Summary
Synopsys, Inc. (SNPS) filed a Form 8-K on December 15, 2014, reporting the appointment of Janice D. Chaffin to its Board of Directors, effective December 12, 2014. This appointment increases the board's size from nine to ten directors. Ms. Chaffin brings significant experience, having previously served as Group President of Symantec Corporation's Consumer Business Unit. Ms. Chaffin's compensation will align with the company's standard non-employee director arrangements, including an annual cash retainer of $125,000 and equity awards under the 2005 Non-Employee Directors Equity Incentive Plan. Specifically, she received an initial stock option award for 30,000 shares and a prorated interim stock option award valued at $31,250.
Key Highlights
- 1Synopsys appointed Janice D. Chaffin to its Board of Directors on December 12, 2014.
- 2The board size was increased from nine to ten directors.
- 3Ms. Chaffin has prior executive experience at Symantec Corporation.
- 4Non-employee directors receive an annual cash retainer of $125,000.
- 5Ms. Chaffin received an initial stock option award for 30,000 shares.
- 6A prorated interim stock option award valued at $31,250 was granted to Ms. Chaffin.
Frequently Asked Questions
Janice D. Chaffin is a new director appointed to Synopsys' Board of Directors. She brings extensive experience, most recently serving as Group President of Symantec Corporation's Consumer Business Unit. Her appointment is intended to strengthen the board's expertise.
Ms. Chaffin will receive compensation consistent with Synopsys' standard non-employee director arrangements. This includes an annual cash retainer of $125,000, paid quarterly, and equity awards under the company's 2005 Non-Employee Directors Equity Incentive Plan.
Upon her appointment, Ms. Chaffin was granted an initial stock option award for 30,000 shares. Additionally, she received an interim stock option award with a fair value of $31,250, which was prorated to reflect her service for a partial year.
At the time of this filing, it had not yet been determined which specific committees of the Board of Directors Ms. Chaffin would be appointed to.