SATC » Topics » New Plan Benefits

This excerpt taken from the SATC DEF 14A filed Nov 19, 2007.

New Plan Benefits

        No grants have been made with respect to additional shares of our common stock to be reserved for issuance under the plan. In addition, the number of shares of our common stock that may be granted to executive officers, directors and all employees including non-executive officers is indeterminable at this time, as those grants generally are subject to the discretion of the committee.

This excerpt taken from the SATC DEF 14A filed Apr 27, 2007.

New Plan Benefits

No grants have been made with respect to additional shares of Common Stock to be reserved for issuance under the 2005 Plan. In addition, the number of shares of Common Stock that may be granted to executive officers, directors and all employees including non-executive officers is indeterminable at this time, as such grants generally are subject to the discretion of the Committee. However, in connection with the Corporation’s 2007 Incentive Bonus Plan, as described above under “Compensation Discussion and Analysis—Annual Incentive Bonus Plan” if certain annual business unit and company performance targets are achieved in the areas of balance sheet management, revenue and profitability during fiscal 2007, in the future the Corporation’s may be required to issue shares of its Common Stock. Based on the closing price of the Corporation’s Common Stock on the date the 2007 Bonus Plan was approved ($1.18) and current salary levels, if the Corporation and its business units were to achieve the performance targets established in the plan, the Corporation could be required to issue up to 430,000 shares, depending on the level of achievement; however, because the Corporation cannot predict if such targets will be met, the achievement of the targets is not considered probable at this time. Furthermore, even if the targets are achieved, the Corporation cannot predict the actual number of shares of Common Stock that may be issued under this plan, as that depends on the number of targets achieved and the level of achievement, which are unknown at this time.

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