Vote Due on Iwerks’ New Stock-Options Plan
Shareholders at Iwerks Entertainment Inc. will vote today on management’s amended stock-options plan.
Iwerks’ chief executive, Charles Goldwater, has proposed reserving another 750,000 shares of company stock for executive options, and to limit the number of options that any one employee may be granted in a single fiscal year to 100,000 shares.
Goldwater says under this plan that half the options granted to him and other recent executive hires was at fair market price, while the remainder were at 125% to 150% of the fair market value. He contends this stock-option plan is critical to attracting and keeping top-level executives.
But Iwerks said that Institutional Shareholder Services, a proxy-voting services concern, earlier this month recommended voting against Iwerks’ new stock-option plan.
Iwerks, based in Burbank, is a provider of 3-D giant-screen theaters and other entertainment attractions.