Summary
This 8-K filing by Allegheny Technologies Incorporated (ATI) announces changes to its Non-Employee Director Compensation Program, effective January 1, 2007. The key change is an increase in compensation for non-employee directors, which will now include a $60,000 annual cash retainer and a potential $75,000 in restricted stock, subject to stockholder approval. Additionally, committee chairs will receive a $10,000 annual cash retainer.
Key Highlights
- 1ATI's Board of Directors approved an updated compensation structure for non-employee directors, effective January 1, 2007.
- 2The annual retainer for non-employee directors will increase to include $60,000 in cash.
- 3Non-employee directors are also set to receive $75,000 worth of restricted stock, pending stockholder approval at the 2007 Annual Meeting.
- 4An additional annual cash retainer of $10,000 will be paid to non-employee directors serving as committee chairs.
- 5The updated compensation program is detailed in Exhibit 99.1, a summary of the Non-Employee Director Compensation Program.
- 6The changes were approved by the Board of Directors but are not formalized in individual written agreements with the directors.
Frequently Asked Questions
The primary purpose of this filing is to inform investors about the material changes to Allegheny Technologies Incorporated's (ATI) Non-Employee Director Compensation Program, effective January 1, 2007.
The annual compensation for non-employee directors will now include a $60,000 cash retainer and a potential $75,000 in restricted stock, contingent on stockholder approval. Committee chairs will receive an additional $10,000 cash retainer.
No, the $75,000 in restricted stock is not guaranteed. It is subject to the approval of ATI's stockholders at the 2007 Annual Meeting of Stockholders for a new stock-based plan.
No, the Board of Directors approved these compensation amounts, but they are not set forth in any written agreements between the non-employee directors and the Company.