SYMM » Topics » Director Compensation

This excerpt taken from the SYMM DEF 14A filed Sep 30, 2009.

Director Compensation

Each non-employee director receives an annual retainer of $35,000, with the Chairman of the Board receiving an incremental $15,000, the Chairs of the Audit Committee and Compensation Committee receiving an incremental $10,000 and the Chair of the Nominating and Governance Committee receiving an incremental

 

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$5,000. With respect to committee meetings attended by non-employee committee members, the Board has approved fees of $1,000 per meeting attended in person and $500 per meeting attended by telephone. No fees are paid for attendance at Board meetings.

Each non-employee director receives an annual non-statutory stock option grant to purchase 7,500 shares of our common stock and a grant of 3,750 shares of restricted stock, each with 100% vesting at the end of one year or upon the occurrence of a change of control. In addition, upon joining the Board, each non-employee director receives a one-time grant of a non-statutory stock option to purchase 20,000 shares of our common stock, vesting over three years, at the rate of 25% at the end of each of the first and second years and 50% at the end of the third year of the vesting period, with acceleration of vesting upon the occurrence of a change of control, and 3,750 shares of restricted stock with the same vesting schedule.

The Company sponsors a deferred compensation plan under which directors and key employees may elect to defer a portion of their current compensation on a pre-tax basis, and to have such deferred compensation and any accrued earnings distributed to them at a future date. The Company may also make discretionary contributions to the accounts of one or more of the plan’s participants. To date, the Company has not made any such discretionary contributions.

The following table shows compensation information for the Company’s current non-employee directors for the fiscal year ended June 28, 2009.

This excerpt taken from the SYMM DEF 14A filed Sep 26, 2008.

Director Compensation

        Each non-employee director receives an annual retainer of $35,000, with the Chairman of the Board receiving an incremental $15,000, the Chairs of the Audit Committee and Compensation Committee receiving an incremental $10,000 and the Chair of the Nominating and Governance Committee receiving an incremental $5,000. With respect to committee meetings attended by non-employee committee members, the Board approved the fees of $1,000 per meeting attended in person and $500 per meeting attended by telephone. No fees are paid for Board meetings.

        Each non-employee director receives an annual non-statutory stock option grant to purchase 7,500 shares of our common stock and a grant of 3,750 shares of restricted stock, each with 100% vesting at the end of one year or upon the occurrence of a change of control. In addition, upon joining the Board, each non-employee director receives a one-time grant of a non-statutory stock option to purchase 20,000 shares of our common stock, vesting over three years, at the rate of 25% at the end of each of the first and second years and 50% at the end of the third year of the vesting period, with acceleration of vesting upon the occurrence of a change of control, and 3,750 shares of restricted stock with the same vesting schedule.

        The Company sponsors a deferred compensation plan under which directors and key employees may elect to defer a portion of their current compensation on a pre-tax basis, and to have such deferred compensation and any accrued earnings distributed to them at a future date. The Company may also make discretionary contributions to the accounts of one or more of the plan's participants. To date, the Company has not made any such discretionary contributions.

        The following table shows compensation information for the Company's current non-employee directors for the fiscal year ended June 29, 2008.

This excerpt taken from the SYMM DEF 14A filed Oct 16, 2007.

Director Compensation

At a meeting held on August 4, 2006, the Board of Directors approved certain changes to the compensation program for non-employee directors. Effective July 3, 2006, each non-employee director receives an annual retainer of $35,000, with the Chairman of the Board receiving an incremental $15,000, the Chairs of the Audit Committee and Compensation Committee receiving an incremental $10,000 and the Chair of the Nominating and Governance Committee receiving an incremental $5,000. With respect to committee meetings attended by non-employee committee members, the Board approved the fees

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of $1,000 per meeting attended in person and $500 per meeting attended by telephone. No fees are paid for Board meetings.

Under the 2006 Incentive Award Plan, each non-employee director receives an annual non-statutory stock option grant to purchase 7,500 shares of our common stock and a grant of 3,750 shares of restricted stock, each with 100% vesting at the end of one year or upon the occurrence of a change of control. In addition, upon joining the Board, each non-employee director receives a one-time grant of a non-statutory stock option to purchase 20,000 shares of our Common stock.

The Company sponsors a deferred compensation plan under which directors and key employees may elect to defer a portion of their current compensation on a pre-tax basis, and to have such deferred compensation and any accrued earnings distributed to them at a future date. The Company may also make discretionary contributions to the accounts of one or more of the plan’s participants. To date, the Company has not made any such discretionary contributions.

The following table shows compensation information for the Company’s current non-employee directors for fiscal 2007.

This excerpt taken from the SYMM DEF 14A filed Sep 25, 2006.

Director Compensation

In fiscal 2006 the annual retainer for the Chairman of the Board, the Chair of the Audit Committee and all other directors are $45,0000, $35,0000 and $30,000, respectively. In addition to this retainer during 2006, all non-employee Board members were paid $1,250 for participation at a strategy session.

At a meeting held on August 4, 2006, the Board of Directors approved certain changes to the compensation program for non-employee directors. Effective July 3, 2006, each non-employee director will receive an annual retainer of $35,000, with the Chairman of the Board receiving an incremental $15,000, the Chairs of the Audit Committee and Stock Option and Compensation Committee receiving an incremental $10,000, and the Chair of each of the Nominating and Governance Committee receiving an incremental $5,000. With respect to committee meetings attended by non-employee committee members, the Board approved the fees of $1,000 per meeting attended in person and $500 per meeting attended by telephone. No fees will be paid for Board meetings.

Effective January 1, 2007, each non-employee director will receive an annual non-statutory stock option grant to purchase 7,500 shares of our common stock and a grant of 3,750 shares of restricted stock, each with 100% vesting at the end of one year or upon the occurrence of a change of control. This automatic grant of options and restricted stock replaces the automatic annual grant of 10,000 options to purchase common stock that was currently in place for continuing non-employee directors. In addition, upon joining the Board, each non-employee director will receive a one-time grant of a non-statutory stock option to purchase 20,000 shares of our Common stock.

Under the terms of the 1999 Director Stock Option Plan, prior to July 1, 2004, each non-employee director automatically received (i) a non-statutory stock option to purchase 10,000 shares of the Company’s common stock on the date on which such person first became an outside director, and (ii) on January 1 of each year, either a non-statutory stock option to purchase 10,000 shares of the Company’s common stock, or a pro rata share of the 10,000 shares based on the time period between the director’s start date and January 1 as a percentage of twelve months, provided that the director had served on the Board for at least six months prior to the January 1 date. Effective July 1, 2004, the initial grant of a non-statutory stock option upon joining the Board was increased to 20,000 shares for directors who first become non-employee directors after such date.

The Company sponsors a deferred compensation plan under which directors and key employees may elect to defer a portion of their current compensation on a pre-tax basis, and to have such deferred compensation and any accrued earnings distributed to them at a future date. The Company may also make discretionary contributions to the accounts of one or more of the plan’s participants. To date, the Company has not made any such discretionary contributions.

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This excerpt taken from the SYMM DEF 14A filed Sep 22, 2005.
Director Compensation

Under the terms of the 1999 Director Stock Option Plan, prior to July 1, 2004, each non-employee director automatically received (i) a nonstatutory stock option to purchase 10,000 shares of the Company’s common stock on the date on which such person first became an outside director, and (ii) on January 1 of each year, either a nonstatutory stock option to purchase 10,000 shares of the Company’s common stock, or a pro rata share of the 10,000 shares based on the time period between the director’s start date and January 1 as a percentage of twelve months, provided that the director had served on the Board for at least six months prior to the January 1 date. Effective July 1, 2004, the initial grant of a nonstatutory stock option upon joining the Board was increased to 20,000 shares for directors who first become non-employee directors after such date. The annual grant to existing directors did not change. In addition, all non-employee directors will receive an annual retainer instead of payments for each meeting attended. The annual retainer for the Chairman of the Board, the Chairman of the Audit Committee and all other directors are $45,000, $35,000 and $30,000, respectively.

Under a special arrangement with the Company, Mr. Clarkson, Mr. Snyder, Mr. Oliver were paid $2,500, $3,125 and $6,250 in the aggregate, respectively, for consulting services during fiscal 2005.

The Company sponsors a deferred compensation plan under which directors and key employees may elect to defer a portion of their current compensation on a pre-tax basis, and to have such deferred compensation and any accrued earnings distributed to them at a future date. The Company may also make discretionary contributions to the accounts of one or more of the plan’s participants. To date, the Company has not made such discretionary contributions.

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