Summary
Qualcomm Incorporated filed an 8-K report on August 2, 2006, detailing a significant change in its Board of Directors. The company announced the election of Ms. Barbara Alexander to its Board, effective July 31, 2006. Her appointment is seen as a move to strengthen the board's oversight and expertise, particularly with her inclusion on the Audit Committee. This addition aims to enhance corporate governance and ensure robust financial reporting and risk management.
Key Highlights
- 1Qualcomm Incorporated elected Ms. Barbara Alexander to its Board of Directors on July 31, 2006.
- 2Ms. Alexander will serve on the Audit Committee of the Board.
- 3In connection with her election, Ms. Alexander was granted a stock option to purchase 40,000 shares at an exercise price of $35.79 per share.
- 4The stock option was granted under the Qualcomm 2006 Long-Term Incentive Plan.
- 5The exercise price of the stock option was equal to the fair market value of the Company's stock on the date of grant.
- 6The stock options vest over a five-year period, with 20% vesting one year after the grant date and the remainder vesting monthly thereafter.
- 7Ms. Alexander's term of office expires at the next Annual Meeting of Stockholders.