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This excerpt taken from the MCK DEF 14A filed Jun 15, 2009. Equity
Compensation
Each July, non-employee directors receive an automatic annual
grant of RSUs with an approximate value as of the grant date
equal to $150,000. The actual number of RSUs under the grant is
determined by dividing $150,000 by the closing price of the
Company’s common stock on the grant date (with any
fractional unit rounded up to the nearest whole unit); provided,
however, that the number of units granted in any annual grant
will in no event exceed 5,000 units, in accordance with the
requirements of our 2005 Stock Plan.
The RSUs granted to non-employee directors vest immediately. If
a director meets the director stock ownership guidelines
(currently $300,000 in shares and share equivalents), then the
director will, on the grant date, receive the shares underlying
the RSU grant, unless the director elects to defer receipt of
the shares. The determination of whether a director meets the
director stock ownership guidelines is made as of the last day
of the deferral election period preceding the applicable RSU
grant. If a non-employee director has not met the stock
ownership guidelines as of the last day of such deferral
election period, then the shares underlying the RSU grant will
be automatically deferred until after the director’s
separation from service.
Recipients of RSUs are entitled to dividend equivalents at the
same dividend rate applicable to the Company’s common
stockholders, which is currently set at $0.12 per share each
quarter. For our directors, dividend equivalents on the RSUs are
credited quarterly to an interest bearing cash account and are
not distributed until the shares underlying the RSU award are
released to the director. Interest accrues on directors’
credited dividend equivalents at the same rate used for the
Company’s DCAP III, which for calendar year 2009 was set at
8.0% per annum.
This excerpt taken from the MCK DEF 14A filed Jun 23, 2008. Equity
Compensation
Each July, beginning in 2007, non-employee directors receive an
automatic annual grant of RSUs with an approximate value as of
the grant date equal to $150,000. The actual number of RSUs
under the grant is determined
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by dividing $150,000 by the closing price of the Company’s
common stock on the grant date (with any fractional unit rounded
up to the nearest whole unit). For annual RSU awards made prior
to July 2007, non-employee directors received 2,500 units.
The RSUs granted to non-employee directors vest immediately. For
annual RSU grants made prior to the July 2008 Annual Meeting of
Stockholders, receipt of the underlying stock is deferred until
such time as the director leaves the Board. At its meeting in
July 2007, the Board determined that if a director meets the
director stock ownership guidelines (currently $300,000 in
shares and share equivalents), the director will, on the grant
date, receive the shares underlying the RSU grant unless the
director elects to defer receipt of the shares.
Recipients of RSUs are entitled to dividend equivalents at the
same dividend rate applicable to the Company’s common
stockholders. For our directors, dividend equivalents on the
RSUs are credited quarterly to an interest bearing cash account
and are not distributed until the director leaves the Board.
Interest accrues on directors’ credited dividend
equivalents at the same rate used for the Company’s DCAP
III, which for calendar years 2007 and 2008 was set at 8.0% per
annum.
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