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| TTMI > SEC Filings for TTMI > Form 8-K on 28-Apr-2009 | All Recent SEC Filings |
28-Apr-2009
Other Events
Following discussions between TTM Technologies, Inc. (the "Company") and a proxy advisory service, in connection with certain vote recommendations for the Company's 2009 annual meeting of stockholders, the Company is filing this Form 8-K to clarify that the grants of stock-based compensation, in the form of restricted stock units ("RSUs") and stock options, made by the Company's Board of Directors (the "Board") to Kenton K. Alder, the Company's Chief Executive Officer, in February 2008 were not made in recognition of the Company's 2008 performance. Instead, the grants were made in recognition of the Company's 2007 performance. Similarly, the grants of stock options and RSUs made in February and March 2009 were in recognition of the Company's 2008 performance.
In February 2008, the Board awarded Mr. Alder 50,000 stock options with a fair value of $341,000 and RSUs with a fair value of $555,000 (50,000 RSUs; $11.10 share price).
In February 2009, based on the Company's weaker financial performance in the second half of 2008 and the decline in its share price during 2008, the Board decided to reduce Mr. Alder's overall stock-based compensation. Accordingly, in March 2009, the Board awarded him RSUs with a fair value of $343,000 (78,918 RSUs; $4.34 share price), a $212,000 decrease from the fair value of his 2008 RSU award. The Board also froze the total number of stock options to be granted to Mr. Alder in 2009 at 50,000 options. The estimated fair value of these options, which will be awarded in increments of 12,500 stock options quarterly in 2009, is $156,000, a reduction of $185,000 from 2008.
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