|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the WDC DEF 14A filed Sep 24, 2007. Cash
Retention Bonuses
In limited circumstances, we may award cash retention bonuses to
executives whose retention is deemed critical to our future
success. The purpose of these bonus awards is to retain critical
talent by providing these individuals with a significant
incentive to remain employed by us through the payment date.
These bonus awards typically vest over a multiple-year period
and are payable only if the executive is employed on the
applicable vesting date.
On September 21, 2004, we entered into a retention
agreement with each of Mr. Coyne and Dr. Moghadam.
According to these agreements, Mr. Coyne received a cash
retention award in the amount of $300,000 and
Table of Contents
Dr. Moghadam received a cash retention award in the amount
of $450,000. Each award vested and became payable 25% on
September 1, 2005, 30% on September 1, 2006 and 45% on
September 1, 2007. Although we entered into the retention
agreements before Mr. Coyne and Dr. Moghadam were
executive officers, these agreements have remained in place
since Mr. Coyne and Dr. Moghadam became executive
officers.
|
| |||||||
