Summary
NVIDIA Corporation (NVDA) announced a change to its Board of Directors with the appointment of Mark A. Stevens, effective September 3, 2008. Mr. Stevens' addition increases the Board size from eight to nine members and fills a newly created vacancy. This appointment is significant as Mr. Stevens is a former NVIDIA board member, having served from 1993 until June 2006, bringing a wealth of prior experience and familiarity with the company. Mr. Stevens has also been appointed to the Compensation Committee of the Board. His directorship is structured in a staggered three-class system, with his term set to expire at the 2009 Annual Meeting of Stockholders. In connection with his appointment, Mr. Stevens received a stock option grant for 120,000 shares of NVIDIA common stock at an exercise price of $11.66 per share, with vesting over a three-year period. Investors should note this addition to the board and the associated compensation as indicators of strategic leadership and governance adjustments.
Key Highlights
- 1Mark A. Stevens appointed to NVIDIA's Board of Directors on September 3, 2008.
- 2Board size increased from eight to nine directors.
- 3Mr. Stevens previously served on NVIDIA's Board from 1993 to June 2006.
- 4Appointment includes membership on the Board's Compensation Committee.
- 5Mr. Stevens' term will expire at the 2009 Annual Meeting of Stockholders.
- 6Granted a stock option for 120,000 shares at an exercise price of $11.66 per share.
- 7Stock option vests in equal quarterly installments over three years.