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| ESIO > SEC Filings for ESIO > Form 8-K on 31-Jan-2013 | All Recent SEC Filings |
31-Jan-2013
Results of Operations and Financial Condition, Change in Direct
On January 31, 2013, Electro Scientific Industries, Inc. (the "Company") announced its financial results for the third quarter of fiscal 2013. The Company's press release announcing this event is attached hereto as Exhibit 99.1 and incorporated herein by reference.
On January 30, 2013, the Compensation Committee of the Board of Directors of the Company, in accordance with the terms of the Company's 2004 Stock Incentive Plan, approved adjustments to outstanding stock options and stock-settled stock appreciation rights intended to preserve the value of the awards as a result of the $2.00 special dividend paid by the Company on December 27, 2012. As required by applicable tax rules, the exercise prices of awards with an exercise price of $11.70 (the closing market price on December 10, 2012, the day immediately prior to the ex-dividend date) or less were reduced by multiplying the exercise price by .8786, the ratio of the official closing price on the NASDAQ stock market on the ex-dividend date to the official closing price on the NASDAQ stock market on the day immediately prior to the ex-dividend date. Awards with an exercise price greater than $11.70 were adjusted to reduce the exercise price by $0.80, the Compensation Committee's determination of the impact of the dividend on the value of the awards.
The adjustment to awards of options and stock settled stock appreciation rights issued to our principal executive officer, principal financial officer and other named executive officers were as follows:
Shares
Underlying Awards Exercise Price Exercise Price
Officer at each Exercise Price Pre-Adjustment Post-Adjustment
Nicholas Konidaris, 3,921 $ 25.50 $ 24.70
President and 17,652 $ 22.66 $ 21.86
Chief Executive Officer 6,031 $ 16.58 $ 15.78
420,000 $ 25.71 $ 24.91
36,079 $ 25.50 $ 24.70
100,000 $ 19.42 $ 18.62
70,000 $ 20.00 $ 19.20
22,348 $ 22.66 $ 21.86
33,969 $ 16.58 $ 15.78
150,000 $ 8.26 $ 7.26
65,000 $ 14.64 $ 13.84
64,000 $ 18.82 $ 18.02
Paul Oldham 15,000 $ 16.58 $ 15.78
Vice President of Finance 80,000 $ 18.91 $ 18.11
and Administration, 90,000 $ 8.26 $ 7.26
Chief Financial Officer 17,000 $ 14.64 $ 13.84
18,000 $ 18.82 $ 18.02
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Robert DeBakker 14,000 $ 22.83 $ 22.03
Vice President of 6,636 $ 16.58 $ 15.78
Worldwide Operations 50,000 $ 17.32 $ 16.52
38,000 $ 19.84 $ 19.04
35,000 $ 20.00 $ 19.20
5,364 $ 16.58 $ 15.78
50,000 $ 8.26 $ 7.26
11,000 $ 14.64 $ 13.84
8,000 $ 18.82 $ 18.02
Kerry Mustoe 7,500 $ 20.16 $ 19.36
Vice President of Finance, 976 $ 25.00 $ 24.20
Corporate Controller and 10,000 $ 22.83 $ 22.03
Chief Accounting Officer 8,000 $ 16.58 $ 15.78
7,024 $ 25.00 $ 24.20
9,000 $ 16.92 $ 16.12
15,000 $ 19.84 $ 19.04
20,000 $ 20.00 $ 19.20
35,000 $ 8.26 $ 7.26
10,000 $ 14.64 $ 13.84
8,000 $ 18.82 $ 18.02
Bing-Fai Wong 3,250 $ 16.58 $ 15.78
Vice President of 10,000 $ 25.00 $ 24.20
Customer Operations 26,000 $ 19.84 $ 19.04
8,667 $ 20.00 $ 19.20
40,000 $ 8.26 $ 7.26
11,000 $ 14.64 $ 13.84
12,000 $ 18.82 $ 18.02
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(d) Exhibits
99.1 Press release dated January 31, 2013
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