MRVL » Topics » Initial Awards

This excerpt taken from the MRVL DEF 14A filed Sep 14, 2007.

Initial Awards

Until otherwise determined by the Administrator, each person who first becomes an Outside Director following the date the 2007 Director Plan is adopted by the board of directors automatically will receive a nonstatutory stock option (an “Option”) to purchase 50,000 shares (the “Initial Option Award”). The Initial Option Award will be granted on the later of the date the individual first becomes an Outside Director, whether through election by the company’s shareholders or by appointment by the board of directors to fill a vacancy, or the date that the 2007 Director Plan is approved by shareholders. Such Outside Directors, as well as other Outside Directors designated by the board of directors as eligible to receive awards under the 2007 Director Plan, shall be “Eligible Outside Directors.” A director who is an employee of the company (an “Inside Director”) who ceases to be an Inside Director, but remains a member of the board of directors, will not receive an Initial Option Award.

Each Initial Option Award will vest and become exercisable as to 1/3rd of the shares subject to the Initial Option Award on the one year anniversary of the date of grant and as to 1/3rd of the shares subject to the Initial Option Award on each annual anniversary thereafter, provided that the Outside Director continues to serve as an employee, director or consultant through the relevant vesting date, and subject to the acceleration provisions relating to Awards granted under the 2007 Director Plan, as described below. Each Initial Option Award will have a term of 10 years.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki