Cadmus Communications Corporation Board Approves New Employee Stock Compensation Plan
Press release from the issuing company
RICHMOND, Va., Oct. 8 -- Cadmus Communications Corporation today announced that its Board of Directors has approved a Key Employee Stock Compensation Plan (the "Plan") and submitted that plan to Cadmus shareholders for approval. The Plan would replace the Company's 1990 Stock Compensation Plan, which has expired.
Under the Plan, the Board of Directors intends to make awards designed to ensure more complete alignment between the interests of key employees and the interests of Cadmus shareholders. Most importantly, substantially all of the awards to be made under the Plan will be entirely performance based. If specified earnings per share and share price targets established by the Board are not met, then, as a general rule, none of those performance-based awards under the Plan will vest or otherwise become payable. The Company believes that, as a result of these aligning features, the adoption of the Plan will promote a greater identity of interest between the Company's key employees and the Company's shareholders. The full Plan description can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission and available on the Company's website at http://www.cadmus.com/Company Profile/SEC Docs/General Filings. The Company's annual meeting of shareholders, at which shareholders will vote on the Plan, will be held on November 10, 2004.
Bruce V. Thomas, president and chief executive officer, commented, "We are pleased with the Plan approved by the Board and presented to our shareholders for approval. It provides a meaningful incentive for our key employees to drive improved earnings and higher share price and further aligns employee and shareholder interests. In the past several years, management has worked hard to deliver consistent improvement in earnings and drive Cadmus' share price higher. We believe that adoption of the Plan will help us engage more of our key employees in that effort and align their incentive compensation more directly with the interests of our shareholders."
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