Table of Contents
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. |
BALDWIN TECHNOLOGY COMPANY, 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: |
Table of Contents
2 Trap Falls Road
Suite 402
Shelton, CT 06484
Table of Contents
October 10, 2008
Table of Contents
2
Table of Contents
3
Table of Contents
4
Table of Contents
Beneficial Ownership | ||||||||||||||||
Amount and Nature of | ||||||||||||||||
Name and Address | Ownership | Percent of | ||||||||||||||
of Beneficial Owner | Class A(1) | Class B | Class A(1) | Class B | ||||||||||||
Gabelli Asset Management, Inc.(2) One Corporate Center Rye, New York 10580 | 1,603,000 | 0 | 11.08 | % | — | |||||||||||
Dimensional Fund Advisors Inc.(3) 1299 Ocean Ave., 11th Floor Santa Monica, California 90401 | 924,860 | 0 | 6.39 | % | — | |||||||||||
Wellington Management Company, LLP(4) 75 State Street Boston, Massachusetts 02109 | 881,819 | 0 | 6.09 | % | ||||||||||||
Royce & Associates, LLC(5) 1414 Avenue of the Americas New York, New York 10019 | 813,600 | 0 | 5.62 | % | — | |||||||||||
Akira Hara(6) Baldwin Japan Limited MS Shibaura Bldg. 4-13-23 Shibaura, Minato-ku Tokyo108-0023, Japan | 523,017 | (7) | 463,136 | 3.5 | % | 40.54 | % | |||||||||
Gerald A. Nathe(6) Baldwin Technology Company, Inc. 2 Trap Falls Road — Suite 402 Shelton, Connecticut 06484 | 521,780 | (7)(8)(9) | 198,338 | (10) | 3.52 | % | 17.36 | % | ||||||||
Karl S. Puehringer(6) Baldwin Technology Company, Inc. 2 Trap Falls Road — Suite 402 Shelton, Connecticut 06484 | 368,830 | (7)(9) | 1,800 | 2.53 | % | * | ||||||||||
Jane G. St. John (11) P.O. Box 3236 Blue Jay, California 92317 | 358,839 | 314,239 | 2.39 | % | 27.50 | % | ||||||||||
Ralph R. Whitney, Jr.(6) Hammond Kennedy Whitney & Co., Inc. 420 Lexington Avenue — Suite 402 New York, New York 10170 | 135,799 | (7) | 100,000 | * | 8.75 | % |
5
Table of Contents
Beneficial Ownership | ||||||||||||||||
Amount and Nature of | ||||||||||||||||
Name and Address | Ownership | Percent of | ||||||||||||||
of Beneficial Owner | Class A(1) | Class B | Class A(1) | Class B | ||||||||||||
John P. Jordan Baldwin Technology Company, Inc. 2 Trap Falls Road — Suite 402 Shelton, Connecticut 06484 | 125,800 | 800 | * | * | ||||||||||||
Judith A. Mulholland(6) 4324 Snowberry Lane Naples, Florida 34119 | 104,392 | (7)(12) | 0 | * | — | |||||||||||
Shaun J. Kilfoyle Baldwin Technology Company, Inc. 14600 West 106th Street Lenexa, Kansas 66215 | 96,666 | (7) | 0 | * | — | |||||||||||
Samuel B. Fortenbaugh III(6) 1211 Ave. of the Americas, 27th Floor New York, New York 10036 | 56,692 | (7) | 106 | * | * | |||||||||||
Rolf Bergstrom(6) Sodra Villagatan 6 23735 Bjarred, Sweden | 32,881 | (7) | 0 | * | — | |||||||||||
Mark T. Becker(6) Sun Capital Partners, Inc. 5200 Town Center Circle, Suite 470 Boca Raton, FL 33486 | 42,799 | (7) | 0 | * | — | |||||||||||
Ronald B. Salvagio(6) 7108 Lemuria Circle #202 Naples, Florida 34109 | 8,688 | 0 | * | — | ||||||||||||
Claes Warnander(6) 1310 N. Ritchie Court Unit 12B Chicago, Illinois 60610 | 17,465 | 0 | * | — | ||||||||||||
All executive officers and directors of the Company as a group (including 12 individuals, named above) | 2,013,670 | (7)(8)(9)(12) | 764,180 | (10) | 12.87 | % | 66.88 | % |
* | = Less than 1%. | |
(1) | Each share of Class B Common Stock is convertible at any time, at the option of the holder thereof, into one share of Class A Common Stock. The amount of shares shown as Class A Common Stock held by a beneficial owner in the table above includes those shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock held by the beneficial owner. | |
(2) | Amount and Nature of Ownership is based on Amendment No. 20 to a Schedule 13D filed on June 6, 2007 with the SEC reporting beneficial ownership of securities of the Company held by affiliates of the beneficial owner, an investment advisor, as of June 1, 2007; Percent of Class is calculated based on information set forth in said filing and the Class A Common Stock outstanding on the record date. |
6
Table of Contents
(3) | Amount and Nature of Ownership is based on Amendment No. 10 to a Schedule 13G filed on February 6, 2008 with the SEC reporting beneficial ownership of securities of the Company held by the beneficial owner, a registered investment advisor, on behalf of certain funds as of December 31, 2007; Percent of Class is calculated based on information set forth in said filing and the Class A Common Stock outstanding on the record date. | |
(4) | Amount and Nature of Ownership is based on a Form 13F filed with the SEC reporting beneficial ownership of securities of the Company held by the beneficial owner, a registered investment advisor, on behalf of a number of its clients, one of which, Wellington Trust Company, NA, is reported to hold an ownership interest in excess of five percent of the Class of shares as of June 30, 2008. | |
(5) | Amount and Nature of Ownership is based on Amendment No. 9 to a Schedule 13G filed on January 22, 2008 with the SEC reporting beneficial ownership of securities of the Company held by the beneficial owner, an investment advisor, as of December 31, 2007; Percent of Class is calculated based on information set forth in said filing and the Class A Common Stock outstanding on the record date. | |
(6) | Member of the Board of Directors of the Company. | |
(7) | Includes shares of Class A Common Stock subject to options which are exercisable within 60 days as follows: Mr. Nathe, 140,000 shares; Mr. Puehringer, 115,000 shares; Mr. Hara, 5,000 shares; Mr. Fortenbaugh, 27,000 shares; Mr. Whitney, 8,000 shares; Ms. Mulholland, 27,000 shares; Mr. Kilfoyle, 61,000 shares; Mr. Becker, 18,000 shares; Mr. Bergstrom, 10,000 shares; and as to all executive officers and Directors of the Company as a group, 411,000 shares. | |
(8) | Includes 21,000 shares of Class A Common Stock held jointly with Patricia A. Nathe, wife of the beneficial owner; includes 35,000 shares held in a trust for the benefit of Mr. Nathe’s spouse; does not include 160,000 shares which may be issued pursuant to Mr. Nathe’s employment agreement with the Company as more fully described in the Employment Agreements section below. | |
(9) | Includes shares held in the respective accounts of the beneficial owners in the Company’s profit sharing and savings plan, as of September 30, 2008, as follows: Mr. Nathe, 12,581 shares and Mr. Puehringer, 8,780 shares. | |
(10) | Includes 100,000 shares held in a trust for the benefit of Patricia Nathe, wife of the beneficial owner and 98,338 shares held in a trust for the benefit of Mr. Nathe. | |
(11) | Includes 44,600 shares of Class A Common Stock held by Mr. and Mrs. St. John as Trustees under a family trust; also includes 3,375 shares of Class B Common Stock held of record by a trust for the benefit of John St. John, husband of the beneficial owner, 46,932 shares of Class B Common Stock held of record by a trust for the benefit of Mr. and Mrs. St. John, and 263,932 shares of Class B Common Stock held of record by a trust for the benefit of the beneficial owner. | |
(12) | Includes 3,750 shares held jointly with Bob Mulholland, husband of the beneficial owner. |
7
Table of Contents
8
Table of Contents
9
Table of Contents
Name | Position | |
Gerald A. Nathe | Chairman of the Board and Director(1) | |
Karl S. Puehringer | President, Chief Executive Officer and Director(1) | |
John P. Jordan | Vice President, Chief Financial Officer and Treasurer | |
Shaun J. Kilfoyle | Vice President | |
Mark T. Becker | Director(1)(3) | |
Rolf Bergstrom | Director(3) | |
Samuel B. Fortenbaugh III | Director(1) | |
Akira Hara | Director(2) | |
Judith A. Mulholland | Director(2)(4) | |
Ralph R. Whitney, Jr. | Director(2) | |
Ronald B. Salvagio | Director(3) | |
Claes Warnander | Director(2) |
(1) | Member of the Executive Committee. | |
(2) | Member of the Compensation Committee. | |
(3) | Member of the Audit Committee. | |
(4) | Lead Director |
10
Table of Contents
Fees | ||||||||||||||||||||
Earned or | ||||||||||||||||||||
Paid in | Stock | |||||||||||||||||||
Cash | Awards | Option Awards | All Other | |||||||||||||||||
($) | ($) | ($) | Compensation | Total | ||||||||||||||||
Name | (a) | (b)(c) | (c) | ($) | ($) | |||||||||||||||
Mark T. Becker | 49,500 | 10,618 | 1,288 | 61,406 | ||||||||||||||||
Rolf Bergstrom | 46,500 | 10,618 | 1,288 | 58,406 | ||||||||||||||||
Samuel B. Fortenbaugh III | 39,000 | 10,618 | 1,309 | 50,927 | ||||||||||||||||
Judith A. Mulholland | 44,500 | 10,618 | 1,269 | 56,387 | ||||||||||||||||
Ronald B. Salvagio | 49,000 | 6,688 | — | 55,688 | ||||||||||||||||
Ralph R. Whitney, Jr. | 42,500 | 10,618 | 1,269 | 54,387 | ||||||||||||||||
Akira Hara | — | 10,618 | 1,160 | 196,000 | (d) | 207,778 | ||||||||||||||
Claes Warnander(e) | 25,500 | 2,339 | — | 27,839 |
(a) | Directors who are not employees of the Company receive a $24,000 annual retainer and a fee of $1,500 for each meeting they attend of the Board of Directors or a Committee on which they serve. The Chair of the Audit Committee and the Lead Director of the Independent Directors each receives an additional $1,000 quarterly; the Chair of the Compensation Committee receives an additional $500 fee each quarter. All Directors are also reimbursed for expenses incurred in attending Board and Committee meetings. | |
(b) | The 2005 Equity Compensation Plan (the “2005 Plan”) was adopted at the 2005 Annual Meeting of Stockholders. Non-employee Directors received annual grants of Restricted Stock Awards (“RSAs”) or, in the case of foreign directors, Restricted Stock Units (“RSUs”) under the 2005 Plan. Seven (7) of the current Directors of the Company each received awards of RSAs or RSUs of 2,269 shares each on November 13, 2007. One (1) of the current Directors of the Company received an RSU award of 2,465 shares on November 26, 2007. Restrictions under RSAs and RSUs lapse one third each year on the anniversary dates of the awards. | |
(c) | Represents the amount recognized for financial reporting purposes with respect to Fiscal 2008 for RSAs and RSUs (Stock Awards) and stock options (Option Awards) granted during the fiscal year and prior fiscal years, as determined in accordance with Statement of Financial Accounting Standards (SFAS) No. 123(R). |
11
Table of Contents
(d) | Mr. Hara does not receive any Director fees but receives consulting fees in the amount of $60,000 per year for his services as a Strategic Advisor to the Company and Baldwin-Japan, Ltd., a subsidiary of the Company; additionally, Mr. Hara receives $136,000 per year in payments under a non-qualified supplemental executive retirement plan in connection with his prior employment with Baldwin Japan. | |
(e) | Mr. Warnander was elected as a Director on November 13, 2007. |
12
Table of Contents
13
Table of Contents
14
Table of Contents
15
Table of Contents
16
Table of Contents
17
Table of Contents
18
Table of Contents
19
Table of Contents
20
Table of Contents
AND INSIDER PARTICIPATION IN COMPENSATION DECISIONS
Non-Equity | Change in | |||||||||||||||||||||||||||||||||||
Incentive | Nonqualified | |||||||||||||||||||||||||||||||||||
Stock | Option | Plan | Deferred | |||||||||||||||||||||||||||||||||
Awards | Awards | Compensation | Compensation | |||||||||||||||||||||||||||||||||
Name and | Salary | Bonus | ($) | ($) | ($) | Earnings | All Other | |||||||||||||||||||||||||||||
Principal Position | Year | ($) | ($) | (1) | (1) | (2) | ($)(3) | Compensation ($) | Total ($) | |||||||||||||||||||||||||||
Gerald A. Nathe | 2008 | $ | 350,000 | $ | 125,017 | $ | 30,961 | — | $ | 101,702 | $ | 48,258 | (4) | $ | 656,038 | |||||||||||||||||||||
Chairman | 2007 | $ | 450,000 | $ | 70,317 | $ | 34,071 | $ | 104,063 | $ | 276,370 | $ | 46,562 | $ | 981,383 | |||||||||||||||||||||
Karl S. Puehringer | 2008 | $ | 400,000 | $ | 277,567 | $ | 20,426 | $ | 182,400 | $ | 38,951 | $ | 88,975 | (5) | $ | 1,008,319 | ||||||||||||||||||||
President & CEO | 2007 | $ | 310,524 | $ | 115,883 | $ | 22,007 | $ | 75,194 | $ | 172,769 | $ | 145,422 | $ | 841,799 | |||||||||||||||||||||
John P. Jordan | 2008 | $ | 251,539 | $ | 50,000 | (6) | $ | 60,222 | — | $ | 114,000 | $ | 72,956 | $ | 25,600 | (7) | $ | 574,317 | ||||||||||||||||||
Vice President, CFO and Treasurer | 2007 | $ | 78,846 | $ | 6,111 | — | $ | 19,269 | $ | 25,596 | $ | 17,148 | $ | 146,970 | ||||||||||||||||||||||
Shaun J. Kilfoyle | 2008 | $ | 202,845 | $ | 33,917 | $ | 20,426 | $ | 75,307 | $ | 91,668 | $ | 39,714 | (8) | $ | 463,877 | ||||||||||||||||||||
Vice President | 2007 | $ | 196,661 | $ | 20,933 | $ | 21,970 | $ | 47,857 | $ | 108,729 | $ | 13,531 | $ | 409,681 |
(1) | Represents the amount recognized for financial reporting purposes with respect to fiscal 2008 for RSAs and RSUs (Stock Awards) and stock options (Option Awards) granted during the fiscal year and prior fiscal years, as determined in accordance with Statement of Financial Accounting Standards (SFAS) No. 123(R). | |
(2) | Includes cash bonus earned and paid under the Company’s Fiscal 2008 and 2007 MICP. | |
(3) | Represents total change in the present value of the accumulated benefits under the Company’s SERP arrangements (see SERP table below) for the NEOs from July 1, 2007 (the beginning of Fiscal 2008) to June 30, 2008 (the end of Fiscal 2008). | |
(4) | For Fiscal 2008, the figure includes a $3,908 long-term disability insurance premium, $18,424 for legal and accounting/financial advice, a $13,645 life insurance premium, a $4,550 auto allowance, and a Company contribution of $7,731 to the named individual’s 401(k) profit sharing and savings plan account. | |
(5) | For Fiscal 2008, the figure includes a $4,357 long-term disability insurance premium, a $5,730 life insurance premium, a $3,662 auto allowance, a $1,565 club membership fee, a Company contribution of $9,392 to the named individual’s 401(k) profit sharing and savings plan account, $13,468 for legal and accounting/financial advice, $30,979 paid by the Company as reimbursement for relocation expenses, and a$19,822 gross-up payment to cover taxes associated with Mr. Puehringer’s relocation to the United States. |
21
Table of Contents
(6) | Represents a one-time sign-on bonus paid to Mr. Jordan during Fiscal 2008; one half of the amount was paid in August 2007 and one half was paid in January 2008. | |
(7) | For Fiscal 2008, the figure includes a $5,758 long-term disability insurance premium, a $1,620 life insurance premium, an $8,400 auto allowance, and a Company contribution of $9,822 to the named individual’s 401(k) profit sharing and savings plan account. | |
(8) | For Fiscal 2008, the figure includes a $2,140 life insurance premium, a $3,163 auto allowance, a Company contribution of $6,683 to the named individual’s 401(k) profit sharing and savings plan account, $20,533 paid by the Company as reimbursement for relocation expenses, and a$7,195 gross-up payment to cover taxes associated with Mr. Kilfoyle’s relocation to the Company’s Lenexa, Kansas location. |
22
Table of Contents
23
Table of Contents
FOR THE FISCAL YEAR ENDED JUNE 30, 2008
All Other | ||||||||||||||||||||||||
Estimated Future Payouts Under | Stock Awards: | |||||||||||||||||||||||
Non-Equity Incentive Plan Awards | Number of | Grant Date Fair | ||||||||||||||||||||||
Threshold | Target | Maximum | Shares of | Value of Stock and | ||||||||||||||||||||
Name | Grant Date | ($) | ($) | ($) | Stock or Units | Option Awards ($)(3) | ||||||||||||||||||
Gerald A. Nathe | 11/13/07 | (2) | — | — | — | 30,000 | $ | 159,000 | ||||||||||||||||
Karl S. Puehringer | 8/2/07 | (1) | $ | 0.00 | $ | 200,000 | $ | 300,000 | — | — | ||||||||||||||
11/13/07 | (2) | — | — | — | 65,000 | $ | 344,500 | |||||||||||||||||
3/7/08 | (2) | — | — | — | 50,000 | $ | 130,000 | |||||||||||||||||
John P. Jordan | 8/2/07 | (1) | $ | 0.00 | $ | 125,000 | $ | 187,500 | — | — | ||||||||||||||
11/13/07 | (2) | — | — | — | 20,000 | $ | 106,000 | |||||||||||||||||
Shaun J. Kilfoyle | 8/2/07 | (1) | $ | 0.00 | $ | 98,829 | $ | 148,243 | — | — | ||||||||||||||
11/13/07 | (2) | — | — | — | 7,500 | $ | 39,750 |
(1) | Award letters were distributed on this date under the Company’s Fiscal 2008 MICP. Actual amounts of Fiscal 2008 MICP payments to the NEOs were determined in August 2008 and are included in the Summary Compensation Table in the column entitled “Non-Equity Incentive Plan Compensation.” | |
(2) | Represents Restricted Stock Awards (RSAs) under the Company’s 2005 Equity Compensation Plan, which have restrictions that lapse in three (3) equal annual installments on the first, second and third anniversaries of the Grant Date. | |
(3) | Represents the fair value (closing price of Company’s stock) of RSAs as determined under SFAS No. 123(R). |
24
Table of Contents
Number of | Number of | Market | ||||||||||||||||||||||||||
Shares of | Shares of | Number of | Value of | |||||||||||||||||||||||||
Common Stock | Common Stock | Shares or | Shares or | |||||||||||||||||||||||||
Underlying | Underlying | Units of | Units of | |||||||||||||||||||||||||
Unexercised | Unexercised | Option | Stock that | Stock that | ||||||||||||||||||||||||
Options | Options | Exercise | Option | have not | have not | |||||||||||||||||||||||
Grant | (#) | (#) | Price | Expiration | Vested | Vested($) | ||||||||||||||||||||||
Name | Date | Exercisable | Unexercisable | ($) | Date | (#)(a) | (1) | |||||||||||||||||||||
Gerald A. Nathe | 8/11/1998 | 16,500 | 0 | $ | 5.50 | 8/11/2008 | — | — | ||||||||||||||||||||
8/07/2001 | 40,000 | 0 | $ | 1.05 | 8/07/2011 | — | — | |||||||||||||||||||||
11/11/2003 | 50,000 | 0 | $ | 1.93 | 11/11/2013 | — | — | |||||||||||||||||||||
8/17/2004 | 33,333 | 16,667 | (2) | $ | 3.41 | 8/17/2014 | (2) | $ | 39,667 | |||||||||||||||||||
11/8/2005 | — | — | — | — | 8,333 | $ | 19,833 | |||||||||||||||||||||
11/14/2006 | — | — | — | — | 23,333 | $ | 55,533 | |||||||||||||||||||||
11/13/2007 | — | — | — | — | 30,000 | $ | 71,400 | |||||||||||||||||||||
Karl S. Puehringer | 11/13/2001 | 25,000 | — | $ | 1.15 | 11/13/2011 | — | — | ||||||||||||||||||||
8/13/2002 | 30,000 | — | $ | 0.82 | 8/13/2012 | — | — | |||||||||||||||||||||
11/11/2003 | 25,000 | — | $ | 1.93 | 11/11/2013 | — | — | |||||||||||||||||||||
8/17/2004 | 23,333 | 11,667 | (2) | $ | 3.41 | 8/17/2014 | (2) | $ | 27,767 | |||||||||||||||||||
11/8/2005 | — | — | — | — | 6,667 | $ | 15,867 | |||||||||||||||||||||
6/13/2006 | — | — | — | — | 10,000 | $ | 23,800 | |||||||||||||||||||||
11/14/2006 | — | — | — | — | 20,000 | $ | 47,600 | |||||||||||||||||||||
6/12/2007 | — | — | — | — | 20,000 | $ | 47,600 | |||||||||||||||||||||
11/13/2007 | — | — | — | — | 65,000 | $ | 154,700 | |||||||||||||||||||||
3/7/2008 | — | — | — | — | 50,000 | $ | 119,000 | |||||||||||||||||||||
John P. Jordan | 5/2/2007 | — | — | — | — | 13,333 | $ | 31,733 | ||||||||||||||||||||
11/13/2007 | — | — | — | — | 20,000 | $ | 47,600 | |||||||||||||||||||||
Shaun J. Kilfoyle | 8/13/2002 | 9,333 | — | $ | 0.82 | 8/13/2012 | — | — | ||||||||||||||||||||
11/11/2003 | 16,667 | — | $ | 1.93 | 11/11/2013 | — | — | |||||||||||||||||||||
8/17/2004 | 23,333 | 11,667 | (2) | $ | 3.41 | 8/17/2014 | (2) | $ | 27,767 | |||||||||||||||||||
11/8/2005 | — | — | — | — | 3,333 | $ | 7,933 | |||||||||||||||||||||
11/14/2006 | — | — | — | — | 5,000 | $ | 11,900 | |||||||||||||||||||||
11/13/2007 | — | — | — | — | 7,500 | $ | 17,850 |
(1) | Represents the number of shares of unvested stock options or RSAs or RSUs which remain under restriction multiplied by $2.38, the fair market value (closing price) of the Company’s Class A Common Stock on June 30, 2008, the last trading day of Fiscal 2008. | |
(2) | Options vested on August 17, 2008. |
25
Table of Contents
Name | Grant Date | 2008 | 2009 | 2010 | ||||||||||||
Gerald A. Nathe | 11/8/2005 | 8,333 | ||||||||||||||
11/14/2006 | 11,666 | 11,667 | ||||||||||||||
11/13/2007 | 10,000 | 10,000 | 10,000 | |||||||||||||
Karl S. Puehringer | 11/8/2005 (RSU | ) | 6,667 | |||||||||||||
6/13/2006 | 10,000 | |||||||||||||||
11/14/2006 | 10,000 | 10,000 | ||||||||||||||
6/12/2007 | 10,000 | 10,000 | ||||||||||||||
11/13/2007 | 21,667 | 21,666 | 21,667 | |||||||||||||
3/7/2008 | 16,667 | 16,666 | 16,667 | |||||||||||||
John P. Jordan | 5/2/2007 | 6,666 | 6,667 | |||||||||||||
11/13/2007 | 6,667 | 6,666 | 6,667 | |||||||||||||
Shaun J. Kilfoyle | 11/8/2005 | 3,333 | ||||||||||||||
11/14/2006 | 2,500 | 2,500 | ||||||||||||||
11/13/2007 | 2,500 | 2,500 | 2,500 |
Option Awards | Stock Awards | |||||||||||||||
Number of | Number of | |||||||||||||||
Shares of | Shares of | |||||||||||||||
Common Stock | Common Stock | Value Realized | ||||||||||||||
Acquired | Value Realized | Acquired | on Vesting | |||||||||||||
on Exercise | on Exercise | on Vesting | ($) | |||||||||||||
Name | (#) | ($) | (#) | (1) | ||||||||||||
Gerald A. Nathe | — | — | 8,333 | $ | 44,832 | |||||||||||
11,666 | $ | 63,235 | ||||||||||||||
Karl S. Puehringer | — | — | 6,666 | $ | 35,863 | |||||||||||
10,000 | $ | 54,200 | ||||||||||||||
10,000 | $ | 28,200 | ||||||||||||||
10,000 | $ | 28,200 | ||||||||||||||
John P. Jordan | — | — | 6,666 | $ | 16,265 | |||||||||||
Shaun J. Kilfoyle | ��� | — | 3,333 | $ | 17,932 | |||||||||||
2,500 | $ | 13,550 |
(1) | Value Realized on Vesting represents the fair market value (closing price) of the Company’s Class A Common Stock on the date the restrictions of the RSAs or RSUs lapsed. |
26
Table of Contents
Present | ||||||||||||||||
Number of Years | Value of Accumulated | Payments During | ||||||||||||||
Plan | Credited Service | Benefit | Last Fiscal Year | |||||||||||||
Name | Name | (#) | ($) | ($) | ||||||||||||
Gerald A. Nathe | SERP | 18 | $ | 2,030,822 | — | |||||||||||
Karl S. Puehringer | SERP | 7 | $ | 747,154 | — | |||||||||||
John P. Jordan | SERP | 1 | $ | 94,052 | — | |||||||||||
Shaun J. Kilfoyle | SERP | 7 | $ | 369,266 | — |
Payment | Gerald A. Nathe | Karl S. Puehringer | John P. Jordan | Shaun J. Kilfoyle | ||||||||||||
Upon termination by the Company Without Cause | ||||||||||||||||
Cash Severance | $ | 1,015,000 | $ | 1,160,000 | $ | 255,000 | $ | 102,287 | ||||||||
Accrued but unpaid MICP(1) | — | $ | 200,000 | $ | 125,000 | $ | 98,828 | |||||||||
Vested SERP Compensation(2) | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | $ | 369,266 | ||||||||
Cost of outplacement | — | $ | 30,000 | $ | 15,000 | $ | 10,000 | |||||||||
Insurance reimbursement | $ | 208,284 | $ | 29,390 | $ | 6,678 | $ | 9,797 | ||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 | ||||||||
Upon termination by Mutual Consent | ||||||||||||||||
Cash Severance | $ | 350,000 | — | — | — | |||||||||||
Accrued but unpaid MICP | — | $ | 200,000 | $ | 125,000 | — | ||||||||||
Vested SERP Compensation | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | $ | 369,266 | ||||||||
Insurance reimbursement | $ | 208,284 | — | — | — | |||||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 |
27
Table of Contents
Payment | Gerald A. Nathe | Karl S. Puehringer | John P. Jordan | Shaun J. Kilfoyle | ||||||||||||
Upon termination by the Company With Cause | ||||||||||||||||
Vested SERP Compensation | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | $ | 369,266 | ||||||||
Insurance reimbursement | $ | 208,284 | — | — | — | |||||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 | ||||||||
Upon termination by the Executive | ||||||||||||||||
Upon the occurrence of Certain Events(3) | ||||||||||||||||
Cash Severance | $ | 1,015,000 | $ | 1,160,000 | $ | 255,000 | $ | 102,287 | ||||||||
Accrued but unpaid MICP | — | $ | 200,000 | $ | 125,000 | $ | 98,828 | |||||||||
Vested SERP Compensation | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | $ | 369,266 | ||||||||
Cost of outplacement | — | $ | 30,000 | $ | 15,000 | $ | 10,000 | |||||||||
Insurance reimbursement | $ | 208,284 | $ | 29,390 | $ | 6,678 | $ | 9,797 | ||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 | ||||||||
Upon termination as a result of Disability | ||||||||||||||||
Disability Payment | $ | 330,713 | (4) | $ | 2,548,906 | (5) | $ | 278,604 | (5) | $ | 486,127 | (6) | ||||
Accrued but unpaid MICP | — | $ | 200,000 | $ | 125,000 | $ | 98,828 | |||||||||
Vested SERP Compensation | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | — | |||||||||
Insurance reimbursement | $ | 208,284 | — | — | — | |||||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 | ||||||||
Upon termination as a result of Death | ||||||||||||||||
Accrued but unpaid MICP | — | $ | 200,000 | $ | 125,000 | $ | 98,828 | |||||||||
Vested SERP Compensation | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | $ | 369,266 | ||||||||
Insurance reimbursement | $ | 208,284 | — | — | — | |||||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 | ||||||||
Upon termination for Retirement | ||||||||||||||||
Accrued but unpaid MICP | — | $ | 200,000 | $ | 125,000 | $ | 98,828 | |||||||||
Vested SERP Compensation | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | $ | 369,266 | ||||||||
Insurance reimbursement | $ | 208,284 | — | — | — | |||||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 | ||||||||
Upon expiration of Agreement | ||||||||||||||||
Cash Severance | — | $ | 800,000 | — | — | |||||||||||
Accrued but unpaid MICP | — | $ | 200,000 | $ | 85,000 | (7) | $ | 17,048 | (7) | |||||||
Vested SERP Compensation | $ | 2,030,822 | $ | 747,154 | $ | 94,052 | $ | 369,266 | ||||||||
Insurance reimbursement | $ | 208,284 | $ | 29,390 | — | — | ||||||||||
Accrued vacation | $ | 54,519 | $ | 113,846 | $ | 6,375 | $ | 14,163 |
(1) | Reflects the value of the payment under the Company’s MICP assuming the payout was at 100% of the target. | |
(2) | Reflects the present value of the SERP benefits that would be provided upon termination. This is not a lump sum payment. | |
(3) | Upon the occurrence of certain events in each individual NEO’s employment agreement (e.g. the removal of an NEO from his position, a material diminution of duties or the assignment of duties that are materially inconsistent with the NEO’s position, merger or sale by the Company with or into another entity, sale by the Company of substantially all of its assets, change of a majority of directors of the Company, or adoption by the Company of any plan of liquidation), the NEO may terminate his employment and receive the same payments from the Company that the Company would have been obligated to pay in the case of Termination by the Company Without Cause. |
28
Table of Contents
(4) | Reflects the present value of disability payments in an amount equal to 50% of the NEO’s monthly base salary payable through June 30, 2010. This is not a lump sum payment. | |
(5) | Reflects the present value of disability payments in an amount equal to 50% of the NEO’s monthly base salary payable until the NEO attains the age of 65. This is not a lump sum payment. | |
(6) | Reflects the present value of disability payments in an amount equal to 60% of the NEO’s monthly base salary up to a maximum of $5,000 per month and payable until the NEO attains the age of 65. This is not a lump sum payment. | |
(7) | Reflects the value of the MICP payment assuming the payout was at 100% of the target and pro-rated for the duration the agreement was in effect during the fiscal year of expiration. |
29
Table of Contents
30
Table of Contents
31
Table of Contents
32
Table of Contents
33
Table of Contents
PWC | GT | GT | ||||||||||
2007 | 2007 | 2008 | ||||||||||
Audit Fees | $ | 88,750 | $ | 1,041,000 | $ | 996,416 | ||||||
Audit-Related Fees | 635,564 | (1) | — | — | ||||||||
Tax Fees | — | $ | 44,905 | $ | 110,871 | |||||||
All Other Fees | — | — | — | |||||||||
TOTAL | $ | 724,314 | $ | 1,085,905 | $ | 1,107,287 | ||||||
(1) | Primarily reflects services related to the Company’s acquisition of Oxy-Dry Corporation. |
34
Table of Contents
Secretary
35
Table of Contents
36
Table of Contents
37
Table of Contents
38
Table of Contents
39
Table of Contents
40
Table of Contents
41
Table of Contents
42
Table of Contents
7. | Adjustments |
8. | General Provisions |
43
Table of Contents
44
Table of Contents
45
Table of Contents
BALDWIN TECHNOLOGY COMPANY, INC.
AS IN THIS EXAMPLE
to be held November 11, 2008
CLASS A COMMON STOCK
For [ ] Withhold [ ] For All Except [ ]
2. | To improve an amendment to the Company’s 2005 Equity Compensation Plan to increase the maximum aggregate number of shares of the Company’s Class A Common Stock that may be delivered to Participants or their Beneficiaries pursuant to all Awards granted under the Plan by 1,000,000 to 2,200,000. |
3. | To transact such other business as may properly come before the meeting or any adjournment thereof. |
Table of Contents
Date | ||||
Stockholder sign above | ||||
Co-holder (if any) sign above |
USING THE ENCLOSED ENVELOPE
Table of Contents
BALDWIN TECHNOLOGY COMPANY, INC.
AS IN THIS EXAMPLE
to be held November 11, 2008
CLASS B COMMON STOCK
For [ ] Withhold [ ] For All Except [ ]
2. | To improve an amendment to the Company’s 2005 Equity Compensation Plan to increase the maximum aggregate number of shares of the Company’s Class A Common Stock that may be delivered to Participants or their Beneficiaries pursuant to all Awards granted under the Plan by 1,000,000 to 2,200,000. |
3. | To transact such other business as may properly come before the meeting or any adjournment thereof. |
Table of Contents
Date | ||||
Stockholder sign above | ||||
Co-holder (if any) sign above |
Table of Contents
BALDWIN TECHNOLOGY COMPANY, INC.
AS IN THIS EXAMPLE
to be held November 11, 2008
401(k) PLAN
For [ ] Withhold [ ] For All Except [ ]
2. | To improve an amendment to the Company’s 2005 Equity Compensation Plan to increase the maximum aggregate number of shares of the Company’s Class A Common Stock that may be delivered to Participants or their Beneficiaries pursuant to all Awards granted under the Plan by 1,000,000 to 2,200,000. |
3. | To transact such other business as may properly come before the meeting or any adjournment thereof. |
Table of Contents
Date | ||||
Stockholder sign above | ||||
Co-holder (if any) sign above |