of its outstanding ordinary shares in the first quarter of 2009 (other than a single share to be held by Mohammad Abu-Ghazaleh pending liquidation of IAT) in exchange for a distribution of the remainder of the Ordinary Shares owned by IAT. Once this repurchase is complete, members of the Abu-Ghazaleh family will hold all of their interest in the Company directly.
In connection with the repurchase, the Abu-Ghazaleh family members entered into the Voting Agreement, pursuant to which (among other things) they granted Mohammad Abu-Ghazaleh an irrevocable proxy to vote all of the Ordinary Shares beneficially owned by them until February 19, 2010 and agreed to grant additional such proxies on an annual basis until the termination of the Voting Agreement.
The following table sets forth information pertaining to the repurchase, including the market value of the Ordinary Shares received by each of the Abu-Ghazaleh family members, determined based on the closing price for the Ordinary Shares on the NYSE on February 20, 2009.
In addition, during fiscal year 2008, we incurred approximately $2.0 million of air charter expenses with respect to an aircraft that is indirectly owned by our Chairman and Chief Executive Officer. The rates charged for these services were comparable to market rates charged to unrelated companies for use of a similar aircraft.