GRANTS OF PLAN-BASED AWARDS
Fiscal Year 2007
| Estimated Future Payouts Under Non-Equity Incentive Plan Awards1 |
All Other Option Awards: Number of Securities Underlying |
Exercise or Base Price of Option |
Grant Date Fair Value of Stock and Option |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Grant Date | Threshold ($) |
Target ($) |
Maximum ($) |
Options (#) |
Awards ($/Sh) |
Awards2 ($) |
|||||||||
| Garry O. Ridge | 10/17/06 | $1 | $ | 267,750 | $535,500 | 35,0003 | $35.99 | $270,550 | ||||||||
| Michael J. Irwin | 10/17/06 | $1 | $ | 79,950 | $159,900 | 10,0004 | $35.99 | $77,300 | ||||||||
| Graham P. Milner | 10/17/06 | $1 | $ | 71,610 | $143,220 | 10,0004 | $35.99 | $77,300 | ||||||||
| Michael L. Freeman | 10/17/06 | $1 | $ | 79,950 | $159,900 | 10,0004 | $35.99 | $77,300 | ||||||||
| William B. Noble | 10/17/06 | $1 | $ | 100,470 | $200,940 | 10,0004 | $35.99 | $77,300 | ||||||||
1 The Estimated Future Payouts Under Non-Equity Incentive Plan Awards represent Threshold, Target and Maximum payouts under the Company’s Performance Incentive program for bonuses payable for fiscal year 2007 performance. The Target amount represents that portion of the bonus opportunity for each NEO that is based on relative attainment of identified performance goals (as more fully discussed in the Compensation Discussion and Analysis section of this proxy statement.) The Maximum amount represents the bonus opportunity for each NEO that assumes receipt of the full Target amount by such NEO and attainment by the Company of a level of earnings before interest, taxes, depreciation and amortization computed on a consolidated basis sufficient to maximize such payouts under the Performance Incentive program formula applicable to all employees.
2 The grant date fair value of $7.73 per share for all options has been determined as of the grant date of October 17, 2006 using the Black-Scholes Option Valuation model. The following assumptions were used in determining the value: (i) a dividend yield of 2.78%; (ii) expected volatility of 0.2389; (iii) a 4.82-year risk free interest rate of 4.73%; and (iv) an expected option term/life of 4.82 years.
3 Mr. Ridge’s options are non-qualified stock options with the right to acquire 11,900 shares exercisable on October 17, 2007; the right to acquire 11550 shares exercisable on October 17, 2008; and the right to acquire 11550 shares exercisable on October 17, 2009.
4 Options awarded to Mr. Irwin, Mr. Milner, Mr. Freeman and Mr. Noble are non qualified stock options with the right to acquire 3,400 shares exercisable on October 17, 2007; the right to acquire 3,300 shares exercisable on October 17, 2008; and the right to acquire 3,300 shares exercisable on October 17, 2009.