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IO > SEC Filings for IO > Form 8-K on 4-Dec-2013All Recent SEC Filings

Show all filings for ION GEOPHYSICAL CORP

Form 8-K for ION GEOPHYSICAL CORP


4-Dec-2013

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Annual Equity Compensation Grants. As stated in the proxy statement for its Annual Meeting of Stockholders held on May 22, 2013, ION Geophysical Corporation (the "Company") has adopted a policy that all awards of restricted stock and stock options to its employees and directors will be granted on one of four designated dates during the year: March 1, June 1, September 1 or December 1. Except for occurrences such as significant promotions, new hires, new directors joining the Board or unusual circumstances, the Company's current policy is to make most equity compensation awards to its employees on December 1 of each year. This date was selected because (i) it enables the Board of Directors and Compensation Committee to consider individual performance eleven months into the year, (ii) it simplifies the annual budgeting process by having the expense resulting from the equity award incurred late in the fiscal year and (iii) the date is approximately three months before the date that the Company normally pays annual incentive bonuses.
Consistent with this policy and past practice, on December 1, 2013, the Company granted certain equity compensation awards to its key employees, including its officers. The table below shows the grants on that date to the current named executive officers of the Company of (i) nonqualified stock options under the Company's 2004 Long-Term Incentive Plan and (ii) shares of the Company's restricted stock under the 2004 Long-Term Incentive Plan:

                                               Shares Subject        Shares of
                                              to Stock Options   Restricted Stock
 Executive Officer            Title                  (#)                (#)
R. Brian Hanson      President and Chief           100,000            60,000
                     Executive Officer
Christopher T. Usher Executive Vice President      60,000             20,000
                     and Chief Operating
                     Officer, GeoScience
                     Division
Ken Williamson       Executive Vice President      60,000             20,000
                     and Chief Operating
                     Officer, GeoVentures
                     Division
Gregory J. Heinlein  Senior Vice President         40,000             15,000
                     and Chief Financial
                     Officer
David L. Roland      Senior Vice President,        25,000              5,000
                     General Counsel and
                     Corporate Secretary

The options granted vest 25% each year over a four-year period and are exercisable at a price equal to $3.86 per share, which is the closing sales price per share of the Company's common stock on the NYSE on the last trading day immediately prior to the date of grant, in accordance with the terms of the 2004 Long-Term Incentive Plan. The grants of shares of restricted stock will vest in one-third increments each year, over a three-year period. During the period that the restricted stock has not yet vested, holders of shares of restricted stock are entitled to the same voting rights as all other holders of common stock.


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