Summary
Analog Devices Inc. (ADI) announced a significant change in its Board of Directors with the election of Dr. Edward H. Frank, effective June 11, 2014. Dr. Frank's appointment is accompanied by his inclusion on the Nominating and Corporate Governance Committee, underscoring the company's focus on governance and strategic oversight. This filing details Dr. Frank's compensation package, which includes an annual cash retainer of $60,000 for his board service and an additional $3,000 for his committee role, payable quarterly. Furthermore, he will receive equity awards in the form of stock options and restricted stock units, subject to vesting schedules tied to the company's next annual meeting or March 12, 2015. Investors should note that these awards have provisions for accelerated vesting in the event of a change in control, death, disability, or retirement, aligning director incentives with shareholder interests.
Key Highlights
- 1Dr. Edward H. Frank elected to the Board of Directors on June 11, 2014.
- 2Dr. Frank appointed to the Nominating and Corporate Governance Committee.
- 3Dr. Frank to receive an annual cash retainer of $60,000 for board service.
- 4Dr. Frank to receive an additional annual cash retainer of $3,000 for committee service.
- 5Dr. Frank to receive equity awards: stock options for 7,240 shares and 1,280 restricted stock units (RSUs).
- 6Equity awards vest on the earlier of the next annual meeting or March 12, 2015.
- 7Director compensation includes provisions for accelerated vesting upon Change in Control, death, disability, or retirement.