The following is not to be considered legal advice, and is provided for information only.
The Securities Exchange Commission (SEC) issued an amendment of its Executive Compensation Disclosure Rules (adopted in July 2006). These rule changes are "interim final rules" because a comment period is required by law. These new rule changes are in effect for the 2007 proxy season.
The Director Compensation Table (required under Item 402 of Regulation S-K) is amended to require footnote disclosure of the same information. The Grants of Plan-Based Awards Table is amended to require disclosure of the grant date fair value of each individual equity award on a grant-by-grant basis, computed in accordance with FAS 123R.
The Grants of Plan-Based Awards Table is amended to require disclosure of any option or stock appreciation right that was priced again or materially modified during the last completed fiscal year, including the incremental fair value, computed as of a repricing or modification date in accordance with FAS 123R. This information is not required in the Summary Compensation Table. The Director Compensation Table required under Item 402 of Regulation S-K is revised to require footnote disclosure of the same incremental fair value information.
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