Summary
Analog Devices Inc. (ADI) filed an 8-K on December 2, 2013, reporting the election of Richard M. Beyer as a new Director to its Board, effective November 30, 2013. Mr. Beyer has also been appointed to the Compensation Committee, indicating a focus on executive compensation oversight. This appointment comes with specific compensation details, including an annual cash retainer of $60,000 for his director role and an additional $3,000 for his committee service, paid quarterly. Furthermore, Mr. Beyer will receive equity awards, consisting of stock options and restricted stock units (RSUs), scheduled to be granted on December 16, 2013. These awards have specific vesting schedules tied to the company's next annual meeting or March 13, 2014, and include provisions for accelerated vesting under Change in Control events, death, disability, or retirement. The filing also notes that the company's standard practice is to grant annual equity awards to re-elected non-employee directors.
Key Highlights
- 1Richard M. Beyer elected as a new Director to the Board, effective November 30, 2013.
- 2Mr. Beyer appointed to the Compensation Committee of the Board of Directors.
- 3Annual cash retainer for Director role: $60,000, paid quarterly.
- 4Additional annual cash retainer for Compensation Committee service: $3,000, paid quarterly.
- 5Equity awards to be granted on December 16, 2013, include stock options and restricted stock units (RSUs).
- 6Stock options and RSUs have vesting scheduled for the earlier of the next annual meeting or March 13, 2014.
- 7Director equity awards have provisions for accelerated vesting upon Change in Control, death, or disability.