One source told RIABiz that this provision impacted more than staffers, but Hooper says that number is inaccurate. Keep in mind that not all of the managing directors were impacted. Many remain," Hooper says. Typically, severance was granted based on length of service at TD Ameritrade.
For instance, managing directors may have received up to four weeks per year of service while others received less. The minimum was about 26 weeks of pay, a former staffer says. They'll tell you to apply again in a year," another former staffer says. TalentTrack Schwab. Who are the people making these decisions? What is the appeal process? Former staffers said one of Schwab's benefits included resume assistance.
How can they help us if Schwab is going to decline us? Typically waivers are only granted in situations where an ex-employee is patently unthreatening, says John S. Those two firms may be Schwab's biggest online brokerage competitors. Honestly, it's not rocket science to pick a diversified portfolio for clients," the staffer says. A Fidelity spokesperson confirmed that the company does not hire employees from TDA or elsewhere constrained by a non-compete agreement.
Some former staffers were told Schwab would be just as flexible with the non-compete clauses, as well. Now, you have to get permission from Chuck if you want to get a job. These folks have been declined. Munoz president of Los Angeles-based U. So, I'm not sure they had any reason to offer broad severance packages at the top levels, and maybe that's why they weren't too concerned about enforcing them.
Traditionally, non-competes exist because executives at higher levels possess insider information, Munoz says. The non-compete is to retain that intellectual knowledge within the organization. There would be a risk if they take proprietary information maybe something about a new trading platform.
That could be something worth protecting. But Texas could be more pro-employer. It might impact a judge's disposition. From a purely legal matter, it shouldn't matter, but judges are people, too. This topic was prevalent in when many in the industry lost their jobs, Munoz says.
The real issue is how the company defines a competitor, she says. An Employee or Participant who terminates Service and returns to Service prior to incurring a Total Break in Service shall become a Participant upon meeting the requirements of Section 3. Effective May 27,, the first sentence in Section 5.
Effective January 1, , a new Section As a pre-condition to commencing any arbitration, the claims procedure Section The judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. However, if this class action waiver is found to be unenforceable by a court of competent jurisdiction, then any claim on a class, collective, or representative basis shall be filed and adjudicated in a court of competent jurisdiction, and not in arbitration.
Except as provided in the preceding sentence, this Section Effective January 1,, in Section 2. Effective June 26,, Section 2. I b ii is replaced with: ii commences Service on or after the Restated Effective Date shall become a Participant of the Plan upon the earlier of y as soon as administratively practical after the Employee has completed a Salary Reduction Agreement but no later than 45 days following the Employee's completion of a Salary Reduction Agreement; or z when the Employee is deemed to have entered into a Salary Reduction Agreement providing for Elective Contributions after receiving advanced notice and having an opportunity to decline to make Elective Contributions, which shall be the first paycheck that is at least 45 days following the date of commencement of Service.
Effective January 1, , Section 3. I a iv are replaced as follows: 5. Effective January 1,, a new Section I have personal knowledge of the facts 5 contained in this declaration, and if called upon to testify, I could and would testify competently 6 thereto.
I have been employed by Schwab since August, Schwab Sponsors the SchwabPlan Retirement Savings and Investment Plan the 14 "Plan" , a defined contribution, individual account plan offered to Schwab employees, including 15 to the named plaintiff Michael F.
Dorman "Dorman" or "Plaintiff". A true and correct copy of 16 the Plan, effective January 1, , is attached as Exhibit 1. Schwab allows eligible employees to participate in the Plan as of their hire date. Schwab 20 employees may also choose not to participate in the Plan or to terminate their participation in the 21 Plan at any time.
All employees are provided access to the Summary Plan Description. A true 22 and correct copy of the Summary Plan Description, effective November 1, , is attached as 23 Exhibit 2. The Plan offers a range of investment options in which participants can invest their 25 contributions. Matching contributions are invested in the same investment options and 26 proportions as the participant's contributions are invested.
A participant's Plan benefits consist of the accumulated value of the participant's 2 contributions and Schwab's matching, profit sharing and Employee Stock Ownership 3 contributions, together with any investment earnings thereon. His last position was as a financial consultant, which he held 7 from February 17, at Schwab's office in New York, New York. At the time Dorman commenced employment, employees were automatically 19 enrolled into the Plan on the first of the month following three 3 calendar months of service as a 20 regular Schwab employee.
Dorman received an automatic enrollment notice informing him that 21 he had 45 days to opt out before automatic contributions began and that he could thereafter opt out 22 of the Plan at any time. Dorman also received a confirmation of automatic enrollment notice at 23 the time he was automatically enrolled in the Plan.
A true and correct copy of Dorman's 24 Automatic Enrollment Notice is attached as Exhibit 5 and a true and correct copy of Dorman's 25 Confirmation of Automatic Enrollment, dated June 2, , is attached as Exhibit 6. Following his termination from employment, on December 18, , Dorman 2 received a full distribution of his account balance and ceased being a Plan participant.
Elective Contributions Salary Reduction Agreements Trustee-to-Trustee Transfer of Assets Special Rules For Latest Time.. Suspension or Termination of Plan Contributions Conditioned on Deductibility General Application Separate Accounting The Plan Sponsor established and maintains the Plan to enable each Participant Palticipant to benefit, in accordance with the terms of the Plan, Plan, from from contributions contri butions made by the Employer, contributions made by the Pa1ticipant, Participant, and from any increases in the value of the Plan assets through investment of such assets.
The Plan and Trust are intended to qualify as a plan and trust which 40 I a and SOI a are qualified and exempt from taxation under sections 40l a a of the Code. The Plan a , k , is intended to qualify under sections a , k , A, v and related sections sect ions of the Code. Subject to the provisions of Section 16 of the Plan, the assets asscts of the Plan shall be applied exclusively for the purposes of providing benefits to Participants Pmticipants and Beneficiaries under the ad ministration of the Plan and its corresponding Plan and for defraying expenses incurred in the administration Trust.
The Plan is an amendment and restatement of the SchwabPlan Retirement Savings and Investment Plan, which was initially effective as of October 1, The Investment Thc effective effecti ve date of this amendmcnt and restatement is January 1, amendment I, The Thc rights of any person who terminated terminatcd employment or who retired on or before the effective date of this restated Plan or any provision ror benefits and the time and form in which benefits, if hereof, including his or her eligibility for if any, will be paid, shall be determined solely so lely under the terms of the Plan provisions as in effect on the date of his or her Severance from Service or OJ' retirement, unless such person is thereafter reemployed and again becomes a Patticipant.
The rights of any other person shall be determined solely under the terms of this restated Plan, except as may otherwise be required by law. The Plan is intended to qualify as an ESOP as defined by section S e 7 e 7 of the Code and section d 6 of the Act designed to invest primarily in Shares of The Charles Schwab section Corporation which meet the requirements for ""qualifying employcr securities" under qualifying employer section S e 8 e 8 of or the Code and section d S d 5 of the Act, and the ESOP Account is designed to invest solely in such Shares except for ce1tain eeltain limited cash or cash equivalent sha ll be construed investments described in Section 7.
All provisions of the Plan and Trust shall accordingly. The purpose of or the ESOP is to align Employees' interests with the interests of shareholders and provide retirement benefits. A Break in Service shall be deemed to have commenced on the first day of the the Regulations. Solely for purposes of determining OCCUlTed, an individual shall occurred, sha ll be credited with the Hours I-lours of Service which such individual would have completed but for a maternity or paternity absence, abscnce, as determined by the Committee in wi th this Section accordance with Scction 2.
Hours of Service credited for a maternity or paternity absence shall be credited at eight Hours of Service per day and shall be credited entirely i in the Plan Year in which wh ich the absence began if such Hours T-Tours of Service are necessary to prevent a Break Dreak in Service in such Plan Year, or ii in the following Plan Year. For purposes of this Section 2. All citations to sections of the Code are to to such sections as they may from time to time be amended or renumbered.
For purposes of the Act, the Employer shall be the "named fiduciary" fiduciary" with respect to the matters for which it is hereby responsible under the Plan of the Plan, and the Employer shall be the "plan administrator" of the Plan within the meaning of section 3 16 A of the Act. For purposes of determining the whole percentage of Compensation for which a Paiticipant Participant may make a Salary Reduction Agreement, and not for any other purposes, subparagraph viii hereof shall be disregarded.
Compensation shall be determined prior to reduction for i any contributions Pal1icipant's election under Section 5. Solely for purposes of determining 32 a 5 of the Code. The cost-of-living year applies to annual Compensation for the determination period that begins with or within sueh such calendar year.
Employer's long-term plan. Elective Contributions and Qualified Nonelective Contributions. Payroll or who provides services to the Employer pursuant to an agreement between the Employer and a temporary agency or other leasing organization.
A director of the Employer is not eligible for membership in the Plan unless such director is also an Employee. A Leasedleased employee is not eligible for membership in the Plan unless the Employer designates such individual as eligible for membership in the Plan. Trust for purposes of Profit Sharing Contributions under Section 4.
For purposes of determining the number of Employees in the top-paid group, Employees described in section 4l4 q S q 5 of the Code and the Regulations promulgated thereunder are excluded. Hours of or Service shall be credited for fo r the applicable period in wh ich such which sllch Hours I-lours or of Service accrue Dcpartment Regulation acciue in accordance with Labor Department Regu lation 29 C.
Trust and any other Affiliated Employer, the board of directors or equivalent govellling body of which shall adopt the Plan and Trust Agreement by appropriate action with governing Di rectors. By its adoption of this Plan, a Participating the written consent of the Board of Directors. Section 17 of this Plan. Contribut ions. Any definition of Section s under the Plan for 4 l 4 s Compensation shall be subject to the annual compensation limitation under section 40l a l 7 of the Code and shall be used 40 1 a 17 consistently to define the compensation of all Participants Pm1icipants taken into account in satisfying the requirements of Sections 4.
Service also includes periods of time for which back pay, irrespective of mitigation mitigalion of damages, is awarded or agreed to by the Employer or any Affiliated Employer; Employer; provided that such award or agreement is not already credited as Service under the preceding sentence.
Service shall also include i Service with any entity formed under the laws of a foreign jmisdiction jurisdiction if such entity would have constituted an Affiliated Employer had such entity been formed fOlmed under the laws of the United States, and ii any period of a Participant's Pat1icipant's prior employment with any other organization upon such terms and conditions as the Committee may approve and subject to any required IRS approval.
Pension ion Services, Inc. All valuations of Shares, where such Shares are not readily tradable on an established securities market and where such valuations relate to activities carried on by the Plan, shall be made by one or more independent appraisers retained by the Committee, who meet the requirements, if any, of the Code and Regulations. To the extent and in the mam1er manner required by the Code and Regulations, all independent appraisers, if any, making appraisals pursuant to the foregoing sentence shall be registered with the IRS.
Trust" 2. Tnlst Corporation and each of its subsidiaries designated Tru:;I" means U. Trust prior to July 1, 1, as a Participating Employer. Trust "US. Trust "U. Trust Corporation k 40 1 k Plan that was merged Pl an effective January 1, Trust Prior Plan Contribution "U. Conlriblltion Subaccount" is defined in Section 6. Conlribution Subaccollnt" 2. Commencement of Participation.
Effective Date. A Participant's active participation Cessation of paJticipation in the Plan shall terminate when he or she has a Severance from rrom Service. A Participant's participation in the Plan shall terminate when his or her entire Account has been becn distributed or on the date of his or her whichevcr occurs first. In death, whichever In the case of a Pa1ticipant Participant who is not entitled to a Plan benefit, participat ion in the Plan shall terminate when the Paiticipant participation Participant has a Severance from Service.
Readmission Pmt icipant who terminates Service and who incurs ineurs a Total Break in Service shall be treated as a new Employee for purposcs of the Plan and shall become a Pa1ticipant ror all purposes Participant upon meeting the service requirement in Section 3. An Employee Employec or Participant who terminates Service and returnsretul1ls to Service incurring a Total Break in Service shall become a Patticipant prior to incu1Ting Participant as soon as administratively practical after meeting the requirements orof Section An individual who has satisfied the requirements for panicipation set pa1ticipation sct fo1th fOlth in Section 3.
The Employer shall, subject to the limitations of Sections 5 and 12, contribute to the Trust Fund for each Plan Year on behalf of all Paiticipants Participants the total amount of Elective Contributions designated to be contributed pursuant to Salary Reduction Agreements under Section 5. Such contributions shall be paid in cash by the Employer to the Trustee as soon as practicable, but in no event evenl later latcr than the 15th business busi ness day of the month following the month in which such amounts otherwise would have been payable to the Participant in cash.
Contributi ons. For purposes of o f the preceding sentence, Compensation earned by a Participant prior to the Participant's entry into the Plan pmsuant pursuant to Section 3. The Board of Directors shall have the discretion to determine dctcrmine the Matching Contribution rate from time to time and such rate may be zero for any Plan Year.
I c shall sha ll not be bc eligible for Matching Contributions Contribut ions under this Section 4. All or any part pal1 of the contributions made under this Section 4. The Committee may, subject to any pledge or similar sim ilar agreement, direct or determine the proportions propol1ions of such contributions which are arc applied to repay each such Exempt Loan and, with respect to any pa1ticular proportion of such pm1icular Exempt Loan, the propo11ion sllch contribution to be applied to repay principal principal and interest on such Exempt Loan.
For purposes of Sections 4 and 7, the term "Allocation Group" means the group consisting of i each Patticipant Pmticipanl employed by an Employer as of the last business day of Plan Year, ii each Pa1iicipant the Plan Participant whose employment with an Employer terminated during the Plan Year by reason of Disability, Disabi lity, death or retirement on or after the Participant's No1mal Normal Retirement Date as set forth in Section 9.
For purposes of this Section 4. Patiicipant's 3. The l11e Employer may, during any Taxable Year, make advance payments toward its contributions for sllch such Taxable Year. Any income, earnings or appreciation earnedcarncd by any amount contributcd contributed by the Employer prior to the end of the Plan Year Ycar shall sha ll be treated as pait pan of the Profit Sharing Contributions, Matching Contributions, or ESOP Contributions, as the case may be, for such Plan Year.
On or about the date of such sllch payment, the Committee shall be advised of the tile amount of such payment upon which its allocation pursuant to Section Scct ion 4. As determined by the Employer in its discretion, forfeitures arising Participants' Accounts required to correct during the Plan Year may i fund adjustments to Pa1ticipants' operational e1Tors; operational cn'ors; ii be used to restore forfeited forfei ted benefits; iii reduce Employer Employcr contributions for the Plan Year if any ; for any ; iv be used to pay Plan expenses; or v be reallocated to Participants in the same manner as Profit Sharing Contributions or in such other nondiscriminatory manner prescribed by the Employer.
Percentage for all other Participants for the cu1Tent b The Committee or the Board ofofDireclors Directors may amend the Plan to apply the foregoing tests by using prior Plan Year or cunent current Plan Year data in accordance with applicable Regulations. The income allocable to the excess aggregate contributions includes income for for the Plan Year for which the excess aggregate contributions were made and shall not take into account the gap period from the close of such Plan Year to the date of the corrective distribution in accordance Rcgulations under section 40 with the Regulations m I m ofthe of the Code.
The following procedures shall lIsed to distribute excess aggregate contributions: be used a The Committee shall determine as of the end of the Plan Year, and at such oftlIe other time or times in its discretion, whether one of the Contribution Percentages of Plan Year. If Section 4. For purposes of this Scction Section 4. The amount of each Highly Compensated Participant's Patticipant's excess aggregate contributions shall be determined by reducing the Matching Contributions of all Highly Compensated Pa11icipants Participants whose Contribution Percentage as adjusted by this Section 4.
The Committee for the Plan Year on a pro rata basis by one hundredth of one percent 0. For each of such Pat1icipants, Participants, the amounts so distributed shall be made in the following order of priority: i dist,ibuting Matching Contributions by distributing Cont,ibutions and earnings thereon, to necessary; and the extent necessary; ii Elect ive Contributions to the extent such amounts by distributing Elective are included in the Contribution Percentage , and earn ings thereon.
The leveling process shall be repeated until all excess aggregate contributions for the Plan Year are allocated to Highly Compensated fo regoing reference to "Matching Contributions" shall include Elective Participants. The foregoing Contributions to the extent that the Committee elects to take into account Elective Contributions Participants' Contribution Percentages.
No spousal spoLlsal consent conscnt shall be required of Participant who receives a refund of excess aggregate contributions. Notwithstanding the foregoing provisions of this Section 5. The Employee shall receive advance notice regarding the deemed Salary Reduction Agreement, the Employee's right to decline to make Elective Elcctive Contributions, and to change the amount of Elective Elect ive Contributions, Contributi ons, including the procedures for exercising such rights.
Notwithstanding exercising such rights. In least 45 days following the date of rehire. The deemed Salary Reduction Agreement shall continue in effect until the earliest of March 1st. Each affected Participant shall receive advance notice regarding the automatic increase, the Pa1ticipant's Participant's right to change the amount of the Participant 's right to decline the increase, the Participant's excrcising such rights.
Pa1ticipant 5. I b iii , the amount of such excess, increased by any income and decreased by losses Section 5. Subject to Section 5. A Participant who suspends his or her Salary Sect ion 5. A Pa11icipant's Part icipant's most recent Salary Reduction Agreement shall continue unchanged from year to year unless the Commitlec in writing Participant notifies the Committee writi ng of a change in such Salary Reduction Agreement in tulcs determined by the Committee.
For purposes of calculating the Actual Defenal Deferral Percentage of any Highly Compensated Participant all cash or deferred arrangements of the Employer or any Affiliated Employer in which such Highly Compensated Pa1ticipant Participant participates shall be treated as one cash or deferred defened arrangement.
The income allocable to the excess contributions includes income forfo]' the Plan Year for which the excess contributions were made and shall not take into account the gap period from the close of such Plan Year to the date of the corrective cOllective distribution in accordance with the Regulations Regu lations under section k of the Code. The Committee shall determine as of the end of the Plan Year, and at such other time or times in its discretion, whether one of the Actual Deferral Percentage tests of Section 5.
In the event that neither of such sllch Actual Deferral Percentage Tests is satisfied, the Committee may amend or revoke the Salary Reduction Agreement of any Pruticipant Participant at any time if it determines that such an amendment or revocation is necessary to ensure that at least one of the Actual Deferral Percentage tests of Section 5. The determination of whether it is necessary to amend or revoke any Salary Reduction Agreement shall be made pursuant to Section 5.
For purposes of this Section 5. The distribution of such excess cont ributions shall be made to Highly Compensated Participants, to the extent practicable, contributions before March 15th of the Plan Year next following the Plan Year for for which such excess contributions were made, but in no event later than the end of the Plan Year next following such Plan Year. Highly Compensated Participant The leveling process shall be repeated until all excess contributions contribut ions for the Plan Year are Part icipants.
Notwithstanding the foregoing, in the discretion of the Committee and subject to Section 5. If retirement If a Paiticipant Participant elects to make a Rollover Contribution, the Committee may require such evidence, assurances, opinions and certifications, including a statement from the previous plan that such plan was a qualified plan, that the Committee may deem necessary to establish to its satisfaction that the amounts to qual ify as an Eligible Rollover Distribution and will not affect the qualification of be contributed qualify the Plan or the tax-exempt statusslatus of the Trust under sections a 40l a and 50l a a of the Code, respectively.
Except as otherwise permitted by Section 5. A Participant Pmticipant shall have at all times a nonforfeitable right in the amount amOllnt credited to his or her Rollover Contri Contribution bution Subaccount. The determination of whether a Rollover Contribution consisting in whole or in in part of a permi tted shall be made in the so promissory note will be permitted sole le and absolute abso lute discretion of the Committee and shall be conclusive and binding on all persons.
Notwithstanding anything in Section 5. The Trustee may require such evidence, assurances, opinions and certifications, including a statement from the acquired company's plan that such plan and trust are qualified under sections 40l a 40 1 a and a of the Code, which the Trustee may deem necessary to establish to its satisfaction sat isfaction that the affeet the qualification of the Plan or amounts to be transferred will not affect OJ' the tax-exempt status of the Ttust Trust under sections a a and 50l a 50 I a of the Code, respectively.
Each Participant shall be furnished with a written statement of his or her Cash Contribution Account at least once per calendar quaiter qUalier and upon any distribution to him or her. In maintaining the Cash Contribution Accounts under the Plan, the Committee can conclusively rely on the Ihe valuations val uations of the Trust Fund in accordance with the Plan. The establishment and maintenance of, or allocations and credits to, the Cash Contribution Account of any Patticipant Participant shall not vest in any Pa1ticipant Participant any right, title or interest in and to any Plan assets or benefits, except at the time lime or times and upon the terms and conditions and to the extent expressly set forth in the Plan and in accordance with wi th the terms of the Trust Fund.
Each Pa1ticipant's Participant's Cash Contribution Account shall contain each of the following applicable subaccounts subaecounts therein: a All Elective Contributions on behalf of a Pa1ticipant Participant under Section 4. Trust Plan and transferred to this Plan were credited to the Participant's U. Trust Prior Matching Contribution Subaccount. Trust Plan and transferred transfened to this Plan were credited to the Participant's U.
Trust Prior Plan Contribution Subaccount. The ESOP Accounts of all Participants shall aJl Patticipants shaH be invested exclusively in Shares, except for cash l:8sh or cash equivalent investments held a for the limited purpose of liquidity for for making Plan distributions of cash or other ESOP Account transactions to Participants and Beneficiaries who elect elecl such distributions or transactions, b pending the investment by the Purchasing Agent of contributions or other cash receipts in Shares, c pending useusc to repay an Exempt Loan, d for purposes of paying, under the terms tenns described in the Plan or Trust Agreement, fees and expenses incurred with respectrcspect to the Plan or Trust and not paid for by the Participating Employers, or e in the form of de minimis cash balances.
Neither any Pa1ticipating Participating Employer nor the Purchasing Agent, the Committee or the Trustee shall have any responsibility or duty to time any transaction involving Shares in order to anticipate market conditions or changes in stock value, nor shall any such person have any responsibility or duty to sell Shares held in the ESOP ESO P Accounts or otherwise to provide investment management for Shares held in the ESOP Accounts in order to maximize return or minimize loss.
Subject to the foregoing, Participating Employer contributions made in cash, and other cash received by the Trustee, shall be used by the Purchasing Agent to acquire Shares, which may be from shareholders of the Employer or directly from the Employer provided that Shares acquired from the Employer shall sha ll satisfy the exemption from the prohibited transaction restrictions of section seclion e of the Act.
Fund with the proceeds of an Exempt Loan shall be released from the the Suspense Subfund Sub fund as the Exempt Loan is repaid, in accordance with the provisions of this Section 7. For purposes of computing the denominator of the Release Fraction, if the interest rate on the Exempt Loan is variable, the subscqucnt Plan Years shall be calculated by assuming that the interest rate interest to be paid in subsequent in effect as of the end of the applicable Plan Year will be the interest rate in effect for the remainder oforthe the term of the Exempt Loan.
Each Exempt Loan for fo r which a separate account is maintained may be treated separately for purposes of the provisions governing the release of Shares from the Suspense Subfund under this Section 7. Disposition Sub fund. Shares released from the Suspense Subfund on account of a payment for a Plan Year of principal or interest on an Exempt Loan, to the extent payment is made with contributions for such Plan Year, shall be allocated under Section 7.
Any Shares received by the Trustee as a result of a stock split, dividend, dividend, conversion, or as a result of a reorganization or other recapitalization of the Plan Sponsor shall be allocated as of the day on which the Shares are received by the Trustee in the same manner as the Shares to which they are attributable are then allocated. Neither Trustee the Purchasing Agent, the Trustee nor the Committee shall be required to engage in any transact ion, including, without limitation, directing the purchase or sale of Shares, which it transaction, determines in its sole discretion may subject itself, the Plan, any Participating Employer, or any Participant to liability under federal federal or other state laws.
Trust Fund for c Except as provided in Sections 7. From time to time, the Committee may modify its accounting procedures for the purpose of achieving equitable and nondiscriminatory allocations among the ESOP Accounts of Participants in accordance with the provisions of the Plan. The Trustee shall the employee stock ownership plan, and all amounts to be invested in Shares pursuant to P3I1icipant investment directions given pursuant to Sections 8.
Amow1ts invested. The Purchasing Agent shall sha ll in its sole solc discretion select the broker-dealer through which the purchase of such Shares shall be executed. I I Optional Payment of Ce1tain 7. Under Undcr procedures establ ished by established the Committee, to the extent that a Participant or Beneficiary is fully vested in the Shares allocated to his or her Account, he or she may affirmatively elect that any cash dividends attributable to such Shares which shall likewise be fully vested be distributed to him or 01" her in Ifno cash.
If no such election is made, such dividends shall be reinvested in Shares. To the extent that a Participant or Beneficiary is not fully vested in Shares allocated to his or her Account, any dividends attributable to such Shares shall be credited to his or her Account and reinvested in Shares. All monies, securities or other property contributed to Participants' Cash Contribution Accounts shall be delivered to the Trustee under the Trnst Trust Fund, to be managed, invested, reinvested and distributed in accordance with the Plan and the Trust Fund.
Each Pa1 iicipant shall have the right to Participani invest his or her Cash Contribution Account among a one olle or more investment funds selected by the Committee, including, but not limited to, common or collective trust funds fund s or pooled investment funds maintained or sponsored by the Trustee, the Employer or any affiliateaffi liate thereof as described in Section As of any date permitted by the Committee, a Participant Participant may, in accordance with the nilesrules of the Committee uniformly applied, specify the percentage in minimum multiples as may be determined from time to time by the Committee of contributions which are made to the Pmticipant's Participant's Cash Contribution Account that shall be invested in investment funds selected by the Committee.
If If a Patticipant Participant fails to make an investment election, the Pa1ticipant's Participant's contributions shall be invested in the default dcfault investment fund or funds prescribed by the Employer or the Committee from time to time for such purpose. Notwithstanding anything to the contrary in this Plan,I'lan, the Committee reserves the discretionary authority to establish and enforce rules, policies policies and procedures governing the frequency and timing of Pa1 ticipants' investment elections.
Participants' 8. Any investment direction specified by a Pa1ticipant Participant shall be deemed to be a continuing direction until unti l changed. A Participant may change an investment direction as to future contributions made by such Pmticipant or on his or her behalf to the subaccounts of his or her Cash Contribution Account as Participant of any day permitted penni lied by the Committee in accordance with the rules of the Committee uniformly applied. As of any date pe1mitted permitted by the Committee, a Paiticipant Pmticipant or a former fo rmer Participant whose Account has not been distributed from the Plan may change the percentages in minimum multiples as may be determined from time to time by the Committee in which the investment of the po1 tion of his or her Cash portion Contribution Account attributable to prior contributions shall be allocated among the funds maintained by the Trustee.
Such valuation shall be conclusive and binding upon all persons having an interest in the Trust Fund. Such adjustments shall be made with respect to the period since the next ncxt preceding Valuation Date by i deducting from fro m each such Subaccount the total of all payments made from such slich Subaccount during such sllch period, ii adding to or deducting from, from, as the case may be, each such Subaccount Subaccollnt such propo11ion proportion of each item itcm of income, profit profi t or loss as the amount in such Subaccount as of the next preceding Valuation Date bears to the total of the amounts in all of such Pa11icipants' Participants' Subaccounts as of the preceding Valuation Date, and iii adding contributions to each such Subaccount pursuant to Sections 4 and 5 of the Plan.
In making such allocations, the Committee Comm ittee can conclusively rely on the valuations of the Subaccounts by the Trustee in accordance with the Plan and the Trust. Notwithstanding anything to the contrary in Restrictions this Plan, the Committee reserves sole discretionary authority to a establish establ ish and enforce rules, policies and procedures governing the frequency and timing of Participants' investment elections, b impose whatever rules, restrictions or limitations limitat ions it deems necessary with respect to investment elections in order to facilitate the administration of the Plan and to minimize or eliminate frequent or market-timing trading, and c decline to implement investment instructions.
No Participant in this Plan shall have the right to engage in market timing trading, as determined by the Committee Committce in its sole discretion. This Plan is intended to comply with section c of the Act and Regulations issued issucd thereunder.
To the extent provided by section c of the Act, no Pat1icipant Participant or Beneficiary shall be deemed to be a fiduciary by reason of his or her right to exercisc control over his or her Account, and no person who is otherwise a fiduciary shall be exercise liable for any loss, or by reason of any breach, which results from such sllch Participant's or Beneficiary's Bcneficiary's exercise of control or failure to exercise control over his or her Account.
Normal Retirement Date. Notwithstanding the foregoing, with respect to a Participant who was patiicipating participating in the Plan as of December 31, , the Normal Retirement Date Date shall be his or her 65th bhthday bilihday or, if earlier, the date dale on which the Pa1iicipant Participant has attained age fifty 50 and completed seven 7 Years of Service for pmposes of the Profit Sharing Contribution, if one is made.
A Participant Palticipant who remains in Service after his or her Normal N0n11ai Retirement Date may retire on a Deferred Defen-ed Retirement Date which shall be the first day of the month coincident with or next following fo llowing his or her Severance from Service or as specified spccified in a written application to the Committee. The Patticipant's Palticipant's Account shall be distributable, in accordance with the methods and rules of distribution described in Section 11, as soon as practicable following the Patticipant's Participant's Severance from Service.
Subaccount, U. The Participant's Account shall be distributable, in accordance with the methods and rules of distribution described in Section 11,II, as soon as practicable following fo llowing the Valuation Date immediately following the Pa1ticipant's Participant'S Severance from Service. The value of the thc Participant's Pruticipant's Account shall be determined as of the Valuation Date Datc coincident with or immediately preceding the date of distribution of the Participant's Account.
Vesting Schedule for Trust Prior Matching a Participant's Contribution Subaccount and ESOP Account shall be determined from the following fo llowing vesting schedule on the basis of the thc number of Years of Service which the Participant has completed as of the date of the Participant's Severance from Scrvicc.
A Paiticipant's Participant's interest in dividends attributable attributablc to Shares transferred from the U. Trust Plan and held in his or her U. Trust Prior Matching Contribution Subaccount shall be fully vested at all times.
If If such Participant does not complete [fsuch one Year of Service Servicc following his or her return, retul'll, then the Participant shall not be entitled to any further benefit under the Plan and the non-vested balance of any Profit Sharing Contribution, U. All forfeitures shall occur In to Section 4. Any amount so repaid, together with any non-vested po1tion portion of such Paiticipant's Participant's Account recredited pursuant to this Section If such Participant fails to make a repayment of any distributed amounts pursuant to this Section I Subject to the provisions of Section l10,0, if a Terminated Participant dies before payment of the full value of his or her Account from the Trust Fund, an amount equal to the current value of the unpaid portion of the Participant's Vested Interest in his or her Account, including any subsequent contribution allocated to the Terminated Participant's Pmticipant's Account pursuant to Sections 6 or 7 with respect to the Plan Year in which the Pa1ticipant's Participant's Service is terminated, shall be distributable, in accordance with the methods and rules of distribution described in Section 11,II, as soon as practicable following the Pa1ticipant's Participant's death.
The value of the Participant's Account shall be determined as of the Valuation Date coincident with or immediately preceding prcceding the date of Account. If I ForFOI" purposes of this Section The election provided for in this Section I For purposes of applying the provisions of this Section 10, a Participant Pmticipant whose employment has transferred from the Employer to a Non-Participating Affiliate will not be treated as having a Severance from Service.
Notwithstanding the other provisions of the Plan to the contrary, a Pa1ticipant Palticipant shall be treated as having been severed from employment during any period that such Pa1ticipant Participant is receiving differential wage payments paymcnts from from the Employer and uniformcd services while performing services in the uniformed whilc on active duty for more than thirty 30 days as described in section 1 h 2 of the Code ; provided, however, that if a Participant l h 2 Palticipant elects to a receive a distribution by reason of this Section Any benefits payable under the Plan, Plan, except as otherwise provided in Section A Participant who has no Vested Interest in his or her Account upon his or her Severance from Service will be deemed to have received a full full distribution of his or her Account as of such date.
A Participant who elects not to receive a distribution at the time set forth in the first sentence may receive a distribution at any time thereafter upon reasonable notice to the Plan. Subject to the provisions of Section Notwithstanding the foregoing, if chatter or bylaw provisions restrict ownership of substantially all applicable corporate chalter outstanding Shares to Employees or to a plan or trust described in section a of the Code, then any distribution of ofaa Participant's Vested Interest in the Participant's ESOP Account shall be in cash.
When a distribution consists in whole or in part of Shares, and if such Shares consist of more than one class of sccurities, thc distribution of such Shares shall consist of substantially the securities, the same proportion of each such class of Shares as such classes of Shares represent proportions of the Participant's Account. If If the record date for dividends payable with respect to Shares Palticipant occurs following the Share Conversion Date, such dividends shall distributable to a Participant not be considered attributable to such Shares, but shall be considered as earnings of the Fund and oflhe allocated among Participants' Accounts pursuant to Section 8.
Should the Trust decline to purchase all or any pa1t part of such Shares, the Employer shall purchase those Shares that the Trust declincs to purchase. The pW'chase purchase price to be fo r any such Shares shall be their fair paid for fair market value determined dctermined as of the Valuation Date coinciding with or immediately preceding the exercise of the put option under this Section l As soon as practicable following the last day of the Plan Year in which the day option period expires, the Employer shall notify the non-electing Qualified Holder if he or she is then a shareholder of record of the valuation of the Shares as of that date.
During the day period immediately following receipt receipt of such valuation notice, the Qualified Holder shall again have the right to require the Employer p0l1ion of the distributed Shares. The purchase price to be paid therefor to purchase all or any po1iion shall be based on the valuation of the Shares as of the Valuation Date coinciding with or immediately im mediately preceding the exercise of the option under this Section 1l.
If a Participant 1. If or her Surviving If such Participant Pal1icipant has no Surviving Spouse, he or she may designate a Participant may, with the written consent of his or her Beneficiary pursuant to Section A Pa1iicipant Spouse, elect to designate a Beneficiary other than or in addition to his or her Spouse. The written consent of the Spouse must acknowledge the effect of such sllch election and must be witnessed by a representative of the Plan or a notary public.
Such an election or revocation must mllst be made in accordance with the procedures developed by the Committee in accordance with the Code and Regulations. All minimum required distributions under this Plan shall be made in accordance with Section The Plan will be treated as meeting the requirements of this paragraph if the Plan offers at least three 3 investment options not inconsistent with Treasury Regulations to each "qualified "quali fi ed p8lticipant" pa11icipant" making an election under this paragraph and within ninety 90 days after the period during which the election may be made, the Plan invests the po1tion of the "qualified pruticipant's" portion or participant's" account covered by the election in accordance with such election.
A "qualified pa1ticipant" pariicipant" means any Employee who has completed at least 10 Years of Service under the Plan and has attained age The "qualified election period"period " means the 6-Plan-Year period beginning with thc first Plan Year in which the individual first became a "qualified participant. Hardship Withdrawals. Hardship withdrawals shall be distributed from and shall be limited li mited to the Pruticipant's Participant's i Elective Contribution Subaccount excl uding earnings on Elective Contributions that accrued after December 31, , ii excluding Rollover Contribution Subaccount, iii U.
A distribution shall be considered a hardship withdrawal only if the distribution is made on account of an immediate and significant financial need as described in Section The need may have been reasonably foreseeable or voluntmily Section The amount withdrawn shall not exceed the amount of the immediate and significant financial need. The Employer shall make its determination regarding the propriety of withdrawClI based on the Participant's written representations and any each specific hardship withdrawal supporting supp0l1ing documentation that it may require in its discretion.
For purposes of this subparagraph b , "domestic pa1iner" partner" means a "qualified domestic partner" as defined by the Employer for purposes of its welfare benefit plans. For example, the need for funds to purchase a principal residence cannot ammmt rel ieved by a Plan loan if the loan would disqualify the Participant reasonably be relieved I" articipant from obtaining other necessary financing.
In addition to the tbe foregoing, a Participant's Beneficiary who is not the Surviving Spouse of the deceased Pa1ticipant, Participant, is a Distributee, provided that such Distributee may elect to have an El igible Rollover Distribution paid directly to an Eligible Retirement Plan that is an inherited Eligible individual retirement account described in section d 3 C of the Code and section a 9 of the Code applies to such individual retirement account.
A trust hust can be a designated beneficiary if it meets the requirements of Code section t a 9 E. The Employer and the Committee and their employees and agents are not responsible for assuring that the the distibutee is eligible to receive a rollover. Any distribution of Shares pursuant to this Section 11 shall be subject to all applicable laws, rules and regulations and to such approvals by stock exchanges cxchanges or governmental agencies as may be deemed necessary or appropriate by the Board of Directors.
Each Pa1ticipant Participant or his or her Beneficiary may be required to give the Employer a written representation that such Participant Palticipant or Beneficiary will not be involved in a violation of state or federal federa l securities laws, laws. The form of such written representation will be prescribed by the Board of Directors. Loans to Pa1ticipants Participants pursuant to this Section The Company shall not have the discretion to refuse a loan request, so long as the terms tenus of the loan comply with the requirements of this Section The terms of the loan shall be determined by the Committee, fOith in this Section Committee.
Loans shall be held in a The Committee may may detcrmine determine that any distribution made pursuant to the Plan shall be reduced by an amount up to the outstanding principal and interest balance of the loan.
However, if at the tin1e ifat time of the merger of the U. Trust Plan with this Plan a Pa1iicipant oflhe Participant has more than two loans outstanding, such loans shall be permitted until repaid in accordance with their foregoing, if at the time terms. In addition to the foregoing, lime a Participant elects a direct rollover from The 40 I k Company I k Retirement Plan to the Plan the Pa1ticipant Participant has more than two loans outstanding as a result, such loans shall be permitted pennitted until repaid in accordance with their terms.
A request for an in-service withdrawal pursuant to this Section An in-service Employer. An Employee may withdraw all or any po1iion pOltion of of his or her U. Trust Mandatory Defened i U. Contribution Subaccount, and iv Rollover Contribution Subaccount. An Employee who has completed 01' any portion of the Vested Interest in his or her Account other than Service may withdraw all or amounts credited to his or her Elective Contributions Subaccount and U. Trust Prior Plan Contribution Account.
The Employer shall liquidate or 0 1' distribute such investments in such Accounts as may be necessary to make any in-service withdrawals in accordance with the applicable administrative procedures. In the event that contributions are For the avoidance of or any doubt, for purposes of the limitations of Code section c and the Treasury Regulations thereunder, the term "compensation" shall be defined in accordance with Code section c 3 and Treasury Regulation section 1.
The amount of compensation, as so defined, taken into account under the Plan for any Plan Year shall not exceed the annual compensation compcnsation limit in effect for fo r such Plan Year under undcr section 40 l a 17 a l 7 of the Code. Also for purposes pmposes of this Section If If the requirements of Section Procedure , FU11her Limitations. The Committee shall, R[GHTS Except as otherwise required requi red by the Act, the Code and the Regulations, all voting and tender or exchange rights of Shares held in Participants' Accounts Account's shall be exercised by the Trustee only as directed by the Participants or their Beneficiaries or as otherwise provided in accordance with the provisions of this Section If Paiiicipants Upon Upon timely receipt of such instructions, the Trustee after combining votes of fractional Shares to give effect to the greatest extent possible to Patticipants' Participants' instructions shall vote the Shares as instructed.
The instructions received by the Trustee from each Participant shall be held by the Trustee in strict confidence and shall not be divulged or released to any person, including, without limitation, any officers offi cers or Employees of any Pa1ticipating Participating Employer, or of any other Employer. The Trustee, the Employer, the Trustee and the Committee shall not make recommendations rccommendations to Participants concerning whether to vote or how to vote. The Committee shall notify each Participant of each tender or exchange offerafTer for the Shares and utilize its best efforts to distribute or cause to be distributed to each Part icipant in a timely manner all information distributed to Pa11icipant shareholders of the Employer in connection with any such sueh tender or exchange offer.
Each sha ll have the right from time to time with respect to the Shares allocated to the Participant shall Participant's Account to instruct the Trustee in writing as to the manner in which to respond to any tender or exchange offer which shall be pending or which may be made in the future futu re for all Shares or any po11ion pOltion thereof. A A Participant's Pmticipant's instructions shall remain in force until superseded Participant.
The Trustee shall tender or exchange whole Shares only as and to the extent by the Pa11icipant. If so instrncted. If the Trustee does not receive instructions from a Pa11icipant Pmticipant regarding any tender ofTer for Shares, the Trustee shall have no discretion in such matter and shall not or exchange offer tcnder or exchange any such Shares in response thereto.
For purposes of responding to such tender tender or cxchange Palticipant shall be the "named fiduciary" with respect to such exchange offers, each Participant Shares allocated to his or her Account. Unless and until Shares are arc tendered or exchanged, the individual instructions received by the thc Trustee from Participants shall be held by the Trustee in strict confidence and shall not nol be divulged or released to any person, including, without limitation, any officers or Employees of any Participating Palticipating Employer, Employcr, or of any other Employer; provided, providcd, however, that the Trustee shall advise the Employcr, at any time upon request, of the thc Employer, total number of Shares not subject to instructions to tender or exchange.
Absent specific instructions from lhe the Committee or other fiduciary pursuant to the Trust Agreement, unallocated unaliocalCd Shares held in the bc tendered. Trust Fund shall not be If this Section 13 applies to Shares Each Participant shall file with the Ihe Committee a written designation of one or more persons as the Beneficiary who shall be entitled to receive the amount, if any, payable under the Plan upon his or her death.
The Committee will treat a beneficiary designation filed under the U. Trust Plan as a Beneficiary designation filed under Plan. A Participant may from time to time revoke or change his or her Beneficiary this Plan. The last suchslich designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant's death, and in no event shall it be effective as of a datc date prior to such receipt.
A Pa11icipant's p1ior Pm1icipant's Beneficiary designation shall not be effective to the extent that payments to tbe the Surviving Spouse are required pursuant to10 Section 11, and in no event shall it be effective as of a datc date prior to such receipt.
Beginning in , he held a variety of management positions with Pacific Telesis Group, a telecommunications company, and AirTouch Communications, Inc. In , Mr. He served as a non-executive director of the Court of the Bank of England from until He previously served as a director of Safeway, Inc. Sarin brings public company knowledge and leadership experience to the board, having served as President and Chief Operating Officer of AirTouch Communications, Inc.
He brings insights to the board from his service on other public company boards. Schwab, age 80, has been Chairman and a director of The Charles Schwab Corporation since its incorporation in Schwab served as Chief Executive Officer of the company from to and from until He served as Co-Chief Executive Officer of the company from to Schwab is Chairman of Charles Schwab Bank.
Schwab is the founder of the company, was the Chief Executive Officer of the company, and has been the Chairman since its inception. Sneed is a director of TE Connectivity, Ltd. She previously served as a director of Airgas, Inc. Sneed brings marketing skills and general management and executive leadership experience to the board, having served in a variety of senior executive positions at Kraft Foods, and as Chairman and Chief Executive Officer of Phelps Prescott Group.
She brings insights to the board through her service on other public company boards. Walther, age 82, has served as Chairman and Chief Executive Officer of Tusker Corporation, a real estate and business management company, since Walther served as Chairman and a director of First Republic Bank from until We have considered the independence of each member of the board in accordance with New York Stock Exchange corporate governance standards.
To assist us in our determination, we have general guidelines for independence. Based on our guidelines and New York Stock Exchange corporate governance standards, we have determined that the following directors and nominees are independent: John K. Preston Butcher, Joan T.
Ellis, Mark A. Goldfarb, William S. Haraf, Frank C. Herringer, Stephen T. McLin, Charles A. Ruffel, Arun Sarin, Paula A. Sneed, Roger O. Walther, and Robert N. We have also determined that Ms. Bechtle, who retired from the board during , was independent during the time she served on the board in These transactions with directors and their affiliates are made in the ordinary course of business and as permitted by the Sarbanes-Oxley Act of Such transactions are on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the lender and do not involve more than the normal risk of collectability or present other unfavorable features.
In addition to the relationships outlined above, the board considered the following types of relationships for the following directors as part of its determination of independence:. Goldfarb: The director serves as a managing partner of a firm that the company has engaged. Arun Sarin: The director serves as a director of a consulting firm that the company has engaged.
The Board of Directors appointed Ms. Bechtle, and this is the first time she is standing for election since her appointment. She was recommended as a potential director to the Nominating and Corporate Governance Committee by the Chairman and other executive management. He was recommended as a potential director to the Nominating and Corporate Governance Committee by the Chief Executive Officer and other executive management.
The Nominating and Corporate Governance Committee, comprised of independent directors, recommended Ms. The Nominating and Corporate Governance Committee has a policy to consider candidates recommended by stockholders. When identifying director nominees, the board considers the qualifications and skills represented on the board. The Nominating and Corporate Governance Committee annually reviews the structure and size of the board to assure that the proper skills are represented on the board.
This assessment includes the effectiveness of board composition, including the qualifications, skills, and diversity represented on the board. Director Qualifications. In addition, the Nominating and Corporate Governance Committee believes that the following specific, minimum qualifications must be met by a nominee for the position of director:. Table of Contents The committee also considers the following qualities and skills when making its determination whether a nominee is qualified for the position of director:.
When evaluating a candidate for nomination, the committee does not assign specific weight to any of these factors or believe that all of the criteria necessarily apply to every candidate. Identifying and Evaluating Candidates for Director. The Nominating and Corporate Governance Committee reviews the appropriate skills and characteristics required of board members in the context of the current composition of the board.
Candidates considered for nomination to the Board of Directors may come from several sources, including current and former directors, professional search firms and stockholder recommendations. You must include your name and address in the written communication and indicate whether you are a stockholder of the company. The Assistant Corporate Secretary will compile all communications, summarize lengthy, repetitive or duplicative communications and forward them to the appropriate director or directors.
The Assistant Corporate Secretary will not forward non-substantive communications or communications that pertain to personal grievances, but instead will forward them to the appropriate department within the company for resolution. In such cases, the Assistant Corporate Secretary will retain a copy of such communication for review by any director upon his or her request.
Bettinger, who are employed by the company, receive no additional compensation for their service as directors. In , non-employee directors received the following cash retainers and equity grants:. Cash Retainers. The Chair of the Nominating and Corporate Governance. There are no fees for attendance at board or committee meetings, but the board retains the discretion to establish special committees and to pay a special retainer to the Chair and the members of any special committee.
Equity Grants. Changes to Non-Employee Director Compensation for Terms and Conditions. Non-employee directors receive the annual grants of options and RSUs on the second business day after the annual meeting of stockholders. In the event a new non-employee director is elected to the board during the year, a pro-rata amount of cash retainers and equity awards is granted to that individual for the first calendar year in lieu of the full amount.
The non-employee director equity grants are subject to the following terms and conditions:. Each stock option is designated as a nonqualified stock option and has an exercise price equal to the fair market value of common stock on the grant date.
Table of Contents The company also has stock ownership guidelines for non-employee directors. A new director should reach this target level upon completing five years of service. Once this target level is reached, the director is deemed to meet this target so long as he or she continues to hold an equivalent number of shares as on the date the target level was met. Shares owned outright, deferred shares and RSUs are counted in determining the threshold under our stock ownership guidelines, but stock options are not.
This plan allows them to defer receipt of all or a portion of their cash retainers and, at their election, either to:. Table of Contents The company does not provide any non-equity incentive plans, defined benefit and actuarial pension plans, or other defined contribution retirement plans for non-employee directors. The company does not offer above-market or preferential earnings under its nonqualified deferred compensation plans for directors.
The following table shows compensation paid to each of our non-employee directors during Cash 1. Deferred into Restricted Stock Units or Options 2, 6. All Other Compen- sation 5. Nancy H. Bechtle 7. No member of the Compensation Committee is or has been an officer or employee of the company or any of its subsidiaries. The Audit Committee has the sole authority to hire, retain and terminate the independent auditors. The independent auditors report directly to the Audit Committee, and the Audit Committee is directly responsible for oversight of the work of the independent auditors.
The Audit Committee oversees fees paid to the independent auditors and pre-approves all audit, internal control-related and permitted non-audit services to be performed by the independent auditors. The Audit Committee evaluates the qualifications, performance and independence of the independent auditors, including the rotation and selection of the lead audit partner and whether it is appropriate to rotate the audit firm itself. The Audit Committee and the Board of Directors believe that the retention of Deloitte for the fiscal year is in the best interests of the company and its stockholders.
We expect representatives of Deloitte to attend the annual meeting of stockholders, where they will respond to appropriate questions from stockholders and have the opportunity to make a statement. Audit Fees 1. Audit-Related Fees 2. Tax Fees 3. All Other Fees 4. In addition to the services listed above, Deloitte provides audit and tax return review, preparation and compliance services to certain unconsolidated affiliated mutual funds and foundations.
The fees for such services are included in the expenses of the mutual funds and foundations and borne by the stockholders of the funds and foundations. These amounts are not included in the expenses of The Charles Schwab Corporation. Non-Audit Services Policies and Procedures. The Audit Committee has adopted a policy regarding non-audit services performed by Deloitte.
Department of Treasury regulations, and. The policy requires the pre-approval of the Audit Committee for other non-audit services performed by Deloitte. The policy divides non-audit services into three separate categories, which the Audit Committee has pre-approved subject to an annual aggregate dollar limit for each category. Once the dollar limit in each of these three categories is reached, the Audit Committee will decide whether to establish an additional spending limit for the category or specifically pre-approve each additional service in the category for the remainder of the year.
The three categories are:. Services not subject to pre-approval limits in one of the three categories above require specific pre-approval from the Audit Committee. The policy permits the Audit Committee to delegate pre-approval authority to one or more members of the Audit Committee, provided that the member or members report to the entire Audit Committee pre-approval actions taken since the last Audit Committee meeting.
The policy expressly prohibits delegation of pre-approval authority to management. As part of this process, the committee has:. Goldfarb, Chairman. The company has ten executive officers:. Schwab, Chairman. Jonathan M. Craig, Senior Executive Vice President. David R. Terri R. Nigel J. Biographical information about Mr. Chandoha, Mr. Clark, Mr. Craig, Mr. Crawford, Mr. Garfield, Ms. Kallsen, Mr. Martinetto, and Mr.
Murtagh is set forth below. Prior to joining the company, Ms. Chandoha served as the global head of the fixed-income business at BlackRock formerly Barclays Global Investors from until and as co-head and senior portfolio manager in charge of the Montgomery fixed income division at Wells Capital Management from until From until , Mr. Clark joined the company in Craig joined the company in Prior to joining the company in , Mr. Table of Contents Ms. Additionally, Mr. Martinetto joined the company in Murtagh joined the company in This proxy statement contains detailed information in the Compensation Discussion and Analysis and executive compensation tables regarding compensation of the named executive officers.
We ask that you provide an advisory vote to approve the following, non-binding resolution on named executive officer compensation:. The advisory approval of named executive officer compensation is required by federal law, and the company currently conducts annual advisory votes on that compensation. Although the vote is not binding on the Board of Directors or the Compensation Committee, the Compensation Committee intends to consider the vote as part of its evaluation of executive compensation programs.
Key Business Results. In pursuing this strategy, the company:. Offers a broad range of products and solutions to meet client needs with a focus on transparency and value,. Combines its scale and resources with ongoing expense discipline to keep costs low and ensure that products and solutions are affordable as well as responsive to client needs, and.
Seeks to maximize its market valuation and stockholder returns over time. Effective execution of this strategy in , bolstered by strength in the equity markets, was reflected in key client metrics:. Success with clients combined with ongoing expense discipline in led to record financial performance:. Pre-tax profit margin of Executive Compensation Program. As illustrated by the charts below, the majority of compensation is delivered through variable performance-based incentives.
Table of Contents Key Compensation Decisions. Success with clients in helped fuel strong revenue growth and improved profitability with continued expense discipline. In , the Compensation Committee:. Continued to use EPS as the performance criterion for the Corporate Executive Bonus Plan because it measures profitability and focuses executive officers on operating performance and decisions around capital structure.
Approved annual cash incentive payouts under the Corporate Executive Bonus Plan of Awarded PBRSUs with cliff-vesting based on a three-year performance period to ensure continued focus on long-term performance and retention. Continued to use ROCE equaling or exceeding COE as the performance goal for the PBRSUs, because it reflects the creation of financial value for stockholders in all phases of the business cycle and measures the earnings power of the company.
For , the Compensation Committee:. Expanded retirement eligibility for equity awards, the Corporate Executive Bonus Plan and the Deferred Compensation Plan II to include individuals who are at least age 65 with at least 5 years of service in addition to individuals who are at least age 55 with 10 years of service. Modified the peer group used as a reference point for assessing the competitiveness of executive and director compensation for periods after The compensation program uses three key elements: base salary, annual cash incentives and long-term incentives.
The table below identifies how each of these elements supports the objectives articulated above. Attract, Motivate and Retain. Reward Executives for Individual Performance. Link Pay with Company Financial Performance. Align Incentives with Long-term Interests of Stockholders. Performance Metric.
Stock options: reward share price appreciation by delivering compensation only when the stock price appreciates above the fair market value exercise price. The Compensation Committee reviews and approves compensation for the Chairman, the Chief Executive Officer, executive officers, and other senior officers, and it reviews and recommends to the Board of Directors compensation for the non-employee directors.
The Compensation Committee evaluates as a committee, or together with the other independent directors and the Chairman, the performance and compensation of the Chief Executive Officer. The Compensation Committee also considers:. While the Compensation Committee considers the information provided by management and its independent, third-party advisor, it does not delegate authority to management for executive compensation decisions.
The Compensation Committee does not use a formula or assign a weighting to various factors considered in setting compensation. It does not target a specific percentage mix between cash compensation and long-term incentives or any specific percentage of total compensation for each compensation component. The Compensation Committee uses a peer group as a source of market data to assess the competitiveness of compensation and pay practices for executive officers and non-employee directors.
The data is not used to set compensation targets. Peers were selected considering the following factors:. Quantitative: revenue, market capitalization, and number of employees. Because the company has few competitors comparable in terms of business model and geographic coverage, the peer group includes a mix of brokerage firms, banking and asset management companies, and companies that provide custody services and process a significant daily volume of consumer financial transactions.
The peer group of 23 companies used for compensation for was:. Table of Contents The Compensation Committee periodically reviews the peer group to ensure that it remains relevant as a market reference tool and modifies it as necessary to reflect changes at the company, among peers or within the industry.
Compensation Consultant. Under its charter, the Compensation Committee is authorized to retain compensation consultants and to approve the terms of the engagement. In , the Compensation Committee engaged Semler Brossy to review pay trends across the financial services industry and in the peer group, advise directly on Chief Executive Officer, Chairman and non-employee director compensation, provide competitive assessments of executive compensation, review long-term incentives as well as the long-term incentives used by companies in the peer group, assist with the review and analysis of the peer group, and provide general advice and counsel with respect to executive compensation programs, market practices and trends.
Semler Brossy was engaged by the Compensation Committee directly and does not provide other services to the company. The following adjustments were made to base salary, annual cash incentives and long-term incentives of the named executive officers in Base salaries are established at levels intended to attract, motivate and retain highly capable executive officers. As illustrated by the pay mix charts in the Executive Summary above, executive officers receive a small percentage of their overall compensation in base salary.
Table of Contents Annual Cash Incentives. Annual cash incentive awards for the named executive officers were made pursuant to the Corporate Executive Bonus Plan. In the first quarter of , the Compensation Committee established the performance criterion, set performance goals and approved a target bonus award, expressed as a percentage of salary, for each named executive officer. The bonus amount associated with increasing Mr.
EPS was established as the performance criterion for all named executive officers. Generally Accepted Accounting Principles, subject to categories of adjustments and exclusions approved by the Compensation Committee at the time the performance criterion was established. Based on this review, the Compensation Committee may exercise discretion to reduce payouts. The Compensation Committee determined that the company achieved these results while maintaining a low credit risk profile and remaining within its parameters for interest rate risk.
The Compensation Committee did not reduce the cash incentive award for any individual named executive officer and approved funding at Table of Contents Long-Term Incentives. The Compensation Committee increased the value of the awards granted to Mr. Stock Options. Performance-Based Restricted Stock Units. Grant Date. Vesting Schedule. All vesting is subject to Compensation Committee certification that the performance goal for that period has been met.
Performance Period. Dividend Equivalent Payments. Performance Criteria. Table of Contents The Compensation Committee approved performance criteria based on ROCE and COE because it reflects the creation of financial value for stockholders in all phases of the business cycle and measures the earnings power of the company.
If the Compensation Committee certifies that the goal has been met for the performance period, then the award for that performance period will vest. If the goal has not been met, then the PBRSUs and associated dividend equivalent payments will be forfeited with no second opportunity to be earned.
In determining whether the performance goals have been met, the Committee excludes losses from any unusual or non-recurring items including but not limited to: discontinued operations; the cumulative negative effects of changes in accounting principles and laws; losses on divestitures; losses on foreign exchange transactions; impairment of goodwill, intangible or long-lived assets; litigation-related charges; restructuring charges; and any other unusual or non-recurring losses.
In , the Compensation Committee moved to granting performance-based equity awards with three-year cliff vesting. Prior to that time, awards had annual vesting periods. These awards only vest if the Compensation Committee certifies that the applicable performance goals have been achieved. The Compensation Committee chose ROCE compared to COE as a criterion that reflects the creation of financial value for stockholders in all phases of the business cycle and measures the earnings power of the company.
The Compensation Committee determined the achievement of the performance goals excluding charges related to tax reform and location strategy and a gain related to a tax benefit associated with equity compensation. The achievement of the performance goals for the tranches of those awards with performance periods ending in were:. Table of Contents Other Compensation.
Executive Benefits and Perquisites. The company provides limited executive perquisites. The Compensation Committee approved certain benefits for Mr. Bettinger in connection with his promotion to President and Chief Executive Officer in , including a car service for commuting purposes, which he has not used, parking, and use of fractionally-owned aircraft consistent with company policies.
For named executive officers, the company:. Employee Benefit Plans. The company offers no defined benefit plan, special retirement plan for executives or other nonqualified excess plans to named executive officers. All employees, including executive officers other than Mr. Benefits are available under this plan only in the event of termination of employment on account of job elimination.
Under the severance program, executive officers are eligible to receive 15 days of base salary for each year of service with a minimum of seven months and a maximum of 12 months of severance pay. Schwab is entitled to severance benefits pursuant to his employment agreement, as described in the narrative to the Summary Compensation Table.
Compensation Policies. Stock Ownership Guidelines. The Board of Directors has adopted stock ownership guidelines to promote significant equity ownership by executives and further align their long-term financial interests with those of other stockholders. Under the guidelines:. The Chief Executive Officer is expected to maintain an investment position in company stock equal to at least five times base salary. All other executive officers are expected to maintain an investment position equal to at least three times base salary.
Shares owned directly, shares beneficially owned under company benefit plans, restricted stock, restricted stock units, and performance-based restricted stock units are included in determining ownership levels, but stock options are not. The stock ownership guidelines allow the Compensation Committee to take action if the target ownership levels are not met within five years.
For , all of the named executive officers had stock ownership exceeding the guidelines. Prohibited speculative trading includes short-term trading, selling short, buying options to open a position and selling uncovered options. Guidelines for Equity Awards. The company has no program, plan or practice to time the grant of stock-based awards relative to the release of material non-public information or other corporate events.
All equity grants to directors and executive officers are approved by the Compensation Committee or the independent directors at regularly scheduled meetings or, in limited cases involving key recruits or promotions, by a special meeting or unanimous written consent. The grant date is the meeting date or a fixed, future date specified at the time the Compensation Committee or the independent directors take action.
Recoupment Policies. The company has a recoupment policy to recover incentive awards granted to executive officers in the event of a significant restatement of financial results due to material noncompliance with financial reporting requirements due to misconduct. In addition, in the event of certain securities law violations, the Compensation Committee reserves the right to reduce or cancel equity awards or require executives to disgorge any profit realized from equity awards.
The company also reserves the right to cancel equity awards of employees who are terminated for cause. As part of this process, the Compensation Committee takes into consideration stockholder views regarding executive compensation that the company receives from time to time. Risk Assessment. The report reviewed payouts, risk ratings and balancing methods for all employee incentive compensation plans, changes in incentive compensation plans and programs made in , bank product incentives, and enhancements to the incentive compensation risk management program, including the covered employee risk management performance review process.
The annual report identified the following risk-mitigating factors currently in place:. While the scope of the m Grandfather will not be clear until the Treasury Department issues regulations, the company intends to administer outstanding arrangements and plans to the extent compatible with business needs to preserve potential deductions that may be available under the m Grandfather.
Bettinger to reward and recognize his accomplishments as CEO. The Compensation Committee believes that Mr. In the first quarter of , the Compensation Committee considered performance criteria for annual cash incentive awards under the Corporate Executive Bonus Plan. Changes to Retirement Eligibility. At its December meeting, the Compensation Committee expanded retirement eligibility for equity awards, the Corporate Executive Bonus Plan, and the Deferred Compensation Plan II to include individuals who terminate employment after attaining age 65, with at least 5 years of service, in addition to individuals who terminate employment after attaining age 55, with 10 years of service.
Under the Corporate Executive Bonus Plan, the Compensation Committee may award a bonus to employees who retire prior to the end of the performance period based on the achievement of the performance criteria. Under the Deferred Compensation Plan II, deferral elections are honored for employees who are retirement eligible, while accounts of employees who are not retirement eligible are paid out in the year following termination.
Walther, Chairman. The following information contains the relationship of the median annual total compensation of company employees to the annual total compensation of Mr. Bettinger, the President and Chief Executive Officer.
Of those 16, individuals, 16, were in the United States and 53 outside of the United States. Since non-U. The excluded employees are located in: Australia 16 employees , Hong Kong 24 employees , Singapore 5 employees , and the United Kingdom 8 employees. Once the median employee was identified, the pay ratio for the annual total compensation of the median employee to the CEO was calculated for the fiscal year in accordance with the rules for the Summary Compensation Table as follows:.
The following tables show compensation information for the named executive officers: Walter W. Name and Principal. Bonus 1. Non-Equity Incentive. President and Chief. Executive Officer. Executive Vice President. Senior Executive Vice President. Schwab 6. President and Chief Executive Officer,. Charles Schwab Investment Management, Inc. Advisor Services.
PBRSUs awarded in , and vest only upon satisfaction of the performance conditions of those awards. Dividend Equivalents b. Date of Action if Not. Grant Date 1. Base Salaries. In , the Compensation Committee increased the base salary for Mr. The Compensation Committee made no other adjustments to base salary for the named executive officers in Annual Cash Incentives. In , the Compensation Committee increased Mr.
The Compensation Committee made no other adjustments to annual cash incentive targets for the named executive officers in Long-Term Incentives. In , the Compensation Committee increased the long-term incentive awards for Mr. The Compensation Committee made no other adjustments to long-term incentive awards for the named executive officers in Defined Benefits and Deferred Compensation.
The company does not offer defined benefit and actuarial pension plans, special retirement plans or other nonqualified excess plans for executives. The company does not offer above-market or preferential earnings under nonqualified deferred compensation plans or defined contribution plans.
All Other Compensation. Table of Contents Employment Agreement for Mr. The company and Mr. Stockholders approved the amended employment agreement. The amendments do not impact the amount of the payments. Schwab will be entitled to participate in all compensation and fringe benefit programs made available to other executive officers, including stock-based incentive plans.
The employment agreement also provides that certain compensation and benefits will be paid or provided to Mr. Schwab or his immediate family or estate if his employment is terminated involuntarily, except for cause. If an involuntary termination is not due to death, disability or cause:. Schwab will be entitled to receive for a period of 36 months all compensation to which he would have been entitled had he not been terminated, including his then current base salary and participation in all bonus, incentive and other compensation and benefits for which he was or would have been eligible but excluding additional grants under stock incentive plans , and.
If an involuntary termination is due to disability, Mr. Schwab will be entitled to receive:. If an involuntary termination is due to death, a lump sum payment will be made to Mr. If Mr. Schwab voluntarily resigns his employment within 24 months of a change in control of the company, he will be entitled to receive his base salary up to the date of resignation, plus a prorated portion of any bonus or incentive payments payable for the year in which the resignation occurs.
In addition, Mr. Under that arrangement, Mr. Table of Contents For estimated termination and change in control payments and benefits to Mr. The employment agreement prohibits Mr. Schwab from becoming associated with any business competing with the company during the term of the agreement and for a period of five years following a voluntary resignation of employment.
However, that restriction does not apply if Mr. Schwab resigns his employment within 24 months of a change in control of the company. License Agreement for Mr. Under the agreement, Mr. Schwab has assigned to the company all service mark, trademark, and trade name rights to Mr. However, Mr. Schwab has the perpetual, exclusive, irrevocable right to use his name and likeness for any activity other than the financial services business, so long as Mr.
Schwab or by third parties unrelated to the company. Beginning immediately after any termination of his employment, Mr. Schwab will be entitled to use his likeness in the financial services business for some purposes specifically, the sale, distribution, broadcast and promotion of books, videotapes, lectures, radio and television programs, and also any financial planning services that do not directly compete with any business in which the company or its subsidiaries are then engaged or plan to enter within three months.
Beginning two years after any termination of his employment, Mr. Schwab may use his likeness for all other purposes, including in the financial services business, as long as that use does not cause confusion as described above.
No cash consideration is to be paid to Mr. Schwab for the name assignment while he is employed by the company or, after his employment terminates, while he is receiving compensation under an employment agreement with the company. Beginning when all such compensation ceases, and continuing for a period of 15 years, Mr.
Schwab or his estate will receive three-tenths of one percent 0. For estimated payments to Mr. Schwab under his license agreement, please refer to the Termination and Change in Control Benefits Table below. The license agreement permits the company to continue using Mr.
Thus, without Mr. Salary and. Early or Continued Vesting of Restricted Stock. Units 2. Charles Schwab Severance Pay Plan. Employees other than Mr. Schwab are eligible for benefits under the Severance Plan in the event of job elimination, as defined in the plan. Under the Severance Plan, an executive officer is eligible to receive a lump-sum severance pay benefit of base salary equal to 15 business days multiplied by his or her full years of service, with a minimum of seven months and maximum of 12 months of the base salary that would have been payable to the executive officer.
Prorated benefits will be provided for partial years of service. The lump-sum amount is in addition to base salary for the day notice period. An executive officer who becomes entitled to severance benefits under the plan is also eligible to receive a lump-sum payment to cover a portion of the cost of group health plan coverage. The amount of the payment is based upon the period of time for which he or she is eligible to receive severance pay and current COBRA rates for group health plan coverage.
Executive officers are treated as employees during their severance period for purposes of determining their vesting in PBRSUs to the extent performance goals are met or exceeded for the period. Number of Securities Underlying Unexercised Options. Option Exercise Price. Vested 1.
Exercise Price. Any units that do not vest at the end of the applicable performance period will be forfeited. Vesting for these RSUs is as follows:. Value Realized on Vesting. Amounts credited to deferral accounts are adjusted periodically to reflect earnings and losses calculated based on the market return of investment options selected by participants that the company makes available under the plans.
Investment options available under the plans are listed mutual funds and the Schwab Managed Retirement Trust Funds. One explanation of the higher injury rates for women could be vehicle choice. Men and women crashed in minivans and SUVs in about equal proportions.
However, around 70 percent of women crashed in cars, compared with about 60 percent of men. More than 20 percent of men crashed in pickups, compared with less than 5 percent of women. Within vehicle classes, men also tended to crash in heavier vehicles, which offer more protection in collisions. In a separate analysis of data from the federal Fatality Analysis Reporting System, the researchers also found that in two-vehicle front-to-rear and front-to-side crashes, men are more likely to be driving the striking vehicle.
Because the driver of the striking vehicle is at lower risk of injury than the struck vehicle in such crashes, this could also account for some of the differences in crash outcomes for men and women. IIHS is wholly supported by auto insurers. Reported rates of cannabis use were highest in the territories and Nova Scotia, followed by Alberta and British Columbia. A detailed analysis shows that survey results were not affected by the COVID pandemic, as most patients recalled experiences with health care systems that happened before it started.
For the first time, the survey included comparable information about behaviours affecting health use of alcohol, tobacco, vaping, cannabis and other drugs. Heavy drinking in CanadaA quarter of Canadians reported heavy drinking at least once a month. Heavy drinking is defined as 4 or more drinks for women and 5 or more drinks for men on 1 occasion. Heavy drinking was higher among younger Canadians age 25 to 34 than among those 35 and older. Canada is the only country surveyed where cannabis is legal — other than a few states in the U.
Since the onset of the pandemic, we have seen some of these numbers increase — especially for those with mental health and substance use concerns. With further lockdowns happening throughout the country, this is something we need to be mindful of as we work to reduce overall health harms in Canada.
We encourage people to refer to the low-risk drinking guidelines and to remember the importance of seeking help, lower-risk substance use and positive coping methods as we continue to deal with the effects of the pandemic on our substance use and mental health. For the first time, all 3 Canadian territories were oversampled, allowing their results to be reported alongside provincial results and to be statistically tested against the international average. CIHI works closely with federal, provincial and territorial partners and stakeholders throughout Canada to gather, package and disseminate information to inform policy, management, care and research, leading to better and more equitable health outcomes for all Canadians.
CIHI: Better data. Better decisions. Healthier Canadians. Media contactmedia cihi. With a new single, centralized interface for delivering and managing network security, advanced threat detection, MFA, and more, MSPs will benefit from simplified client management while enabling rapid, efficient and profitable growth.
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WatchGuard Cloud policy templates can apply configurations to appliances across multiple tiers and tenants, enabling MSPs to quickly onboard new customers and scale deployments with group and company policies. This makes implementing rule changes and auditing configurations faster and easier, with less opportunity for mistakes. Risk-Based MFA for Simplified Zero-Trust Adoption — Enabling risk-based authentication is an essential step that organizations must take when adopting a zero-trust approach.
The new AuthPoint risk framework policies in WatchGuard Cloud improve identity management capabilities by providing customizable and flexible rules to configure users and devices based on level of risk. With centralized management and repeatable, scalable policy implementation via WatchGuard Cloud, MSPs can easily manage zero-trust authentication policies across multiple customer deployments to prevent external threats and thwart potential data leaks from within, and more.
Today the risk framework includes network location policies, and WatchGuard will be rapidly building additional risk policies such as geofencing and correlated time policies into the service in and beyond. Built-in End-to-End Threat Analysis — The platform leverages the ThreatSync service to unify threat intelligence, correlation and scoring across the WatchGuard security stack, from network to user.
Unlike many alternative solutions, it is built from the ground up with simplicity and ease-of-use at its core. The platform also delivers true multi-tier, multi-tenant management capabilities, enabling MSPs to create and manage an unlimited number of customer accounts with ease.
It helps MSPs demonstrate value to customer stakeholders with over customizable dashboards and reports, and offers custom branding options users can leverage to white label WatchGuard services. Click here for more information about the platform and how to get started. To learn more, visit WatchGuard. Also, visit our InfoSec blog, Secplicity, for real-time information about the latest threats and how to cope with them at www.
Subscribe to The — Security Simplified podcast at Secplicity. All other marks are property of their respective owners. EQIX earnings call for the period ending December 31, Zambia and theInternational Monetary Fund begin discussing a loan programmeand debt relief for Africa's first pandemic-era sovereigndefault on Thursday, with a controversial mining deal, anelection and a mountain of debt to China looming over the talks.
An IMF team will hold virtual meetings with Zambianofficials over three weeks after Lusaka requested in December aprogramme with the Fund and in January debt relief under a newcommon framework by the Group of 20 major economies, designed tohelp the world's poorest countries tackle their debt burden.
Together with Zambia and the World Bank, the IMF will drafta debt sustainability analysis that will form the basis forboth. Dr Steven Corwin, president and CEO of NewYork-Presbyterian,has helped steer a network of 10 hospital campuses through thebiggest public health crisis in generations. The priorities for Grieg Seafood are protecting our people, the local communities where we operate, our partners and business operations, and to secure liquidity and financial solidity.
Despite the challenging circumstances, demand for Atlantic salmon remains strong and Grieg Seafood has been able to maintain efficient operations throughout the quarter. The decrease is mainly due to the lower spot prices in Norway, resulting in a negative revenue contribution on EBIT of NOK million when comparing average realized prices in the quarter to Q4 The negative effect from lower market prices were also somewhat offset by favourable fixed price contracts in Rogaland and Finnmark.
Farming cost during the period total cost related to fish harvested this quarter increased compared to the same quarter last year, primarily due to biological challenges in Finnmark and to some extent by decreased survival in Rogaland. BC experienced a strong recovery from the challenges with harmful algae blooms HAB in prior quarters.
However, farming cost in the fourth quarter carry high costs from previous HAB incidents. Lockdowns in Europe, shifting demand from hotels and restaurants to retail, impacted salmon prices significantly. Operational results improved and stabilized during the fourth quarter, with good biological performance in Rogaland and BC.
In Finnmark, production was stable, but results were impacted by continued harvest of fish affected by ISA during Q3. Overall, has been a challenging year. We did not deliver on our ambitions, not only because of Covid but also due to biological challenges in several regions. We have taken important steps to remedy the situation. We have strengthened our operational capabilities with a new and more farming oriented organizational set-up, and with a potential sale of our Shetland operations, we are narrowing our focus to Norway and Canada as strong production regions.
We have also started our journey to take a stronger market position with a new and integrated sales and marketing organization. As we are starting to see the light in the end of the tunnel and a post-Covid world, Grieg Seafood continue the journey of improvement, with the aim of creating long-term value for all our stakeholders.
Dividends are evaluated twice a year. Due to the increased volatility and uncertainty caused by the Covid situation, combined with an extensive investment plan, the Board has decided to postpone the ordinary dividend for Outlook In the short term, operational efficiency and biosecurity are the top priorities in Grieg Seafood.
With the uncertainties of the ongoing pandemic and the reinforcement of restrictions, the short-term market outlook remains uncertain with forward prices on Fishpool around NOK 49 per kg for Q1 and NOK 52 per kg for the full year The longer-term view on the market is looking better, where Fishpool salmon prices have been traded around NOK 57 per kg for the full year of In , a total of However, in a pandemic with low market prices, combined with reduced growth and harvest adjustments in Finnmark, we postponed some harvesting to , reducing our target harvest volume to 90 tonnes in or 75 tonnes ex.
We ended the year with a harvest of 71 tonnes ex. Shetland, or 86 tonnes incl. In , we have stocked 22 million smolt to sea, with an average weight of grams, with a harvest target of 80 tonnes in ex. In the first quarter of , expected harvest volume is 10 tonnes, with the following area distribution: Rogaland: 4 tonnes Finnmark: 6 tonnesBC: tonnes Grieg Seafood maintains the long-term harvest volume target of by The presentation can be accessed at www.
Our headquarter is located in Bergen, Norway. More than people work in the Company throughout our regions. The lowest possible environmental impact and the best possible fish welfare is both and ethical responsibility and drive economic profitability. Towards , we aim for global growth, cost improvements and to evolve from a pure salmon supplier to an innovation partner for selected customers. To learn more, please visit www. This information is subject to the disclosure requirements pursuant to section of the Norwegian Securities Trading Act.
An inquiry has been launched after a truck driver was killed when his rig slammed into the back of another truck at the main COVID border checkpoint between Victoria and South Australia. Police said three trucks were involved in the chain-reaction crash about 2am on Thursday, with all three engulfed in flames.
President JoeBiden and his Chinese counterpart Xi Jinping held their firsttelephone call as leaders, with Biden saying a free and openIndo-Pacific was a priority and Xi warning confrontation wouldbe a 'disaster' for both nations. Biden also underscored his "fundamental concerns aboutBeijing's coercive and unfair practices, its crackdown in HongKong, reported human rights abuses in Xinjiang, and increasinglyassertive actions in the region, including toward Taiwan", theWhite House said in a statement.
Xi told Biden that confrontation would be a "disaster" andthe two sides should re-establish the means to avoidmisjudgments, according to the Chinese foreign ministry'saccount of the call, which took place on Thursday morning inBeijing time but Wednesday evening in the United States. Bloomberg -- AMP Ltd. The U. De Ferrari said AMP had decided to retain the business. The business also manages infrastructure assets for third-party owners, and this is of particular interest to Ares, according to the people, who asked not to be identified as the matter is private.
The shares never traded above the Ares offer price. A representative for Los Angeles-based Ares declined to comment. The year-old AMP effectively put itself up for sale last year when a sexual harassment scandal led to its second boardroom shakeout in two years, during which the stock lost about three-quarters of its value.
In the meantime, AMP may focus on resetting its business and rebuilding its reputation. An earlier version of this story corrected the amount of funds withdrawn from the wealth management unit. For more articles like this, please visit us at bloomberg. Tokyo Olympics chief Yoshiro Mori is to resign after he sparked outrage in Japan and abroad with his claims that women speak too much in meetings, reports said Thursday.
The world No. Victoria's gaming regulator is increasing the pressure on the board of Crown Resorts, demanding to know why two of the company's directors are fit to associate with its Melbourne casino. The regulator says it will write to the chair of the Crown Melbourne board, Andrew Demetriou, and Crown Resorts managing director, Ken Barton, to demand they explain their fitness to associate with Crown Melbourne. Oak Street Health, Inc.
The offering was upsized from a previously announced offering size of 9,, shares.
The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives.
Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Toggle navigation Demo. Experience CompAnalyst: Demo. Walter W. Bettinger II Executive Compensation. Data Year:. Select Other Years. Trend Analysis. President and Chief Executive Officer. Fiscal Year Ended in View local and national averages for salaries. Enter an executive or company name. Other Executives at this Company. Bettinger II. CEO Pay Ratio.
What is a proxy statement? He also rolled back Pottruck's fee hikes. The company rebounded, and earnings began to turn around in , as did the stock. Schwab's YieldPlus fund drew controversy during the financial crisis because of its Bettinger, the previous chief operating officer , was named chief executive, succeeding the company's namesake. Charles R. Schwab remained executive chairman of the company and said in a statement that he would "continue to serve as a very active chairman".
They stated that "a small percentage of roles may move from San Francisco to Westlake over time", adding "the vast majority of San Francisco-based roles, however, are not anticipated to be impacted by this decision. The Schwab Charitable Fund is a donor advised fund which preserves the anonymity of donors by not disclosing individual donor names. Professionally managed accounts are only available through independent investment advisors working with Schwab Advisor Services, a business segment of The Charles Schwab Corporation.
It accepts contributions of real estate, private equity or other non-cash assets via a charitable intermediary, with proceeds of the donation transferred to a donor-advised account upon liquidation. From Wikipedia, the free encyclopedia. American financial services company.
For people named Charles Schwab, including the founder of this company, see Charles Schwab disambiguation. Charles Schwab east coast headquarters in New York City , Traded as. Schwab Chairman Walter W. Operating income. Net income. Schwab Holdings, Inc. Charles Schwab Futures, Inc. Securities and Exchange Commission. February The Charles Schwab Corporation.
May 26, Retrieved June 27, USA Today. February 3, The New York Times. June 6, Bloomberg L. October 22, Toronto-Dominion Bank. January 31, November 9, September 9, American Institute of Graphic Arts. January 25, Charles Schwab Corporation. January 16, — via Business Wire.
Bloomberg News. November 20, Los Angeles Times. July 22, San Francisco Chronicle. Charles Schwab Corp. April 2, — via Business Wire. August 31, — via Business Wire. November 16, — via Business Wire. October 15, — via Business Wire. Retrieved San Antonio Business Journal. Retrieved 3 September The Wall Street Journal. June 12, — via Business Wire. July 10, — via Business Wire. Google Finance Yahoo! Finance Bloomberg SEC filings.