On September 18, 2009
NYT’s SEC Filing: We Violated Our Exec Incentive Plan
In what had to be an embarrassing filing with the SEC today, The New York Times revealed that it “has discovered that portions of previously-awarded stock option grants to purchase the company’s class A common stock were in excess of that permitted to be granted to a single individual during any calendar year under the terms of the company’s 1991 executive stock incentive plan, as amended.” According to the filing, the annual maximum for options thus allocated is 400,000, but in 2008, President and CEO Janet Robinson was awarded 650,000, and in 2009, Chairman and President Arthur Sulzberger, Jr., was granted 500,000. The executives have agreed to declare the excess options “null and void.” In return, the company is awarding…
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