iRobot 2007 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2007 iRobot annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

Grants of Plan-Based Awards in 2007
The following table sets forth, for each of the named executive officers, information about grants of plan-
based awards during 2007.
GRANTS OF PLAN-BASED AWARDS — 2007
Name Grant Date
Threshold
($)
Target
($)
Maximum
($)
All Other
Stock
Awards:
Number
of Shares
of Stock
or Units
(#)(2)
All Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)(2)
Exercise
or Base
Price of
Option
Awards
($/Sh)
Grant
Date Fair
Value of
Stock and
Option
Awards
($)
Estimated Possible Payouts Under
Non-Equity Incentive Plan
Awards(1)
Colin Angle ........... — — 281,032 351,290 — — — —
5/25/2007 — — — 5,333 — 16.03 85,488
5/25/2007 — — — — 21,333 16.03 173,870
Helen Greiner .......... — — 281,032 351,290 — — — —
5/25/2007 — — — 5,333 — 16.03 85,488
5/25/2007 — — — — 21,333 16.03 173,870
Geoffrey P. Clear ....... — — 107,000 133,750 — — —
5/25/2007 — — — 3,000 16.03 48,090
5/25/2007 — — — — 12,000 16.03 97,804
Joseph W. Dyer......... — — 197,122 246,403 — — — —
5/25/2007 — — — 3,333 — 16.03 53,428
5/25/2007 — — — — 13,333 16.03 108,668
Sandra B. Lawrence ..... — 98,464 160,000 200,000 — — — —
5/25/2007 — — — — 250,000 16.03 2,037,575
(1) This reflects the threshold, target and maximum incentive cash payout levels established under our 2007
Senior Executive Incentive Compensation Plan.
(2) All stock awards and option awards were made pursuant to our 2005 Stock Option and Incentive Plan.
Discussion of Summary Compensation and Grants of Plan-Based Awards Tables
The compensation paid to the named executive officers includes salary, cash incentive compensation and
equity incentive compensation. In addition, each named executive officer is eligible to receive contributions to
his or her 401(k) plan under our matching contribution program.
Executive Agreements
We have entered into executive agreements with each of our executive officers. The executive agreements
provide for severance payments equal to 50% of such officer’s annual base salary, as well as certain continued
health benefits, in the event that we terminate his or her employment other than for cause. In addition, these
executive agreements provide that if we experience a change in control and the employment of such officer is
terminated without cause, or if such officer terminates his or her employment for certain reasons including a
substantial reduction in salary or bonus or geographic movement during the one-year period following the
change in control, then all unvested stock options held by such officer become fully-vested and immediately
exercisable and such officer is entitled to severance payments equal to 100% of his or her annual base salary
and 50% of such officer’s annual bonus, as well as certain continued health benefits. The agreements also
provide that all options granted to each officer will have their vesting accelerated by 25% upon a change in
control
In 2007, salary was approximately 83.7%, 83.7%, 86.9%, 87.9% and 33.5% of the total compensation for
Mr. Angle, Ms. Greiner, Messrs. Clear and Dyer and Ms. Lawrence, respectively. In 2006, salary was
21
Proxy Statement