Summary
This 8-K filing from IDEXX LABORATORIES INC /DE (IDXX) on February 21, 2007, primarily details executive compensation adjustments for its CEO, Jonathan W. Ayers. The Compensation Committee approved a 2007 base salary of $650,000 and a $650,000 bonus for 2006 performance. Significant equity awards were also granted, including stock options and restricted stock units, as part of the company's ongoing executive compensation program and to incentivize long-term value creation.
Key Highlights
- 1CEO Jonathan W. Ayers' 2007 annual base salary set at $650,000.
- 2Mr. Ayers received a $650,000 bonus for his 2006 performance.
- 3A stock option to purchase 30,000 shares at $83.87 and 3,000 restricted stock units were granted to Mr. Ayers under the company's normal equity compensation program.
- 4A special stock option award for 100,000 shares at $100 per share was granted to Mr. Ayers.
- 5The special stock option award's exercise price of $100 represents approximately 119% of the fair market value at the time of grant.
- 6All granted equity awards vest in equal annual increments over five years, with options having a seven-year term.
- 7The special award is intended to reward exceptional long-term value creation and maintain compensation competitiveness.