InterDigital, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by InterDigital, Inc. on March 2, 2011, reporting events that occurred on March 1, 2011. The filing addresses corporate governance changes specifically regarding the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the election of a new director and associated compensation arrangements.
Material Changes
The primary material change reported is the election of Gilbert F. Amelio, a Senior Partner at Sienna Ventures, as a new director of the company. This appointment was made upon the recommendation of the nominating and corporate governance committee.
Management Commentary and Compensation
Dr. Amelio's board committee assignments have not yet been determined. His compensation aligns with the company's program for non-management directors as described in the 2010 proxy statement. Upon election, he received:
- An initial election award of 4,000 restricted stock units (RSUs), vesting in full on the first anniversary of the grant date.
- A prorated award of 1,030 RSUs for partial service during the 2010-2011 board year, vesting in full on June 3, 2011.
Investor Verification Checklist
- Verify the specific board committee assignments for Dr. Amelio once determined.
- Review the attached press release (Exhibit 99.1) for additional context on the appointment.
- Confirm the vesting schedule details in the company's 2010 proxy statement.