8-KLeadership ChangesExhibits & Filings

AMETEK INC/ 8-K Report, Executive Changes (Jul 30, 2010)

Filed July 30, 2010For Securities:AME

Summary

This 8-K filing from AMETEK, Inc. (AME) on July 30, 2010, primarily reports the appointment of Anthony J. Conti as an independent director to the Board of Directors, effective July 29, 2010. Mr. Conti has also been appointed to the Audit Committee, a key oversight function for the company. This addition to the board signals a potential for fresh perspectives and continued governance focus. In addition to his directorship, the filing details compensation adjustments for non-employee directors, including an increase in the annual basic retainer fee retroactive to January 1, 2010. Mr. Conti will receive a pro rata portion of this increased fee, along with per-meeting attendance fees and equity awards in the form of restricted stock and stock options. These details provide transparency into the company's executive compensation practices and director incentives.

Key Highlights

  • 1Appointment of Anthony J. Conti as an independent director to the Board of Directors, effective July 29, 2010.
  • 2Mr. Conti has been appointed to the Audit Committee of the Board of Directors.
  • 3No prior arrangement or understanding influenced Mr. Conti's appointment.
  • 4Increase in the annual basic retainer fee for non-employee directors from $45,000 to $55,000, effective retroactively to January 1, 2010.
  • 5Mr. Conti received a grant of 688 shares of restricted stock at $44.15 and options for 2,114 shares at $44.15.
  • 6Restricted stock and options granted to Mr. Conti vest in four equal annual installments, starting one year from the grant date.
  • 7The company issued a press release on July 30, 2010, announcing Mr. Conti's appointment.

Frequently Asked Questions

Anthony J. Conti has been appointed as an independent director to AMETEK, Inc.'s Board of Directors, effective July 29, 2010. He has also been appointed to the Audit Committee. His appointment appears to be an effort to strengthen the board's oversight and governance, without any specific prior arrangements with other parties influencing his selection.

Mr. Conti will receive a pro rata portion of AMETEK's increased annual basic retainer fee for non-employee directors, which was raised to $55,000 retroactively to January 1, 2010. He will also be compensated with $3,750 for each in-person Board meeting attended. Additionally, he received a grant of 688 restricted shares and options for 2,114 shares, with vesting over four years.

The increase in the annual basic retainer fee for non-employee directors from $45,000 to $55,000, retroactive to January 1, 2010, indicates AMETEK's commitment to fairly compensating its board members for their service and oversight responsibilities. The retroactivity suggests the board recognized the need for this adjustment earlier in the year.

Mr. Conti was granted 688 shares of restricted stock and options to purchase 2,114 shares of common stock, both at an exercise price of $44.15. These awards are designed to align his interests with those of shareholders and are subject to a four-year vesting schedule, commencing one year from the grant date.