Intel Freezes Salaries for Top Executives
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Chip giant Intel is looking to revamp its compensation plan as the tech bellwether attempts to control its costs and weather the economic storm. The plan, which must be approved by shareholders, includes a freeze on the company’s top salaries and an exchange of “underwater” stock options.
“Intel employees (but not our listed officers) would be given the opportunity to exchange stock options with an exercise price above our 52-week high for a lesser number of new stock options that have approximately the same fair value as the options surrendered,” the company said, in its filing.
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