Summary
Intel Corporation (INTC) filed an 8-K on April 17, 2008, to report on the compensation arrangements for its officers. Specifically, the filing details a form of restricted stock unit (RSU) agreement approved by the Compensation Committee of the Board of Directors for grants made under the Executive Long Term Stock Program (ELTSOP RSU Award). This award is part of the company's 2006 Equity Incentive Plan and is designed as an incentive and retention tool. The key terms of the ELTSOP RSU Award include a vesting schedule of 25% annually beginning five years after the grant date, contingent on continued employment. The agreement also outlines provisions for accelerated vesting in cases of death or disablement, and specific accelerated vesting scenarios upon retirement at age 60 or older. Until shares are issued, these RSUs do not confer shareholder rights or dividend equivalents.
Key Highlights
- 1Intel's Compensation Committee approved a form of restricted stock unit (RSU) agreement for executive long-term incentive and retention awards.
- 2These awards are granted under the company's 2006 Equity Incentive Plan.
- 3The ELTSOP RSU Awards vest 25% annually, starting five years after the grant date, subject to continued employment.
- 4Accelerated vesting is provided in the event of the participant's death or disablement.
- 5Specific accelerated vesting terms are outlined for retirement at age 60 or older.
- 6RSUs do not grant shareholder rights or dividend equivalent rights until the underlying shares are issued.
- 7The RSU awards are non-transferable.