PULB » Topics » Director Compensation

This excerpt taken from the PULB DEF 14A filed Dec 31, 2008.

Director Compensation

Our outside directors are compensated through an annual retainer of $18,000, plus meeting fees. However, our chairman of the board, Stanley Bradshaw receives additional annual compensation of $30,000 and our vice-chairman, Lee Wielansky receives an additional $12,000 per year. On April 16, 2008, Messrs. Bradshaw and Wielansky received non-statutory stock options for 30,000 and 5,000 shares, respectively, at an exercise price of $11.25 per share. Each option vests over a five-year period beginning on the first anniversary of the date of grant and is exercisable over a ten-year period. In addition to his service on the Board of Directors, William Donius has been engaged as a consultant to the Company and receives an annual retainer. See “Compensation for Named Executive Officers in 2008” for a discussion on Mr. Donius’ consulting arrangement.

Outside directors also participate in our equity compensation program and receive annual stock option grants. On November 3, 2008, the Board of Directors granted each outside director an annual non-statutory stock option for 4,000 shares of Company common stock at an exercise price of $7.70 per share. All director options are 100% vested as of the grant date and are exercisable over a period of ten years. The director option award is based on a target value of approximately 25% of the average board fees. In determining the level of compensation for our Board, we review director performance and peer group data, along with the financial performance of the Company. See “Peer Group Analysis” for a list of our peer institutions. Our Board of Directors did not receive an increase in its annual retainer or meeting fees for 2009.

 

21


This excerpt taken from the PULB DEF 14A filed Jan 7, 2008.

Director Compensation

Our outside directors are compensated through an annual retainer and meeting fees. Outside directors also participate in our equity compensation program and receive annual stock option grants. In determining the level of compensation for our Board, we review peer group data and utilize the services of independent professionals such as SNL Financial and Pearl Meyer & Partners. On December 19, 2007, the Board of Directors granted each outside director a non-statutory stock option for 2,900 shares which were immediately vested and are exercisable over a period of five years. The options were granted at an exercise price of $9.46 per share, which was the fair market value on the date of grant.

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