OMI » Topics » Special Discretionary Bonus

This excerpt taken from the OMI DEF 14A filed Mar 14, 2008.

Special Discretionary Bonus

From time to time, the Company may provide the Named Executive Officers with special bonuses, which are intended to reward exemplary service to the Company. These special bonuses are discretionary and separate from any bonuses for which a Named Executive Officer may be eligible under an Annual Incentive Plan.

In 2006, the Company did not grant annual incentive awards to the Named Executive Officers because the Company did not meet its minimum net income performance threshold under the 2006 Annual Incentive Plan.

 

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However, the Company completed several significant projects, including the successful conversion of the McKesson Acquisition. On April 26, 2007, based on these accomplishments and in recognition of the extraordinary effort, commitment and leadership of the Named Executive Officers listed below in successfully completing the conversion of the acquired acute-care business in less than six months, the Board of Directors, upon recommendation of the Committee, approved the award of special discretionary bonuses, consisting of a combination of cash and restricted stock as indicated.

 

Name    Amount of Discretionary
Cash Award
($)
   Amount of Discretionary
Restricted Stock Award
($ value) (a)
   Total

Mr. Smith

   $ 135,938    $ 135,954    $ 271,892

Mr. Colpo

     39,589      39,613      79,202

Ms. den Hartog

     40,624      40,624      81,248

(a) The amounts shown are the grant date fair value of the equity award computed in accordance with SFAS 123(R). The shares of restricted stock awarded vest three years from the date of grant provided that the recipient remains employed by the Company at the time of vesting.

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