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This excerpt taken from the WDC DEF 14A filed Sep 24, 2007. 2007
Special Retention and New Hire Awards
From time to time, the Compensation Committee may also grant
stock options, restricted stock units
and/or
long-term performance cash awards outside of our long-term
incentive program to certain new hires as a means to attract and
motivate these individuals to accept employment with us as well
as to our executives or other key employees in connection with a
promotion or as a means to encourage the retention of those
employees that are deemed critical to our future success. The
purpose of these awards is to attract, motivate and retain
critical talent by
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providing a significant incremental opportunity for capital
accumulation and to focus award recipients on increasing the
value of our common stock.
On February 6, 2007, the Compensation Committee granted
Dr. Moghadam an award of 80,000 restricted stock units that
vests 100% on August 6, 2009. This award provides a
retention incentive as the units are scheduled to vest 100% on
August 6, 2009.
In addition, in connection with our employment of
Mr. Leyden to succeed Mr. Milligan as Chief Financial
Officer, the Compensation Committee awarded to Mr. Leyden a
stock option to purchase 150,000 shares of our common
stock, an award of 75,000 restricted stock units and a long-term
performance cash award providing for a target cash opportunity
of $210,000. The performance cash award corresponds to the
performance period beginning June 30, 2007 and ending
June 27, 2008 and is subject to our achievement of
specified operating income and revenue goals that correspond to
specific payment percentages ranging between 0% and 200%.
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