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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] | Preliminary Proxy Statement | |||||
[ ] | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |||||
[X] | Definitive Proxy Statement | |||||
[ ] | Definitive Additional Materials | |||||
[ ] | Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-2. |
BIOSCRIP, INC.
Payment of Filing Fee (Check the appropriate box):
[X] | No fee required. |
[ ] | Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-12. |
(1) | Title of each class of securities to which transaction applies: |
(2) | Aggregate number of securities to which transaction applies: |
(3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): |
(4) | Proposed maximum aggregate value of transaction: |
(5) | Total fee paid: |
[ ] | Fee paid previously with preliminary materials. | |
[ ] | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
(1) | Amount Previously Paid: |
(2) | Form, Schedule or Registration Statement No.: |
(3) | Filing Party: |
(4) | Date Filed: |
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To be held on Tuesday, April 29, 2008
1. | To elect eight directors to the Board of Directors of the Company, each to hold office for a term of one year or until their respective successors shall have been duly elected and shall have qualified. | |
2. | To approve the Company’s 2008 Equity Incentive Plan. | |
3. | To ratify the appointment of Ernst & Young LLP as the Company’s independent auditors for the year ending December 31, 2008. | |
4. | To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. |
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100 Clearbrook Road
Elmsford, New York 10523
(914) 460 -1600
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BENEFICIAL OWNERS AND MANAGEMENT
Number of Shares | ||||||||
Name and Address of Beneficial Owner(1) | Beneficially Owned(2)(3) | Percent of Class(3) | ||||||
Heartland Advisors, Inc. 789 North Water Street Milwaukee, WI53202-3508 | 3,300,677 | (4) | 8.49 | % | ||||
Dimensional Fund Advisors LP 1299 Ocean Avenue, 11th Floor Santa Monica, CA 90401 | 3,023,199 | (5) | 7.78 | % | ||||
Richard H. Friedman | 2,405,668 | (6) | 5.97 | % | ||||
Barry A. Posner | 355,983 | (7) | * | |||||
Stanley G. Rosenbaum | 242,164 | (8) | * | |||||
Scott W. Friedman | 90,806 | (9) | * | |||||
Russel J. Corvese | 174,640 | (10) | * | |||||
Charlotte W. Collins | 30,300 | (11) | * | |||||
Louis T. DiFazio | 42,500 | (12) | * | |||||
Myron Z. Holubiak | 49,267 | (13) | * | |||||
David R. Hubers | 138,867 | (14) | * | |||||
Michael Kooper | 40,000 | (15) | * | |||||
Richard L. Robbins | 21,667 | (16) | * | |||||
Stuart A. Samuels | 88,867 | (17) | * | |||||
Steven K. Schelhammer | — | * | ||||||
All Directors and Executive Officers as a group (14 persons) | 3,820,786 | (18) | 9.25 | % |
* | Less than 1%. | |
(1) | Except as otherwise indicated, all addresses arec/o BioScrip, Inc., 100 Clearbrook Road, Elmsford, NY 10523. | |
(2) | The inclusion in this table of any shares of Common Stock as beneficially owned does not constitute an admission of beneficial ownership of those shares. Except as otherwise indicated, each person has sole voting power and sole investment power with respect to all such shares beneficially owned by such person. |
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(3) | Shares deemed beneficially owned by virtue of the right of an individual to acquire them within 60 days after March 7, 2008 upon the exercise of an option to purchase shares of Common Stock are treated as outstanding for purposes of determining beneficial ownership and the percentage beneficially owned by such individual. | |
(4) | Based on information contained in Schedule 13G filed with the SEC on February 8, 2008 by Heartland Advisors, Inc., referred to herein as “Heartland.” Heartland advises that it is an investment advisor registered with the SEC. Heartland, by virtue of its investment discretion and voting authority granted by certain clients, which may be revoked at any time; and William J. Nasgovitz, President and principal shareholder of Heartland, share dispositive and voting power with respect to the shares held by Heartland’s clients and managed by Heartland. Heartland and Mr. Nasgovitz each specifically disclaim beneficial ownership of these shares and disclaim the existence of a group. | |
(5) | Based on information contained in Schedule 13G filed with the SEC on February 6, 2008 by Dimensional Fund Advisors LP, referred to as “Dimensional.” Dimensional advises that it is an investment advisor registered with the SEC, furnishes investment advice to four investment companies registered under the Investment Company Act of 1940, and serves as investment manager to certain other commingled group trusts and separate accounts, collectively referred to as “Funds.” In its role as investment advisor or manager, Dimensional possesses investment and/or voting power over the securities of the Company that are owned by the Funds, and may be deemed to be the beneficial owner of the shares of the Company held by the Funds. However, all securities reported in the Schedule 13G are owned by the Funds. Dimensional disclaims beneficial ownership of such securities. All securities reported in this schedule are owned by advisory clients of Dimensional, no one of which, to the knowledge of Dimensional, owns more than 5% of the class. Dimensional disclaims beneficial ownership of all such securities. | |
(6) | Includes 1,450,000 shares issuable upon exercise of the vested portion of options held by Mr. Friedman. Excludes 400,000 shares subject to the unvested portion of options held by Mr. Friedman. Includes 10,000 shares of Common Stock owned by the Richard Friedman Family Limited Partnership, of which Mr. Friedman is a general and limited partner. Mr. Friedman has shared voting and dispositive power with respect to these shares of Common Stock. | |
(7) | Includes 270,229 shares issuable upon exercise of the vested portion of options held by Mr. Posner. Excludes 110,324 shares subject to the unvested portion of options held by Mr. Posner. Mr. Posner shares voting and dispositive power over 2,600 shares with his spouse. | |
(8) | Includes 56,658 shares issuable upon exercise of the vested portion of options held by Mr. Rosenbaum. Excludes 113,314 shares subject to the unvested portion of options held by Mr. Rosenbaum. | |
(9) | Includes 49,670 shares issuable upon exercise of the vested portion of options to purchase Common Stock held by Mr. Friedman. Excludes 69,838 shares subject to the unvested portion of options held by Mr. Friedman. | |
(10) | Includes 128,087 shares issuable upon exercise of the vested portion of options to purchase Common Stock held by Mr. Corvese. Excludes 72,971 shares subject to the unvested portion of options held by Mr. Corvese. Does not include 239,460 shares of Common Stock held in the Corvese Irrevocable Trust — 1992, of which Mr. Corvese is a trustee. Mr. Corvese disclaims beneficial ownership of the shares of Common Stock held in the trust. | |
(11) | Includes 30,000 shares issuable upon exercise of the vested portion of options to purchase Common Stock held by Ms. Collins. Excludes 5,000 shares subject to the unvested portion of options held by Ms. Collins. | |
(12) | Includes 40,000 shares issuable upon exercise of the vested portion of options held by Dr. DiFazio. Excludes 5,000 shares subject to the unvested portion of options held by Dr. DiFazio. | |
(13) | Includes 49,267 shares issuable upon exercise of the vested portion of options held by Mr. Holubiak. Excludes 3,333 shares subject to the unvested portion of options held by Mr. Holubiak. | |
(14) | Includes 88,867 shares issuable upon exercise of the vested portion of options held by Mr. Hubers. Excludes 3,333 shares subject to the unvested portion of options held by Mr. Hubers. | |
(15) | Includes 40,000 shares issuable upon exercise of the vested portion of options held by Mr. Kooper. Excludes 5,000 shares subject to the unvested portion of options held by Mr. Kooper. | |
(16) | Includes 21,667 shares subject to the vested portion of options held by Mr. Robbins. Excludes 3,333 shares subject to the unvested portion of options held by Mr. Robbins. |
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(17) | Includes 88,867 shares issuable upon exercise of the vested portion of options held by Mr. Samuels. Excludes 3,333 shares subject to the unvested portion of options held by Mr. Samuels. | |
(18) | Includes 2,430,222 shares issuable upon exercise of the vested portion of options. Excludes 870,196 shares subject to the unvested portion of options. |
Number of | ||||||||||||
Securities to be | Number of Securities | |||||||||||
Issued Upon | Weighted-Average | Remaining Available for | ||||||||||
Exercise of | Exercise Price of | Future Issuance Under Equity | ||||||||||
Outstanding | Outstanding | Compensation Plans | ||||||||||
Options, Warrants | Options, warrants | (Excluding Securities | ||||||||||
and Rights | and Rights | Reflected in Column (a)) | ||||||||||
Plan Category | (a) | (b) | (c) | |||||||||
Equity compensation plans approved by security holders | 5,156,339 | 6.69 | 186,496 | |||||||||
Equity compensation plans not approved by security holders(1) | 50,000 | 8.81 | — | |||||||||
Total | 5,206,339 | 6.71 | 186,496 | |||||||||
(1) | During the year ended December 31, 2007, the Company granted options to purchase an aggregate of 50,000 shares of Common Stock outside of its existing equity compensation plans. The options were granted to new employees in reliance on NASDAQ Marketplace Rule Section 4350(i)(iv) as issuances to persons who had not previously been an employee or director of the Company as an inducement material to such persons entering into employment with the Company. All of such grants were approved by the Company’s management development and compensation committee and were issued for no cash consideration. |
Stock Options | Restricted Stock | |||
Fiscal Year | Granted (#) | Granted (#) | ||
2007 | 586,986 | 271,493 | ||
2006 | 1,569,401 | 1,055,326 | ||
2005 | 2,061,950 | — |
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A VOTE “FOR” EACH OF THE EIGHT ABOVE-NAMED NOMINEES.
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AUDITORS FOR THE YEAR ENDING DECEMBER 31, 2008.
Years Ended December 31, | ||||||||
Description of Fees | 2006 | 2007 | ||||||
Audit Fees | 1,713,075 | 1,575,000 | ||||||
Audit Related Fees | — | — | ||||||
Tax Fees(1) | — | — | ||||||
All Other Fees | 1,325 | — | ||||||
Total Fees | 1,714,400 | 1,575,000 | ||||||
(1) | In 2006 and 2007 Ernst & Young LLP did not provide any tax compliance, tax advice, and tax planning services, all of which services were provided by PriceWaterhouseCoopers LLP. Fees billed by PriceWaterhouseCoopers LLP in 2006 and 2007 for tax compliance, tax advice, and tax planning services were $195,000 and $355,100, respectively. Fees billed by PriceWaterhouseCoopers, LLP in 2007 included FIN 48 and state tax planning expenses. |
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Governance and | Management Development | |||
Audit Committee | Nominating Committee | and Compensation Committee | ||
Stuart A. Samuels (Chairman) | Richard L. Robbins (Chairman) | Louis T. DiFazio (Chairman) | ||
Louis T. DiFazio | Charlotte W. Collins | Myron Z. Holubiak | ||
David R. Hubers | Myron Z. Holubiak | David R. Hubers | ||
Richard L. Robbins | Stuart A. Samuels | Michael Kooper | ||
Steven K. Schelhammer |
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Fees Earned | Option | All Other | ||||||||||||||
or Paid in Cash | Awards | Compensation | ||||||||||||||
Name | ($)(1) | ($)(2)(3) | ($) | Total ($) | ||||||||||||
Charlotte W. Collins | 38,000 | — | — | 38,000 | ||||||||||||
Louis T. DiFazio | 53,000 | — | — | 53,000 | ||||||||||||
Myron Z. Holubiak | 47,000 | — | — | 47,000 | ||||||||||||
David R. Hubers | 47,000 | — | — | 47,000 | ||||||||||||
Michael Kooper | 43,500 | — | — | 43,500 | ||||||||||||
Richard L. Robbins | 47,500 | — | — | 47,500 | ||||||||||||
Stuart A. Samuels | 56,500 | — | — | 56,500 | ||||||||||||
Steven K. Shelhammer | 22,297 | — | — | 22,297 |
(1) | The fees shown include the annual retainer fee paid to each non-employee director, committee chairmanship fees and attendance fees for both board and committee meetings. | |
(2) | No option grants were made to any of the Company’s non-employee directors during 2007. |
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(3) | The following option awards were outstanding at fiscal year end for each non-employee director: |
Options Outstanding | ||||
Name | at Fiscal Year End | |||
Charlotte W. Collins | 35,000 | |||
Louis T. DiFazio | 45,000 | |||
Myron Z. Holubiak | 52,600 | |||
David R. Hubers | 92,200 | |||
Michael Kooper | 45,000 | |||
Richard L. Robbins | 25,000 | |||
Stuart A. Samuels | 92,200 | |||
Steven K. Shelhammer | — |
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• | compensation benchmarking; | |
• | incentive plan design and grant levels; and | |
• | trends in compensation. |
• | Annual bonuses and long-term compensation for senior management and key employees should be “at risk,” or based on the satisfactory achievement of pre-established goals and objectives. | |
• | Over time, incentive compensation of the Company’s management should focus more heavily on long-term, consolidated corporate performance while acknowledging the need to achieve and drive short-term results. | |
• | Overall compensation programs should be structured to ensure the Company’s ability to attract, retain, motivate and reward those individuals who are best suited to achieving the desired performance results, both long-term and short-term, while taking into account the role, duties and responsibilities of individuals and their respective departments. |
• | Base salary — targeted at the 50th percentile of the competitive market (as defined below) for the CEO and the 50th percentile of the competitive market for the CEO’s direct reports; | |
• | Total cash compensation — consisting of base salary and annual bonus, targeted at the 50th percentile of the competitive market; and | |
• | Total compensation — consisting of base salary, annual bonus and the annualized value of long term incentives, targeted at the 60th percentile of the competitive market on an aggregate. |
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• | America Service Group Inc. | |
• | Apria Healthcare Group Inc. | |
• | Centene Corporation | |
• | Gentiva Health Services, Inc. | |
• | Healthextras, Inc. | |
• | Lincare Holdings, Inc. | |
• | Omnicare, Inc. | |
• | Option Care, Inc. | |
• | Polymedica Corporation | |
• | Rotech Healthcare Inc. |
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• | Since the CEO, CFO, and Executive Vice President and General Counsel did not receive an annual bonus for 2006, a 100% premium was added to their 2007 target bonus opportunity to be paid if, and only if, corporate and business unitand/or departmental goals and objectives were met. The bonus paid for the 2007 fiscal year was based on the following 2007 performance measures: |
• | The CEO’s annual incentive was tied to: corporate pre-tax income, CEO succession planning and development, timely and successful implementation of the Company’s multi-cultural initiative, CAP program growth and curing significant Sarbanes-Oxley deficiencies |
• | His target bonus for 2007 was 120% of base salary |
• | The CFO’s annual incentive was tied to: corporate pre-tax income, implementation of the Company’s information technology plan, improvements in the monthly, quarterly and year-end close processes, improvement in days sales outstanding and accounts receivable provisions, improvement in days inventory on hand and curing significant Sarbanes-Oxley deficiencies. |
• | His target for 2007 was 100% of base salary |
• | The EVP and General Counsel’s annual incentive was tied to: corporate pre-tax income, completion and implementation of succession development plan, completion and implementation of human resources and cultural competency training, development of a performance management system and non-legal, operational task development. |
• | His target for 2007 was 80% of base salary. |
• | Stock Options | |
• | Stock Appreciation Rights | |
• | Restricted Stock/Restricted Stock Units | |
• | Performance Units/Shares |
• | 50% of LTI value in stock options, at a strike price of $2.47 per share, the fair market value on the date of grant. One third of the options vest on the first, second and third anniversaries of the grant. Executives have 10 years from the date of the grant to exercise their options. |
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• | 50% of LTI value in performance based restricted stock, based on stock price performance as follows: |
• | 20% will be vested on the later to occur of the satisfaction of both of the following conditions: (i) the first anniversary of the grant date, and (ii) the closing price of the Company’s common stock equal or exceeding $4.00 per share for twenty (20) consecutive trading days | |
• | 30% will be vested on the later to occur of the satisfaction of both of the following conditions: (i) the first anniversary of the grant date, and (ii) the closing price of the Company’s common stock equal or exceeding $5.00 per share for twenty (20) consecutive trading days; | |
• | 50% will be vested (i) the second anniversary of the grant date, and (ii) the closing price of the Company’s common stock equal or exceeding $7.00 per share for twenty (20) consecutive trading days. |
Grant Date | Strike Price | Annual Low | Annual High | Annual Close | ||||||||||||
July 6, 1998 | $ | 6.50 | $ | 2.28 | $ | 6.50 | $ | 3.38 | ||||||||
October 8, 1999 | $ | 2.37 | $ | 1.50 | $ | 4.63 | $ | 2.44 | ||||||||
November 28, 2001 | $ | 12.20 | $ | 0.81 | $ | 18.33 | $ | 17.80 | ||||||||
September 24, 2003 | $ | 7.95 | $ | 4.52 | $ | 8.79 | $ | 7.03 | ||||||||
July 1, 2005 | $ | 6.00 | $ | 5.13 | $ | 9.07 | $ | 7.54 | ||||||||
November 1, 2006 | $ | 2.47 | $ | 2.39 | $ | 8.12 | $ | 3.46 |
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Non-Equity | ||||||||||||||||||||||||||||
Stock | Option | Incentive Plan | All Other | |||||||||||||||||||||||||
Salary | Awards | Awards | Compensation | Compensation | Total | |||||||||||||||||||||||
Name & Principal Position | Year | $ | ($)(1) | ($)(1) | ($)(2) | ($)(3) | ($) | |||||||||||||||||||||
Richard H. Friedman | 2007 | 737,812 | 297,820 | 1,102,478 | 819,611 | 8,073 | 2,965,794 | |||||||||||||||||||||
Chairman & Chief | 2006 | 737,812 | 17,608 | 748,195 | — | 6,534 | 1,510,149 | |||||||||||||||||||||
Executive Officer(4)(5) | ||||||||||||||||||||||||||||
Stanley G. Rosenbaum | 2007 | 400,000 | 411,955 | 62,168 | 400,000 | 5,928 | 1,280,051 | |||||||||||||||||||||
EVP, Chief Financial | 2006 | 233,846 | 83,350 | 10,992 | — | 38,554 | 366,742 | |||||||||||||||||||||
Officer and Treasurer(6) | ||||||||||||||||||||||||||||
Barry A. Posner | 2007 | 380,401 | 45,491 | 65,441 | 234,126 | 5,127 | 730,586 | |||||||||||||||||||||
EVP, Secretary & General Counsel | 2006 | 373,209 | 39,088 | 128,232 | — | 7,723 | 548,252 | |||||||||||||||||||||
Russel J. Corvese | 2007 | 265,273 | 30,079 | 44,311 | 104,110 | 7,385 | 451,158 | |||||||||||||||||||||
VP, Mail and Managed | 2006 | 246,919 | 3,077 | 63,842 | 40,000 | 7,723 | 361,561 | |||||||||||||||||||||
Care Operations | ||||||||||||||||||||||||||||
Scott W. Friedman | 2007 | 245,808 | 28,401 | 42,724 | 103,993 | 7,385 | 428,311 | |||||||||||||||||||||
EVP, Sales and Marketing | 2006 | 233,000 | 2,906 | 43,101 | 108,000 | 7,527 | 394,534 |
(1) | Values reflect the dollar amounts recognized for financial statement reporting purposes for the fiscal year ended December 31, 2007 in accordance with FAS 123R of awards pursuant to the 2001 Stock Incentive Plan and thus may include amounts from awards granted in and prior to 2007 Assumptions used in the calculation of these amounts are included in the footnotes to the Company’s audited financial statements for the fiscal year ended December 31, 2007 included in the Company’s Annual Report onForm 10-K filed with Securities and Exchange Commission on March 7, 2008. | |
(2) | Values include 2007 bonus value under the Company’s Short-term Incentive Plan. | |
(3) | Details regarding the amounts shown for each named executive officer can be found in the footnotes of the “All Other Compensation” table below. | |
(4) | Mr. R. Friedman served as Executive Chairman of the Board from April 2005 until June 30, 2006, at which time he assumed the additional role of Chief Executive Officer. | |
(5) | The Company accelerated the expense realized for Mr. Friedman’s Stock and Option Awards in 2007. The acceleration of expense was necessary to reflect the terms of Mr. Friedman’s employment contract. | |
(6) | On June 16, 2006, Mr. Rosenbaum was hired as Chief Financial Officer and Treasurer; 2006 salary represents prorated portion of his $400,000 annual salary. |
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Registrant | ||||||||||||||||||||
Life & | Contributions | |||||||||||||||||||
Perquisites & | Disability | to Defined | ||||||||||||||||||
Other Personal | Insurance | Contribution | ||||||||||||||||||
Name | Year | Benefits ($)(1) | Premiums ($) | Plans($)(2) | Other($) | |||||||||||||||
Richard H. Friedman | 2007 | — | 1,323 | 6,750 | — | |||||||||||||||
2006 | 3,000 | 1,323 | 2,211 | — | ||||||||||||||||
Stanley G. Rosenbaum(3) | 2007 | — | 1,323 | 4,605 | — | |||||||||||||||
2006 | — | 1,323 | 1,231 | 36,000 | ||||||||||||||||
Barry A. Posner | 2007 | — | 1,323 | 3,804 | — | |||||||||||||||
2006 | 2,000 | 1,323 | 4,400 | — | ||||||||||||||||
Russel J. Corvese | 2007 | — | 1,323 | 6,062 | — | |||||||||||||||
2006 | 2,000 | 1,323 | 4,400 | — | ||||||||||||||||
Scott W. Friedman | 2007 | — | 1,323 | 6,062 | — | |||||||||||||||
2006 | 2,000 | 1,323 | 4,204 | — |
(1) | Amount of car allowance allocated by the Company to each of the named executive officers. | |
(2) | Value of matching contributions allocated by the Company to each of the named executive officers pursuant to the Company’s 401(k) Plan. | |
(3) | Other compensation in 2006 represents consulting fees paid to Mr. Rosenbaum prior to his appointment as Chief Financial Officer in June 2006. |
All | Grant | |||||||||||||||||||||||||||||||||||||||||||||||
Other | All Other | Date | ||||||||||||||||||||||||||||||||||||||||||||||
Stock | Option | Fair | ||||||||||||||||||||||||||||||||||||||||||||||
Awards: | Grant Date | Awards: | Exercise | Value of | ||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts | Number | Fair Value | Number of | or Base | Option & | |||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under | Under | of Shares | of All | Securities | Price of | All | ||||||||||||||||||||||||||||||||||||||||||
Non-Equity Incentive Plan Awards | Equity Incentive Plan Awards | of Stock | Other | Underlying | Option | Other | ||||||||||||||||||||||||||||||||||||||||||
Grant | Threshold | Target | Maximum | Threshold | Target | Maximum | or Units | Stock | Options | Awards | Stock | |||||||||||||||||||||||||||||||||||||
Name | Date | ($) | ($) | ($) | (#) | (#) | (#) | (#) | Awards | (#) | ($/Sh) | Awards($)(5) | ||||||||||||||||||||||||||||||||||||
Richard H. Friedman | 01-Jan-07(1 | ) | — | 885,374 | 1,328,061 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
02-Jan-07(2 | ) | — | — | — | — | — | — | — | — | 200,000 | 3.46 | 347,600 | ||||||||||||||||||||||||||||||||||||
07-Feb-07(3 | ) | — | — | — | — | 100,000 | — | — | — | — | — | 216,369 | ||||||||||||||||||||||||||||||||||||
Stanley G. Rosenbaum | 01-Jan-07(1 | ) | — | 400,000 | 600,000 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
21-Jun-07(4 | ) | — | — | — | — | — | — | 50,000 | 215,000 | — | — | 215,000 | ||||||||||||||||||||||||||||||||||||
Barry A. Posner | 01-Jan-07(1 | ) | — | 312,167 | 468,251 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Russel J. Corvese | 01-Jan-07(1 | ) | — | 106,110 | 159,165 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Scott W. Friedman | 01-Jan-07(1 | ) | — | 108,000 | 162,000 | — | — | — | — | — | — | — | — |
(1) | The Company’s Short-term Incentive Plan; threshold represents 0% of target and maximum represents 150% of target. | |
(2) | In accordance with the terms of his employment agreement, Mr. R. Friedman received options to purchase 200,000 shares of Common Stock under the Company’s 2001 Incentive Stock Plan. | |
(3) | Under the Company’s 2001 Incentive Stock Plan, Mr. R. Friedman received performance restricted stock awards. | |
(4) | Upon his employment anniversary with the Company Mr. Rosenbaum received 50,000 shares of restricted stock. | |
(5) | Represents the total fair value, estimated as per FAS 123R. |
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Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Incentive | ||||||||||||||||||||||||||||||||||||
Equity | Plan | |||||||||||||||||||||||||||||||||||
Incentive | Awards: | |||||||||||||||||||||||||||||||||||
Plan | Market | |||||||||||||||||||||||||||||||||||
Equity | Awards: | or Payout | ||||||||||||||||||||||||||||||||||
Incentive | Number of | Value of | ||||||||||||||||||||||||||||||||||
Plan | Market | Unearned | Unearned | |||||||||||||||||||||||||||||||||
Awards: | Number | Value of | Shares, | Shares, | ||||||||||||||||||||||||||||||||
Number | of Shares | Shares or | Units | Units | ||||||||||||||||||||||||||||||||
Number of | Number of | of Securities | or Units | Units of | or Other | or Other | ||||||||||||||||||||||||||||||
Securities | Securities | Underlying | of Stock | Stock | Rights | Rights | ||||||||||||||||||||||||||||||
Underlying | Underlying | Unexercised | Option | That | That | That | That | |||||||||||||||||||||||||||||
Unexercised | Unexercised | Unearned | Exercise | Option | Have Not | Have Not | Have Not | Have Not | ||||||||||||||||||||||||||||
Options (#) | Options (#) | Options | Price | Expiration | Vested | Vested | Vested | Vested | ||||||||||||||||||||||||||||
Name | Exercisable | Unexercisable | (#) | ($) | Date | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||
Richard H. Friedman | 207,806 | — | — | 2.16 | 08-Oct-09 | |||||||||||||||||||||||||||||||
42,194 | — | — | 2.37 | 08-Oct-09 | ||||||||||||||||||||||||||||||||
200,000 | — | — | 12.20 | 28-Nov-11 | ||||||||||||||||||||||||||||||||
200,000 | — | — | 17.80 | 02-Jan-12 | ||||||||||||||||||||||||||||||||
200,000 | — | — | 5.80 | 02-Jan-13 | ||||||||||||||||||||||||||||||||
200,000 | — | — | 7.03 | 02-Jan-14 | ||||||||||||||||||||||||||||||||
133,334 | 66,666 | (1) | — | 6.36 | 03-Jan-15 | |||||||||||||||||||||||||||||||
66,667 | 133,333 | (2) | — | 7.54 | 03-Jan-16 | |||||||||||||||||||||||||||||||
— | 200,000 | (3) | — | 3.46 | 02-Jan-17 | |||||||||||||||||||||||||||||||
— | — | 200,000 | (7) | 1,546,000 | ||||||||||||||||||||||||||||||||
Stanley G. Rosenbaum | 56,658 | 113,314 | (4) | — | 2.47 | 01-Nov-16 | ||||||||||||||||||||||||||||||
66,667(6 | ) | 515,336 | 42,493 | (7) | 328,471 | |||||||||||||||||||||||||||||||
Barry A. Posner | 50,000 | — | — | 6.50 | 06-Jul-08 | |||||||||||||||||||||||||||||||
13,166 | — | — | 4.50 | 02-Dec-08 | ||||||||||||||||||||||||||||||||
70,000 | — | — | 12.20 | 28-Nov-11 | ||||||||||||||||||||||||||||||||
75,000 | — | — | 7.95 | 24-Sep-13 | ||||||||||||||||||||||||||||||||
4,600 | 9,200 | (5) | — | 6.00 | 01-Jul-15 | |||||||||||||||||||||||||||||||
52,863 | 105,724 | (4) | — | 2.47 | 01-Nov-16 | |||||||||||||||||||||||||||||||
— | — | 39,647 | (7) | 306,471 | ||||||||||||||||||||||||||||||||
Russel J. Corvese | 22,000 | — | — | 6.50 | 06-Jul-08 | |||||||||||||||||||||||||||||||
20,000 | — | — | 4.50 | 01-Jun-09 | ||||||||||||||||||||||||||||||||
10,000 | — | — | 12.20 | 28-Nov-11 | ||||||||||||||||||||||||||||||||
35,000 | — | — | 7.95 | 24-Sep-13 | ||||||||||||||||||||||||||||||||
3,067 | 6,133 | (5) | — | 6.00 | 01-Jul-15 | |||||||||||||||||||||||||||||||
34,953 | 69,905 | (4) | — | 2.47 | 01-Nov-16 | |||||||||||||||||||||||||||||||
— | — | 26,215 | (7) | 202,642 | ||||||||||||||||||||||||||||||||
Scott W. Friedman | 14,000 | — | — | 12.20 | 28-Nov-11 | |||||||||||||||||||||||||||||||
20,000 | — | — | 7.95 | 24-Sep-13 | ||||||||||||||||||||||||||||||||
3,834 | 7,666 | (5) | — | 6.00 | 01-Jul-15 | |||||||||||||||||||||||||||||||
8,003 | 66,005 | (4) | — | 2.47 | 01-Nov-16 | |||||||||||||||||||||||||||||||
— | — | 24,752 | (7) | 191,333 |
(1) | Vesting schedule is one-third vesting on January 3, 2006, one-third vesting on January 3, 2007, one-third vesting on January 3, 2008. | |
(2) | Vesting schedule is one-third vesting on January 3, 2007, one-third vesting on January 3, 2008, one-third vesting on January 3, 2009. | |
(3) | Vesting schedule is one-third vesting on January 2, 2008, one-third vesting on January 2, 2009, one-third vesting on January 2, 2010. | |
(4) | Vesting schedule is one-third vesting on November 1, 2007, one-third vesting on November 1, 2008, one-third vesting on November 1, 2009. |
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(5) | Vesting schedule is one-third vesting on March 1, 2007, one-third vesting on March 1, 2008, one-third vesting on March 1, 2009. | |
(6) | Vesting schedule is one-third vesting on June 21, 2007, one-third vesting on June 21, 2008, one-third vesting on June 21, 2009. | |
(7) | Vesting based on achievement of stock price hurdles. |
Option Awards | Stock Awards | |||||||||||||||
Number of Shares | Number of Shares | |||||||||||||||
Acquired on | Value Realized on | Acquired on | Value Realized on | |||||||||||||
Exercise | Exercise | Vesting | Vesting | |||||||||||||
Name | (#) | ($)(1) | (#) | ($)(2) | ||||||||||||
Richard H. Friedman | — | — | 200,000 | 1,630,000 | ||||||||||||
Stanley G. Rosenbaum | — | — | 125,826 | 704,650 | ||||||||||||
Barry A. Posner | — | — | 39,647 | 323,123 | ||||||||||||
Russel J. Corvese | — | — | 26,215 | 213,648 | ||||||||||||
Scott W. Friedman | 25,000 | 162,000 | 24,752 | 201,729 |
(1) | Value for Mr. S. Friedman represents dollar amount realized upon exercise of options granted at $2.47 and exercised at $8.95. | |
(2) | Values for Messrs. R. Friedman, Posner, S. Friedman, and Corvese represent the dollar amount realized upon vesting of reported shares at $8.15. Value for Mr. Rosenbaum represents the dollar amount realized upon vesting of 42,493 shares at $8.15 and 83,333 shares at $4.30. |
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33
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34
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Friedman, Richard H. | ||||||||||||||||||||||||||||
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Good Reason | Change in Control | |||||||||||||||||||||
Cash Severance | 819,661 | 819,661 | 819,661 | 2,295,285 | 2,295,285 | 2,295,285 | 3,033,097 | |||||||||||||||||||||
Cash LTIP Award | — | — | — | — | — | — | — | |||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Restricted Stock | — | — | 1,546,000 | 1,546,000 | 1,546,000 | 1,546,000 | 1,546,000 | |||||||||||||||||||||
Unexercisable Options | — | — | 970,666 | 970,666 | 970,666 | 970,666 | 970,666 | |||||||||||||||||||||
Total | — | — | 2,516,666 | 2,516,666 | 2,516,666 | 2,516,666 | 2,516,666 | |||||||||||||||||||||
Retirement Benefit | ||||||||||||||||||||||||||||
DB Plan | — | — | — | — | — | — | — | |||||||||||||||||||||
DC Plan | — | — | — | 13,500 | 13,500 | 13,500 | 20,250 | |||||||||||||||||||||
Retiree Medical | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | 13,500 | 13,500 | 13,500 | 20,250 | |||||||||||||||||||||
Unvested Deferred Compensation | — | — | — | — | — | — | — | |||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||
Health & Welfare | — | — | — | 27,696 | 27,696 | 27,696 | 41,544 | |||||||||||||||||||||
Total | — | — | — | 27,696 | 27,696 | 27,696 | 41,544 | |||||||||||||||||||||
Total | 819,661 | 819,661 | 3,336,327 | 4,853,147 | 4,853,147 | 4,853,147 | 5,611,557 |
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Rosenbaum, Stanley G. | ||||||||||||||||||||||||||||
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Good Reason | Change in Control | |||||||||||||||||||||
Cash Severance | 400,000 | 400,000 | 400,000 | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 | |||||||||||||||||||||
Cash LTIP Award | — | — | — | — | — | — | — | |||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Restricted Stock | — | — | 843,807 | 843,807 | 843,807 | 843,807 | 843,807 | |||||||||||||||||||||
Unexercisable Options | — | — | 596,032 | 596,032 | 596,032 | 596,032 | 596,032 | |||||||||||||||||||||
Total | — | — | 1,439,839 | 1,439,839 | 1,439,839 | 1,439,839 | 1,439,839 | |||||||||||||||||||||
Retirement Benefit | ||||||||||||||||||||||||||||
DB Plan | — | — | — | — | — | — | — | |||||||||||||||||||||
DC Plan | — | — | — | 13,500 | 13,500 | 13,500 | 13,500 | |||||||||||||||||||||
Retiree Medical | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | 13,500 | 13,500 | 13,500 | 13,500 | |||||||||||||||||||||
Unvested Deferred Compensation | — | — | — | — | — | — | — | |||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||
Health & Welfare | — | — | — | 27,696 | 27,696 | 27,696 | 27,696 | |||||||||||||||||||||
Total | — | — | — | 27,696 | 27,696 | 27,696 | 27,696 | |||||||||||||||||||||
Total | 400,000 | 400,000 | 1,839,839 | 2,681,035 | 2,681,035 | 2,681,035 | 2,681,035 |
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Posner, Barry A. | ||||||||||||||||||||||||||||
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Good Reason | Change in Control | |||||||||||||||||||||
Cash Severance | 234,126 | 234,126 | 234,126 | 1,014,544 | 1,014,544 | 1,014,544 | 1,014,544 | |||||||||||||||||||||
Cash LTIP Award | — | — | — | — | — | — | — | |||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Restricted Stock | — | — | 306,471 | 306,471 | 306,471 | 306,471 | 306,471 | |||||||||||||||||||||
Unexercisable Options | — | — | 572,024 | 572,024 | 572,024 | 572,024 | 572,024 | |||||||||||||||||||||
Total | — | — | 878,495 | 878,495 | 878,495 | 878,495 | 878,495 | |||||||||||||||||||||
Retirement Benefit | ||||||||||||||||||||||||||||
DB Plan | — | — | — | — | — | — | — | |||||||||||||||||||||
DC Plan | — | — | — | 7,608 | 7,608 | 7,608 | 7,608 | |||||||||||||||||||||
Retiree Medical | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | 7,608 | 7,608 | 7,608 | 7,608 | |||||||||||||||||||||
Unvested Deferred Compensation | — | — | — | — | — | — | — | |||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||
Health & Welfare | — | — | — | 39,121 | 39,121 | 39,121 | 39,121 | |||||||||||||||||||||
Total | — | — | — | 39,121 | 39,121 | 39,121 | 39,121 | |||||||||||||||||||||
Total | 234,126 | 234,126 | 1,112,621 | 1,939,768 | 1,939,768 | 1,939,768 | 1,939,768 |
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Corvese, Russel J. | ||||||||||||||||||||||||||||
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Good Reason | Change in Control | |||||||||||||||||||||
Cash Severance | — | — | — | — | 369,383 | 369,383 | 369,383 | |||||||||||||||||||||
Cash LTIP Award | — | — | — | — | — | — | — | |||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Restricted Stock | — | — | — | — | 202,642 | 202,642 | 202,642 | |||||||||||||||||||||
Unexercisable Options | — | — | — | — | 378,310 | 378,310 | 378,310 | |||||||||||||||||||||
Total | — | — | — | — | 580,952 | 580,952 | 580,952 | |||||||||||||||||||||
Retirement Benefit | ||||||||||||||||||||||||||||
DB Plan | — | — | — | — | — | — | — | |||||||||||||||||||||
DC Plan | — | — | — | — | — | — | — | |||||||||||||||||||||
Retiree Medical | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | — | — | — | — | |||||||||||||||||||||
Unvested Deferred Compensation | — | — | — | — | — | — | — | |||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||
Health & Welfare | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | — | 950,335 | 950,335 | 950,335 |
Friedman, Scott W. | ||||||||||||||||||||||||||||
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Good Reason | Change in Control | |||||||||||||||||||||
Cash Severance | — | — | — | — | 373,993 | 373,993 | 373,993 | |||||||||||||||||||||
Cash LTIP Award | — | — | — | — | — | — | — | |||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Restricted Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
Unexercisable Options | — | — | — | — | 360,448 | 360,448 | 360,448 | |||||||||||||||||||||
Total | — | — | — | — | 360,448 | 360,448 | 360,448 | |||||||||||||||||||||
Retirement Benefit | ||||||||||||||||||||||||||||
DB Plan | — | — | — | — | — | — | — | |||||||||||||||||||||
DC Plan | — | — | — | — | — | — | — | |||||||||||||||||||||
Retiree Medical | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | — | — | — | — | |||||||||||||||||||||
Unvested Deferred Compensation | — | — | — | — | — | — | — | |||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||
Health & Welfare | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | — | — | — | — | 734,441 | 734,441 | 734,441 |
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2008 EQUITY INCENTIVE PLAN
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Page | ||||||||
§1. BACKGROUND AND PURPOSE | A-1 | |||||||
§2. DEFINITIONS | A-1 | |||||||
2.1 | Affiliate | A-1 | ||||||
2.2 | Award | A-1 | ||||||
2.3 | Award Agreement | A-1 | ||||||
2.4 | Board | A-1 | ||||||
2.5 | Change in Control | A-1 | ||||||
2.6 | Code | A-2 | ||||||
2.7 | Committee | A-2 | ||||||
2.8 | Director | A-2 | ||||||
2.9 | Ending Value | A-2 | ||||||
2.10 | Fair Market Value | A-2 | ||||||
2.11 | ISO | A-2 | ||||||
2.12 | Key Employee | A-2 | ||||||
2.13 | 1933 Act | A-2 | ||||||
2.14 | 1934 Act | A-2 | ||||||
2.15 | Non-ISO | A-3 | ||||||
2.16 | Option | A-3 | ||||||
2.17 | Option Certificate | A-3 | ||||||
2.18 | Option Price | A-3 | ||||||
2.19 | Parent | A-3 | ||||||
2.20 | Performance Goal | A-3 | ||||||
2.21 | Performance Period | A-3 | ||||||
2.22 | Performance Unit | A-3 | ||||||
2.23 | Plan | A-3 | ||||||
2.24 | Prior Plan | A-3 | ||||||
2.25 | Restricted Stock Unit | A-3 | ||||||
2.26 | Restricted Stock Unit Certificate | A-3 | ||||||
2.27 | Rule 16b-3 | A-3 | ||||||
2.28 | SAR Value | A-3 | ||||||
2.29 | Stock | A-3 | ||||||
2.30 | Stock Appreciation Right | A-3 | ||||||
2.31 | Stock Appreciation Right Certificate | A-3 | ||||||
2.32 | Stock Grant | A-3 | ||||||
2.33 | Stock Grant Certificate | A-3 | ||||||
2.34 | Subsidiary | A-3 | ||||||
2.35 | Substitute Awards | A-3 | ||||||
2.36 | Ten Percent Shareholder | A-3 | ||||||
§ 3. SHARES RESERVED UNDER PLAN | A-4 | |||||||
3.1 | Number of Shares | A-4 | ||||||
3.2 | Charter of Shares | A-4 | ||||||
§ 4. EFFECTIVE DATE | A-4 |
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Page | ||||||||
§ 5. COMMITTEE | A-5 | |||||||
5.1 | Committee Powers | A-5 | ||||||
5.2 | Committee Decisions and Meetings | A-5 | ||||||
5.3 | Delegation | A-5 | ||||||
§ 6. ELIGIBILITY AND ANNUAL GRANT CAPS | A-5 | |||||||
§ 7. OPTIONS | A-6 | |||||||
7.1 | Committee Action | A-6 | ||||||
7.2 | $100,000 Limit | A-6 | ||||||
7.3 | Option Price | A-6 | ||||||
7.4 | Payment | A-6 | ||||||
7.5 | Exercise Period | A-6 | ||||||
7.6 | Reload Option Grants Prohibited | A-6 | ||||||
§ 8. STOCK APPRECIATION RIGHTS | A-7 | |||||||
8.1 | Committee Action | A-7 | ||||||
8.2 | Terms and Conditions | A-7 | ||||||
8.3 | Exercise | A-7 | ||||||
§ 9. RESTRICTED STOCK UNITS | A-8 | |||||||
9.1 | Committee Action | A-8 | ||||||
9.2 | No Adjustment for Cash Dividends | A-8 | ||||||
9.3 | Payment for Restricted Stock Units | A-8 | ||||||
9.4 | Deferrals | A-8 | ||||||
9.5 | Performance-Based Vesting | A-8 | ||||||
§ 10. STOCK GRANTS | A-8 | |||||||
10.1 | Committee Action | A-8 | ||||||
10.2 | Conditions | A-9 | ||||||
10.3 | Dividends and Voting Rights | A-9 | ||||||
10.4 | Satisfaction of Forfeiture Conditions | A-9 | ||||||
10.5 | Performance-Based Vesting | A-9 | ||||||
§ 11. PERFORMANCE UNITS | A-9 | |||||||
11.1 | Committee Action | A-9 | ||||||
11.2 | Conditions | A-10 | ||||||
11.3 | Performance Goals | A-10 | ||||||
11.4 | Performance Period | A-10 | ||||||
11.5 | Payment for Performance Units | A-10 | ||||||
§ 12. NON-TRANSFERABILITY | A-10 | |||||||
§ 13. SECURITIES REGISTRATION | A-11 | |||||||
§ 14. LIFE OF PLAN | A-11 | |||||||
§ 15. ADJUSTMENT | A-12 | |||||||
15.1 | Capital Structure | A-12 | ||||||
15.2 | Mergers | A-12 | ||||||
15.3 | Fractional Shares | A-12 |
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Page | ||||||||
§ 16. CHANGE IN CONTROL | A-12 | |||||||
16.1 | Assumption or Substitution of Certain Awards | A-12 | ||||||
16.2 | Non-Assumption or Substitution of Certain Awards | A-13 | ||||||
16.3 | Impact on Certain Awards | A-13 | ||||||
16.4 | Termination of Certain Awards | A-13 | ||||||
§ 17. AMENDMENT OR TERMINATION | A-13 | |||||||
§ 18. MISCELLANEOUS | A-13 | |||||||
18.1 | Shareholder Rights | A-13 | ||||||
18.2 | No Contract of Employment or Service | A-14 | ||||||
18.3 | Withholding | A-14 | ||||||
18.4 | Construction | A-14 | ||||||
18.5 | Other Conditions | A-14 | ||||||
18.6 | Rule 16b-3 | A-14 |
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To be held on April 29, 2008 |
your proxy card in the
envelope provided as soon
as possible.
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HEREý | |||||||||||||||||||||
FOR | AGAINST | ABSTAIN | |||||||||||||||||||
PROPOSAL 1.Election of Directors: | PROPOSAL 2. Proposal to approve the Company’s 2008 Equity Incentive Plan. | o | o | o | |||||||||||||||||
NOMINEES: | |||||||||||||||||||||
o | FOR ALL NOMINEES | ¡ ¡ | Charlotte W. Collins Louis T. DiFazio | PROPOSAL 3. Proposal to ratify the appointment of Ernst & Young LLP as the Company’s independent auditors. | o | o | o | ||||||||||||||
¡ | Richard H. Friedman | ||||||||||||||||||||
o o | WITHHOLD AUTHORITY FOR ALL NOMINEES FOR ALL EXCEPT (See instructions below) | ¡ ¡ ¡ ¡ ¡ | Myron Z. Holubiak David R. Hubers Richard L. Robbins Stuart A. Samuels Steven K. Schelhammer | THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED OR IF NO CONTRARY DIRECTION IS INDICATED WILL BE VOTED FOR PROPOSALS 1, 2 AND 3 ABOVE AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING AND ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF. | |||||||||||||||||
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Table of Contents
To be held on April 29, 2008 |
PROXY VOTING INSTRUCTIONS |
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You may enter your voting instructions at 1-800-PROXIES in the United States or 1-718-921-8500 from foreign countries or www.voteproxy.com up until 11:59 PM Eastern Time the day before the cut-off or meeting date. |
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HEREý | |||||||||||||||||||||
FOR | AGAINST | ABSTAIN | |||||||||||||||||||
PROPOSAL 1.Election of Directors: | PROPOSAL 2. Proposal to approve the Company’s 2008 Equity Incentive Plan. | o | o | o | |||||||||||||||||
NOMINEES: | |||||||||||||||||||||
o | FOR ALL NOMINEES | ¡ ¡ | Charlotte W. Collins Louis T. DiFazio | PROPOSAL 3. Proposal to ratify the appointment of Ernst & Young LLP as the Company’s independent auditors. | o | o | o | ||||||||||||||
¡ | Richard H. Friedman | ||||||||||||||||||||
o o | WITHHOLD AUTHORITY FOR ALL NOMINEES FOR ALL EXCEPT (See instructions below) | ¡ ¡ ¡ ¡ ¡ | Myron Z. Holubiak David R. Hubers Richard L. Robbins Stuart A. Samuels Steven K. Schelhammer | THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED OR IF NO CONTRARY DIRECTION IS INDICATED WILL BE VOTED FOR PROPOSALS 1, 2 AND 3 ABOVE AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING AND ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF. | |||||||||||||||||
INSTRUCTION: To withhold authority to vote for any individual nominee(s), mark“FOR ALL EXCEPT” and fill in the circle next to each nominee you wish to withhold, as shown here:• | |||||||||||||||||||||
To change the address on your account, please check the box at the right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method. | o |
Signature of Stockholder | Date: | Signature of Stockholder | Date: |
Note: | Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person. |
Table of Contents
TO BE HELD APRIL 29, 2008