Summary
Teradyne, Inc. (TER) filed an 8-K on August 30, 2010, reporting a key change in its Board of Directors. Effective August 26, 2010, Daniel W. Christman was elected as a director and appointed to the Compensation Committee and the Nominating and Corporate Governance Committee. This appointment brings new expertise to the board's governance and compensation oversight functions. Investors should note the compensation structure for Mr. Christman, which includes an annual retainer and a stipend for his committee chair role. Furthermore, a restricted stock unit grant was issued to Mr. Christman, valued at $110,000, with vesting tied to the company's next annual meeting or May 2011. This equity award aligns his interests with shareholders and reflects the company's compensation practices for new directors.
Key Highlights
- 1Teradyne appointed Daniel W. Christman as a new director on August 26, 2010.
- 2Mr. Christman was appointed to the Compensation Committee.
- 3Mr. Christman was appointed to the Nominating and Corporate Governance Committee.
- 4Mr. Christman will receive $65,000 annually as a director.
- 5Mr. Christman will receive an additional $7,500 annually for chairing the Nominating and Corporate Governance Committee.
- 6Mr. Christman received a restricted stock unit grant of 9,009 shares, valued at $110,000.
- 7The restricted stock unit grant vests in full on the earlier of the 2011 Annual Meeting of Shareholders or the last Thursday in May 2011.