Summary
Analog Devices Inc. (ADI) announced a key addition to its Board of Directors through an 8-K filing on August 18, 2020. Dr. Laurie H. Glimcher, MD, was elected as an independent Director, effective immediately, and will serve on the Compensation Committee. Her appointment is for a term extending to the company's next annual shareholder meeting in March 2021. Dr. Glimcher's compensation package includes an annual cash retainer of $80,000 for her board service, supplemented by an additional $10,000 for her role on the Compensation Committee. Furthermore, she will receive a pro-rated restricted stock unit (RSU) award valued at approximately $117,945, which will vest on the earlier of the next annual shareholder meeting or March 11, 2021. This addition signifies the company's commitment to bringing experienced leadership to its governance, particularly in matters of executive compensation, a crucial area for investor confidence.
Key Highlights
- 1Dr. Laurie H. Glimcher, MD, elected as an independent Director to the Board of Directors, effective August 18, 2020.
- 2Dr. Glimcher will serve on the Company’s Compensation Committee.
- 3Annual cash retainer of $80,000 for board service and an additional $10,000 for Compensation Committee service.
- 4Restricted Stock Unit (RSU) award of approximately $117,945 granted on September 15, 2020.
- 5RSU award is pro-rated for fiscal year 2020 and vests on the earlier of the next annual meeting or March 11, 2021.
- 6Standard director equity awards are subject to vesting upon Change in Control, death, or disability.
- 7No undisclosed arrangements or transactions requiring disclosure under Item 404(a).