Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
CDI > SEC Filings for CDI > Form 8-K on 6-Mar-2014All Recent SEC Filings

Show all filings for CDI CORP

Form 8-K for CDI CORP


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


On February 28, 2014, the Compensation Committee (the "Committee") of the Board of Directors of CDI Corp. ("CDI" or the "Company") approved the components of the 2014 cash incentive compensation program and the target level of cash incentive compensation for each of the Company's executive officers. The target amount of incentive compensation, which would be payable if 100% of the goals are met, is based on a percentage of the executive's base salary (100% of salary for Paulett Eberhart, 70% for Stuart Batchelor, Robert Larney and William Wasilewski, and 60% for Brian Short).

For the corporate executives (Ms. Eberhart, Mr. Larney and Mr. Short), the amount of cash incentive compensation which they can earn will be based on CDI's 2014 consolidated operating profit, revenue and return on net assets (RONA). For the executives who are responsible for a specific business unit (Mr. Batchelor and Mr. Wasilewksi), the amount of cash incentive compensation which they can earn will be based 60% on the 2014 operating profit, revenue and RONA for their business and 40% on the CDI financial objectives described above for the corporate executives. Of the total amount of cash incentive compensation which is earned by each executive based on the above-described financial objectives, 15% will be subject to the achievement of individualized objectives for each executive.

The maximum payout is 200% of the target bonus amount for each executive. Notwithstanding the foregoing, if the Company achieves less than 60% of its operating profit target, the maximum payout to each executive is 25% of his or her target level of cash incentive compensation.


On February 28, 2014, the Committee approved the following grants of equity
awards to executive officers:

                                    Stock        Deferred       Performance
                                   Options        Stock           Shares
              Stuart Batchelor       14,859          4,817            14,450
              Robert Larney          12,031          3,900            11,700
              William Wasilewksi      9,624          3,120             9,360
              Brian Short             7,598          2,463             7,389

The stock options (a) have an exercise price equal to the fair market value of CDI common stock at the close of business on the date of grant ($18.27 per share), (b) vest one-third on the third anniversary of the date of grant and two-thirds on the fourth anniversary of the date of grant, and (c) have a 7-year term.

The shares of Time-Vested Deferred Stock (TVDS) vest on the third anniversary of the date of the award. Upon vesting, each share of TVDS is converted into one share of CDI common stock.

Each Performance Share represents a contingent right to receive one share of CDI common stock based on the Company's achievement of a 60-day moving average stock price of at least $30 per share. There is a payout scale that provides for a minimum payout (60%) for a 60-day moving average stock price of $28 per share, and a maximum payout (150%) for a 60-day moving average stock price of $40 per share. The Performance Shares will vest three years after the grant date if earned (based on the Company's achievement of the stock prices described in the preceding sentence). However, if the $30 per share target is achieved prior to the second anniversary of the grant date, 50% of the earned Performance Shares will vest after two years and, subject to certain conditions, the balance will vest after three years. Attached as Exhibit 10.1 is the form of Performance Shares Agreement for these awards. Exhibit 10.1 is incorporated by reference in this Form 8-K, and the description of the Performance Shares above is qualified in its entirety by reference to the full text of the Performance Shares Agreement.

  Add CDI to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for CDI - All Recent SEC Filings
Copyright © 2015 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.