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| LIOX > SEC Filings for LIOX > Form 8-K on 3-Mar-2009 | All Recent SEC Filings |
3-Mar-2009
Change in Directors or Principal Officers
Steve Fisher has been elected a Class I director of the Company effective March 2, 2009. Mr. Fisher is currently Chief Financial Officer of Novelis, Inc. After the Company's 2009 Annual Meeting, Mr. Fisher is expected to join the Company's Audit committee. In connection with his election and under the terms of the Company's Non-Employee Director Compensation Plan, as amended in 2007, Mr. Fisher was granted an option to purchase 20,000 shares of the Company's common stock under Lionbridge's 2005 Stock Incentive Plan as well as a pro-rated portion of the annual retainer. In addition, for his continued service as a director Mr. Fisher will also be eligible to receive an annual option grant to purchase 10,000 shares of the Company's common stock under Lionbridge's 2005 Stock Incentive Plan and an annual retainer of $50,000, payable in cash and restricted stock units (RSU). The option grants vest over two years from the date of grant at the rate of 50% on each anniversary of the grant date and the RSU vests 13 months from date of grant. Mr. Fisher will be reimbursed for reasonable travel and other out-of-pocket expenses incurred in attending meetings of the board of directors or of any committee of the board of directors. Also in connection with his election, Mr. Fisher entered into an Indemnification Agreement with the Company in the form previously filed with the Securities and Exchange Commission. Mr. Fisher will also serve as a member of the Company's Audit Committee.
Mr. Fisher and Claude Sheer, both Class I directors of the Company, have been nominated for re-election as Class I directors at the 2009 Annual Meeting of Stockholders.
Jeffrey Goodman, currently serving as a Class I director of the Company, has concurrently informed the Company that he will retire as a director of the Company at the end of his current term, the date of the Company's 2009 Annual Meeting. Accordingly, the Company's Board of Directors is now fixed at 7 members until the 2009 Annual Meeting, at which time it will be fixed at 6 members upon the retirement of Mr. Goodman.
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