MOLX » Topics » Grants of Plan-Based Awards Table

This excerpt taken from the MOLX DEF 14A filed Sep 10, 2007.

Grants of Plan-Based Awards Table

The following table provides information on the estimated possible payouts under the merit bonus arrangements for fiscal year 2007, based on certain assumptions about the achievement of performance objectives for Molex and the individual Named Executive Officer at various levels. Since Molex’s operating performance bonus thresholds were not met in fiscal year 2007, the Named Executive Officers did not receive a cash merit bonus.

The table also provides information on stock awards and stock options to acquire shares of Molex Class A Common Stock granted in fiscal year 2007 to each of the Named Executive Officers. There can be no assurance that the amounts in the “Grant Date Fair Value of Stock and Option Awards” column will ever be realized.

 

Name

  Grant Date   Estimated Possible Payouts Under
Non-Equity Incentive Plan
Awards($)(1)
  All Other
Stock
Awards:
Number of
Shares of
Stock or
Units (#)
  All other
Option Awards:
Number of
Securities
Underlying
Options (#)
 

Exercise or
Base Price
of Option
Awards

($/Sh)

 

Grant Date

Fair Value

of Stock

and Option
Awards ($)(2)

    Threshold   Target   Maximum        

M. Slark

  08/15/2006   318,750   637,500   1,275,000   62,500   187,500   29.79   3,710,625

R. Mahoney

  08/15/2006   140,338   280,675   477,148   20,000   60,000   29.79   1,187,400

J. Fleischhacker

  08/15/2006   116,200   232,399   395,078   20,000   60,000   29.79   1,187,400

R. Schubel

  08/15/2006   125,010   250,020   425,034   20,000   60,000   29.79   1,187,400

D. Johnson

  08/15/2006   138,600   277,200   554,400   25,000   75,000   29.79   1,484,250

 

(1) These amounts represent potential payouts under cash merit bonus arrangements approved by the Compensation Committee for fiscal year 2007 – this is not a multi-year plan. For more information please see the “Compensation Discussion & Analysis.”

 

(2) Reflects the aggregate grant date fair value of stock awards and stock options as calculated in accordance with FAS 123(R). There can be no assurance that the FAS 123(R) amounts will ever be realized. Assumptions used in the calculation of these values are included in Note 16 to the consolidated financial statements included in the Annual Report on Form 10-K filed with the SEC on August 3, 2007.

2000 Molex Long-Term Stock Plan

Stock awards and stock options are granted to executive officers under the 2000 Molex Long-Term Stock Plan. Stock awards vest ratably over four years beginning on the first anniversary of the grant date. There is no dividend or other ownership rights in the shares of Class A Common Stock subject to the award unless and until the award vests and the shares are issued. Stock options are granted at 100% of the closing price of the stock on the grant date and vest ratably over four years beginning on the first anniversary of the grant date and expire on the fifth anniversary of the grant date. In 2006, the Board adopted equity grant procedures that provide that the annual equity award to executive officers will be granted each year effective August 15th or the next trading day if markets are closed on August 15th.

The vesting of stock awards and stock options is accelerated upon the executive’s death, disability or qualified retirement. A qualified retirement is one where the executive has reached age 59 1/2, was employed at least 15 consecutive years, and the Compensation Committee approves the accelerated vesting. Once accelerated, stock awards are distributed and stock options are immediately exercisable and expire at the earliest of the date of expiration set when the option was granted or six years after death, disability or qualified retirement. Stock awards and stock options terminate immediately upon the executive’s voluntary or involuntary termination of employment (other than death, disability or qualified retirement). Stock awards and stock options are not transferable.

 

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