o | Preliminary Proxy Statement | |
o | Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
þ | Definitive Proxy Statement | |
o | Definitive Additional Materials | |
o | Soliciting Material Pursuant to §240.14a-12 |
þ | No fee required. | |
o | Fee computed on table below per Exchange Act Rules 14a-6(i) (1) and 0-11. |
(1) | Title of each class of securities to which transaction applies: | ||
(2) | Aggregate number of securities to which transaction applies: | ||
(3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): | ||
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o | Fee paid previously with preliminary materials: | |
o | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
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(2) | Form, Schedule or Registration Statement No.: | ||
(3) | Filing Party: | ||
(4) | Date Filed: | ||
/s/Robert E. Dose | ||||
Secretary |
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Director | ||||||||||
Name | Age | Principal Occupation | Since | |||||||
Nominees for Directors Whose Terms Expire in 2011: | ||||||||||
Donald S. Friesz | 78 | Vice President Sales and Marketing of the Company from 1982 to February 1996. Mr. Friesz has been retired since 1996. | 1992 | |||||||
Glen D. Parish | 70 | Vice President of the Company and General Manager of the Conway Division from 1999 to 2004; previously Vice President of Conway Sales and Marketing. Mr. Parish has been retired since 2004. | 1999 | |||||||
James R. Wilburn | 75 | Dean of the School of Public Policy, Pepperdine University, since September 1997; previously Dean of the School of Business and Management, Pepperdine University (1982-1994); Professor of Business Strategy, Pepperdine University (1994-1996); Board member of The Olsen Company since 1990, Independence Bank since 2004, and Electronic Sensor Tech since 2005. | 1986 | |||||||
Continuing Directors Whose Terms Expire in 2009: | ||||||||||
Robert A. Virtue | 75 | Chairman of the Board and Chief Executive Officer of the Company since 1990; President of the Company since August 1982. | 1956 | |||||||
Robert K. Montgomery | 69 | Partner of Gibson, Dunn & Crutcher LLP, a law firm in which Mr. Montgomery has served as Partner from 1971 to date. | 2000 | |||||||
Donald A. Patrick | 83 | Vice President and founder of Diversified Business Resources, Inc. (mergers, acquisitions and business consultants) from 1988 to 2004. | 1983 |
Name | Age | Principal Occupation | Director Since | |||||||
Nominees for Directors Whose Terms Expire in 2012: | ||||||||||
Robert A. Virtue | 76 | Chairman of the Board and Chief Executive Officer of the Company since 1990; President of the Company since August 1982. | 1956 | |||||||
Robert K. Montgomery | 70 | Senior counsel of Gibson, Dunn & Crutcher LLP, a law firm in which Mr. Montgomery was a Partner from 1971 to 2008. | 2000 | |||||||
Donald A. Patrick | 84 | Vice President and founder of Diversified Business Resources, Inc. (mergers, acquisitions and business consultants) from 1988 to 2004. | 1983 | |||||||
Continuing Directors Whose Terms Expire in 2010: | ||||||||||
Douglas A. Virtue | 50 | Executive Vice President of the Company since December 1997; previously General Manager of the Torrance Division of the Company | 1992 | |||||||
Thomas J. Schulte | 52 | Managing Partner of RBZ, a public accounting firm from 1997 to 2007. Currently Partner-In-Charge of RBZ Audit Group since 2007. | 2007 | |||||||
Albert J. Moyer | 65 | Board member of LaserCard Corporation, Occam Networks Inc., Collectors Universe, Inc. and CALAMP Corporation; Chief Financial Officer of Allergan Inc. (1995-1998); Chief Financial Officer for QAD Inc. (1998-2000); President of the commercial division of the Profit Recovery Group International, Inc. (2000); consultant to QAD Inc. (2000-2002); | 2004 | |||||||
Continuing Directors Whose Terms Expire in 2011: | ||||||||||
Donald S. Friesz | 79 | Vice President Sales and Marketing of the Company from 1982 to February 1996. Mr. Friesz has been retired since 1996. | 1992 |
2
Director | ||||||||||
Name | Age | Principal Occupation | Since | |||||||
Continuing Directors Whose Terms Expire in 2010: | ||||||||||
Douglas A. Virtue | 49 | Executive Vice President of the Company since December 1997; previously General Manager of the Torrance Division of the Company. | 1992 | |||||||
Thomas J. Schulte | 51 | Managing Partner of RBZ, a public accounting firm from 1997 to 2007. Currently Partner-In-Charge RBZ Audit Group. | 2007 | |||||||
Albert J. Moyer | 64 | Board member of LaserCard Corporation, Occam Networks Inc., Collectors Universe, Inc. and CALAMP Corporation; Chief Financial Officer for QAD Inc. (1998-2000); President of the commercial division of the Profit Recovery Group International, Inc. (2000); consultant to QAD Inc. (2000-2002); Chief Financial Officer of Allergan Inc. (1995-1998). | 2004 |
Name | Age | Principal Occupation | Director Since | |||||||
Glen D. Parish | 71 | Vice President of the Company and General Manager of the Conway Division from 1999 to 2004; previously Vice President of Conway Sales and Marketing. Mr. Parish has been retired since 2004. | 1999 | |||||||
James R. Wilburn | 76 | Dean of the School of Public Policy, Pepperdine University, since September 1997; previously Dean of the School of Business and Management, Pepperdine University (1982-1994); Professor of Business Strategy, Pepperdine University (1994-1996); Board member of The Olsen Company since 1990, Independence Bank since 2004, and Electronic Sensor Tech since 2005. | 1986 |
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4
Amount and Nature | ||||||||
of Beneficial | Percent of | |||||||
Name of Beneficial Owner | Ownership(1) | Class | ||||||
Wedbush Inc.(2) | 1,759,273 | 12.18 | % | |||||
Nancy Virtue-Cutshall(3) | 865,856 | 6.10 | % | |||||
David P. Cohen(4) | 804,134 | 5.67 | % | |||||
Towle & Co.(5) | 780,300 | 5.51 | % | |||||
Robert A. Virtue(6) (7) Chairman of the Board of Directors, President and Chief Executive Officer | 304,807 | 2.15 | % | |||||
Douglas A. Virtue(7) Director, Executive Vice President | 612,214 | 4.32 | % | |||||
Donald S. Friesz Director | 72,159 | (8) | ||||||
Thomas J. Schulte Director | 6,933 | (8) | ||||||
Albert J. Moyer Director | 13,453 | (8) | ||||||
Robert K. Montgomery Director | 24,404 | (8) | ||||||
Glen D. Parish Director, Former Vice President, General Manager | 36,045 | (8) | ||||||
Donald A. Patrick Director | 57,382 | (8) | ||||||
James R. Wilburn Director | 24,259 | (8) | ||||||
Robert E. Dose Vice President Finance, Secretary, Treasurer | 26,092 | (8) | ||||||
Lori L. Swafford Vice President & Corporate Counsel | 20,186 | (8) | ||||||
Larry O. Wonder Vice President, Sales | 43,108 | (8) | ||||||
All executive officers and directors as a group (18 persons) | 1,379,117 | 9.67 | % |
Amount and Nature | ||||||||
of Beneficial | Percent of | |||||||
Name of Beneficial Owner | Ownership(1) | Class | ||||||
Wedbush Inc.(2) | 1,699,766 | 11.57 | % | |||||
Private Capital Management, L.P.(3) | 975,826 | 6.76 | % | |||||
Nancy Virtue-Cutshall(4) | 875,856 | 6.07 | % | |||||
Athena Capital Management(5) | 763,534 | 5.29 | % | |||||
Robert A. Virtue(6) | 290,333 | 2.01 | % | |||||
Chairman of the Board of Directors, Chief Executive Officer | ||||||||
Douglas A. Virtue(7) | 604,814 | 4.19 | % | |||||
Director, Executive Vice President | ||||||||
Donald S. Friesz | 67,067 | (8) | ||||||
Director | ||||||||
Thomas J. Schulte | 1,841 | (8) | ||||||
Director | ||||||||
Albert J. Moyer | 8,361 | (8) | ||||||
Director | ||||||||
Robert K. Montgomery | 19,312 | (8) | ||||||
Director | ||||||||
Glen D. Parish | 30,953 | (8) | ||||||
Director, Former Vice President, General Manager | ||||||||
Donald A. Patrick | 52,286 | (8) | ||||||
Director | ||||||||
James R. Wilburn | 19,167 | (8) | ||||||
Director | ||||||||
Robert E. Dose | 39,366 | (8) | ||||||
Vice President Finance, Secretary, Treasurer | ||||||||
Lori L. Swafford | 33,760 | (8) | ||||||
Vice President, Legal Affairs | ||||||||
Larry O. Wonder | 38,347 | (8) | ||||||
Vice President, Sales | ||||||||
All executive officers and directors as a group (18 persons) | 1,349,813 | 9.25 | % |
5
(1) | Except as indicated in the footnotes to this table and pursuant to applicable community property laws, to the knowledge of the Company, the persons named in this table have sole voting and investment power with respect to all shares beneficially owned by them. For purposes of this table, a person is deemed to be the “beneficial owner” of any security if the person has the right to acquire beneficial ownership of such security within 60 days of |
5
5,196, 5,196, 0, 0, 0, 0, | ||
(2) | Reflects information as of December 31, 2008 as reported in a Schedule 13G/A filing on February | |
(3) | Reflects information as of December 31, 2008 as reported in a Schedule 13G/A filing on February | |
10, 2009. Includes | ||
Reflects information as of | ||
(5) | Reflects information as of December 18, 2008 as reported in a Schedule 13D filing on January 2, 2009 by Towle & Co. The address for Towle & Co. is 1610 Des Peres Road, Suite 250, St. Louis, MO 63131. | |
(6) | Excludes | |
(7) | Douglas A. Virtue is Robert A. Virtue’s son. The total number of shares beneficially owned by Mr. Robert A. Virtue, his brothers Raymond W. Virtue and Richard J. Virtue, his sister, Nancy Virtue-Cutshall, their children (which includes Mr. Douglas A. Virtue) and their mother, Mrs. Julian A. Virtue, aggregate | |
(8) | Less than 1%. |
6
7
7
• | The Company ended the fiscal year with no bank debt for the first time in over 20 years. | ||
• | The Company successfully extended its $65 million line of credit to February 2011. | ||
• | The Company reduced inventory by $10 million and generated $11 million in operating cash flow. | ||
• | The Company anticipated the recession, and reduced inventory and expenses without incurring layoffs or restructuring charges. | ||
• | The Company successfully enhanced the Virco brand through new product launches, extensions of significant customer contracts, and expanded relationships with strategic vendor partners. |
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10
Non-Equity | ||||||||||||||||||||||||||||||||
Stock | Incentive Plan | Change | All Other | |||||||||||||||||||||||||||||
Name and Position | Year | Salary | Bonus | Awards | (Bonus Plan) | in Pension | Compensation | Total | ||||||||||||||||||||||||
Robert A. Virtue | 2008 | $ | 420,580 | $ | — | $ | 20,340 | $ | — | $ | — | $ | 11,156 | $ | 452,076 | |||||||||||||||||
President & CEO | 2007 | 408,768 | — | 11,865 | 153,972 | 115,239 | 15,142 | 704,986 | ||||||||||||||||||||||||
2006 | 427,058 | — | — | 159,257 | 93,191 | 23,246 | 702,752 | |||||||||||||||||||||||||
Douglas A. Virtue | 2008 | 261,234 | — | 20,340 | — | — | 7,592 | 289,166 | ||||||||||||||||||||||||
Executive Vice President | 2007 | 258,715 | — | 11,865 | 98,982 | — | 8,372 | 377,934 | ||||||||||||||||||||||||
2006 | 228,371 | — | — | 100,404 | 118,663 | 18,498 | 465,936 | |||||||||||||||||||||||||
Robert E, Dose | 2008 | 270,292 | 23,906 | 41,070 | — | 22,750 | 358,018 | |||||||||||||||||||||||||
Vice President Finance | 2007 | 248,080 | — | 32,595 | 93,483 | 2,228 | 26,200 | 402,586 | ||||||||||||||||||||||||
2006 | 225,000 | — | 20,730 | 96,131 | 108,112 | 34,780 | 484,753 | |||||||||||||||||||||||||
Lori L. Swafford | 2008 | 230,580 | 21,563 | 41,070 | — | 26,168 | 319,381 | |||||||||||||||||||||||||
Vice President & | 2007 | 224,330 | — | 32,595 | 84,318 | — | 29,244 | 370,487 | ||||||||||||||||||||||||
Corporate Counsel | 2006 | 205,000 | — | 20,730 | 87,586 | 73,317 | 38,372 | 425,005 | ||||||||||||||||||||||||
Larry O. Wonder | 2008 | 200,580 | 18,750 | 41,070 | — | 12,418 | 272,818 | |||||||||||||||||||||||||
Vice President Sales | 2007 | 197,068 | — | 32,595 | 73,320 | 8,229 | 16,277 | 327,489 | ||||||||||||||||||||||||
2006 | 189,630 | — | 20,730 | 77,161 | 116,740 | 24,155 | 428,416 |
Non-Equity | ||||||||||||||||||||||||||||
Stock | Incentive Plan | Change in | All Other | |||||||||||||||||||||||||
Name and Position | Year | Salary | Awards | (Bonus Plan) | Pension | Compensation | Total | |||||||||||||||||||||
Robert A. Virtue | 2007 | $ | 408,768 | $ | 11.865 | $ | 153,972 | $ | 115,239 | $ | 15,142 | $ | 704,986 | |||||||||||||||
President & CEO | 2006 | 427,058 | 159,257 | 93,191 | 23,246 | 702,752 | ||||||||||||||||||||||
Douglas A. Virtue | 2007 | 258,715 | 11.865 | 98,982 | — | 8,372 | 377,934 | |||||||||||||||||||||
Executive Vice President | 2006 | 228,371 | 100,404 | 118,663 | 18,498 | 465,936 | ||||||||||||||||||||||
Robert E, Dose | 2007 | 248,080 | 32,595 | 93,483 | 2,228 | 26,200 | 402,586 | |||||||||||||||||||||
Vice President Finance | 2006 | 225,000 | 20,730 | 96,131 | 108,112 | 34,780 | 484,753 | |||||||||||||||||||||
Lori L. Swafford | 2007 | 224,330 | 32,595 | 84,318 | — | 29,244 | 370,487 | |||||||||||||||||||||
Vice President & Corporate Counsel | 2006 | 205,000 | 20,730 | 87,586 | 73,317 | 38,372 | 425,005 | |||||||||||||||||||||
Larry O. Wonder | 2007 | 197,068 | 32,595 | 73,320 | 8,229 | 16,277 | 327,489 | |||||||||||||||||||||
Vice President Sales | 2006 | 189,630 | 20,730 | 77,161 | 116,740 | 24,155 | 428,416 |
10
(1) | ||
(2) | The amounts is the compensation expense recognized by the Company in the financial statements for the applicable fiscal year pursuant to Statement of Financial Accounting Standards No. 123R (“FAS 123R”). The assumptions used to calculate these figures are described in Footnote #5 of the Company’s Form 10-K. The Value on Vesting of RSUs granted in June 2004 is calculated by multiplying the number of shares vested by the difference between the market price on grant date of $4.99 per share on the date of vesting less the $0.01 par value of the share of Common Stock that is paid by the Named Executive Officer. The Value on Vesting of RSUs granted in June 2007 is calculated by multiplying the number of shares vested by the difference between the market price on grant date of $4.92 per share on the date of vesting less the $0.01 par value of the share of Common Stock that is paid by the Named Executive Officer. |
11
(3) | The amounts shown in this column are based on the same assumptions used in the preparation of the Company’s fiscal 2008 financial statements, which are described in the MD&A and Footnote #4 to the Company’s Form 10-K. The Pension Plans that Executive Officers participate in were frozen in 2003. The Executive Officers did not accrue any additional benefits during fiscal 2008. The Change in Pension amount includes the effect of a change in discount rate from 6.00% in fiscal 2007 to 6.75% in fiscal 2008, and the decrease in the discount period. Due to the change in discount rates, the change in pension value for Robert A. Virtue decreased by $310,578, Douglas A. Virtue decreased by $37,957, Robert E. Dose decreased by $30,391, Lori Swafford decreased by $34,404, and Larry O. Wonder decreased by $22,228. | |
(4) | The amounts in this column include automobile allowances, the value of personal use of a Company provided vehicle, payments under a mortgage assistance plan that was terminated in May 2007, and medical insurance for domestic partners |
Estimated Future Payouts Under | ||||||||||||||
Grant | Non-Equity Incentive Plan Awards | |||||||||||||
Name and Position | Date | Threshold ($) | Target ($) | Maximum($) | ||||||||||
Robert A. Virtue President & CEO | N/A | 63,000 | 147,000 | 210,000 | ||||||||||
Douglas A. Virtue Executive Vice President | N/A | 40,500 | 94,500 | 135,000 | ||||||||||
Robert E, Dose Vice President Finance | N/A | 38,250 | 89,250 | 127,500 | ||||||||||
Lori L. Swafford Vice President & Corporate Counsel | N/A | 34,500 | 80,500 | 115,000 | ||||||||||
Larry O. Wonder Vice President Sales | N/A | 30,000 | 70,000 | 100,000 |
(1) | Cash amounts in this table pertain the Bonus Plan described under “Annual Incentives” in the CD&A. |
Stock Awards | ||||||||||||||||||||
Shares or Units | Market Value of | |||||||||||||||||||
Year | Option | Option | of Stock That | Shares or Units of | ||||||||||||||||
of | Exercise | Expiration | Have Not | Stock That Have | ||||||||||||||||
Name and Title | Award | Price ($) | Date | Vested (#) | Not Vested ($) | |||||||||||||||
Robert A. Virtue | 2007 | 11.06 | 07/23/2009 | 12,000 | 25,080 | |||||||||||||||
President & CEO |
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Stock Awards | ||||||||||||||||||||
Shares or Units | Market Value of | |||||||||||||||||||
Year | Option | Option | of Stock That | Shares or Units of | ||||||||||||||||
of | Exercise | Expiration | Have Not | Stock That Have | ||||||||||||||||
Name and Title | Award | Price ($) | Date | Vested (#) | Not Vested ($) | |||||||||||||||
Douglas A. Virtue | 2007 | 11.06 | 07/23/2009 | 12,000 | 25,080 | |||||||||||||||
Executive Vice President | ||||||||||||||||||||
Robert E. Dose | 2004 | 11.06 | 07/23/2009 | 3,000 | 6,270 | |||||||||||||||
Vice President Finance | 2007 | 12,000 | 25,080 | |||||||||||||||||
Lori L. Swafford | 2004 | 11.06 | 07/23/2009 | 3,000 | 6,270 | |||||||||||||||
Vice President & Corporate Counsel | 2007 | 12,000 | 25,080 | |||||||||||||||||
Larry O. Wonder | 2004 | 11.06 | 07/23/2009 | 3,000 | 6,270 | |||||||||||||||
Vice President Sales | 2007 | 12,000 | 25,080 |
(1) | All RSUs vest at 20% per year for five years from the grant date. All outstanding options are fully vested. For the 3,000 RSUs remaining from June 30, 2004 RSU award included in this table there is one remaining vesting date: June 30, 2009. For the 12,000 RSUs remaining from the June 17, 2007 RSU award there are four remaining vesting dates: June 17, 2009, June 17, 2010, June 17, 2011, and June 17, 2012. | |
(2) | All year-end dollar values were computed based on the fiscal year-end closing price of |
Number of Shares | Value Realized on | |||||||
Acquired on Vesting | Vesting | |||||||
Name and Position | (#) | ($) | ||||||
Robert A. Virtue | 3,000 | 14,760 | (1) | |||||
President & CEO | ||||||||
Douglas A. Virtue | 3,000 | 14,760 | (1) | |||||
Executive Vice President | ||||||||
Robert E, Dose | 3,000 | 14,760 | (1) | |||||
Vice President Finance | 3,000 | 14,970 | (2) | |||||
Lori L. Swafford | 3,000 | 14,760 | (1) | |||||
Vice President & Corporate Counsel | 3,000 | 14,970 | (2) | |||||
Larry O. Wonder | 3,000 | 14,760 | (1) | |||||
Vice President Sales | 3,000 | 14,970 | (2) |
(1) | The | |
(2) | The | |
Exercise or | ||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under | Estimated Future Payouts Under Equity | Number | Base Price | |||||||||||||||||||||||||||||||||||||
Non-Equity Incentive Plan Awards | Incentive Plan Awards | of Share | Number of | of Option | ||||||||||||||||||||||||||||||||||||
Grant | Threshold | Target | Maximum | Threshold | Target | Maximum | or Units | Securities | Awards | |||||||||||||||||||||||||||||||
Name and Position | Date | ($) | ($) | ($) | (#) | (#) | (#) | (#) | (#) | ($/Sh) | ||||||||||||||||||||||||||||||
Robert A. Virtue | N/A | 63,000 | 147,000 | 210,000 | N/A | N/A | N/A | 15,000 | N/A | N/A | ||||||||||||||||||||||||||||||
President & CEO | ||||||||||||||||||||||||||||||||||||||||
Douglas A. Virtue | N/A | 40,500 | 94,500 | 135,000 | N/A | N/A | N/A | 15,000 | N/A | N/A | ||||||||||||||||||||||||||||||
Executive Vice President | ||||||||||||||||||||||||||||||||||||||||
Robert E. Dose | N/A | 38,250 | 89,250 | 127,500 | N/A | N/A | N/A | 15,000 | N/A | N/A | ||||||||||||||||||||||||||||||
Vice President Finance | ||||||||||||||||||||||||||||||||||||||||
Lori L. Swafford | N/A | 34,500 | 80,500 | 115,000 | N/A | N/A | N/A | 15,000 | N/A | N/A | ||||||||||||||||||||||||||||||
Vice President & Corporate Counsel | ||||||||||||||||||||||||||||||||||||||||
Larry O. Wonder | N/A | 30,000 | 70,000 | 100,000 | N/A | N/A | N/A | 15,000 | N/A | N/A | ||||||||||||||||||||||||||||||
Vice President Sales |
11
Stock Awards | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Equity | Incentive | |||||||||||||||||||||||||||||||||||
Option Awards | Incentive | Plan | ||||||||||||||||||||||||||||||||||
Equity | Plan | Awards | ||||||||||||||||||||||||||||||||||
Incentive | Awards | Market | ||||||||||||||||||||||||||||||||||
Plan | Market | Number of | Value | |||||||||||||||||||||||||||||||||
Awards: | Value of | Unearned | Unearned | |||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Shares or | Shares, | Shares, | |||||||||||||||||||||||||||||||
Securities | Securities | Securities | Shares or | Units of | Units, or | Units, or | ||||||||||||||||||||||||||||||
Underlying | Underlying | Underlying | Option | Units of | Stock | Other | Other | |||||||||||||||||||||||||||||
Options | Options | Unexercised | Exercise | Option | Stock That | That Have | Rights | Rights That | ||||||||||||||||||||||||||||
Exercisable | Unexercisable | Unearned | Price | Expiration | Have Not | Not | That Have | Have Not | ||||||||||||||||||||||||||||
Name and Title | (#) | (#) | Options (#) | ($) | Date | Vested (#) | Vested ($) | Vested (#) | Vested ($) | |||||||||||||||||||||||||||
Robert A. Virtue | 2,196 | 11.06 | 07/23/2009 | |||||||||||||||||||||||||||||||||
President & CEO | 15,000 | 95,400 | ||||||||||||||||||||||||||||||||||
Douglas A. Virtue | 2,196 | 11.06 | 07/23/2009 | |||||||||||||||||||||||||||||||||
Executive Vice President | 15,000 | 95,400 | ||||||||||||||||||||||||||||||||||
Robert E. Dose | 14,641 | 12.64 | 10/13/2008 | |||||||||||||||||||||||||||||||||
Vice President | 2,196 | 11.06 | 07/23/2009 | |||||||||||||||||||||||||||||||||
Finance | 6,000 | 38,160 | ||||||||||||||||||||||||||||||||||
15,000 | 95,400 | |||||||||||||||||||||||||||||||||||
Lori L. Swafford | 14,641 | 12.64 | 10/13/2008 | |||||||||||||||||||||||||||||||||
Vice President & | 2,196 | 11.06 | 07/23/2009 | |||||||||||||||||||||||||||||||||
Corporate Counsel | 6,000 | 38,160 | ||||||||||||||||||||||||||||||||||
15,000 | 95,400 | |||||||||||||||||||||||||||||||||||
Larry O. Wonder | 14,641 | 12.64 | 10/13/2008 | |||||||||||||||||||||||||||||||||
Vice President Sales | 2,196 | 11.06 | 07/23/2009 | 6,000 | 38,160 | |||||||||||||||||||||||||||||||
15,000 | 95,400 |
12
Option Awards | Stock Awards | |||||||||||||||
Number of | Number of | |||||||||||||||
Shares Acquired | Value Realized | Shares Acquired | Value Realized | |||||||||||||
Name and Position | on Exercise (#) | on Exercise ($) | on Vesting (#) | on Vesting ($) | ||||||||||||
Robert A. Virtue | — | — | — | — | ||||||||||||
President & CEO | ||||||||||||||||
Douglas A. Virtue | — | — | — | — | ||||||||||||
Executive Vice President | ||||||||||||||||
Robert E. Dose | — | — | 3,000 | 19,710 | ||||||||||||
Vice President Finance | ||||||||||||||||
Lori L. Swafford | — | — | 3,000 | 19,710 | ||||||||||||
Vice President & Corporate Counsel | ||||||||||||||||
Larry O. Wonder | — | — | 3,000 | 19,710 | ||||||||||||
Vice President Sales |
13
Number of | Payments | |||||||||||||||
Years of | Present Value of | During Last | ||||||||||||||
Credited | Accumulated | Fiscal Year | ||||||||||||||
Name and Position | Plan Name | Service (#) | Benefit ($) (1) (2) | ($) | ||||||||||||
Robert A. Virtue | Virco Important | |||||||||||||||
President & CEO | Performers (VIP) Plan | 18 | 1,547,800 | 201,539 | ||||||||||||
Virco Mfg. Corporation | ||||||||||||||||
Employees Retirement Plan | 46 | 2,109,946 | 126,162 | |||||||||||||
Douglas A. Virtue | Virco Important | |||||||||||||||
Executive Vice President | Performers (VIP) Plan | 10 | — | — | ||||||||||||
Virco Mfg. Corporation | ||||||||||||||||
Employees Retirement Plan | 17 | 377,189 | — | |||||||||||||
Robert E, Dose | Virco Important | |||||||||||||||
Vice President Finance | Performers (VIP) Plan | 10 | — | — | ||||||||||||
Virco Mfg. Corporation | ||||||||||||||||
Employees Retirement Plan | 12 | 373,351 | — | |||||||||||||
Lori L. Swafford | Virco Important | |||||||||||||||
Vice President Legal Affairs | Performers (VIP) Plan | 7 | — | — | ||||||||||||
Virco Mfg. Corporation | ||||||||||||||||
Employees Retirement Plan | 7 | 219,826 | — | |||||||||||||
Larry O. Wonder | Virco Important | |||||||||||||||
Vice President Sales | Performers (VIP) Plan | 13 | — | — | ||||||||||||
Virco Mfg. Corporation | ||||||||||||||||
Employees Retirement Plan | 24 | 479,080 | — |
Number of | Present | Payments | ||||||||||||
Years of | Value of | During Last | ||||||||||||
Credited | Accumulated | Fiscal Year | ||||||||||||
Name and Position | Plan Name | Service (#) | Benefit ($) | ($) | ||||||||||
Robert A. Virtue President & CEO | Virco Important Performers (VIP) Plan | 21 | 1,794,776 | 117,564 | ||||||||||
Virco Mfg. Corporation Employees Retirement Plan | 50 | 2,173,548 | 73,595 | |||||||||||
Douglas A. Virtue Executive Vice President | Virco Important Performers (VIP) Plan | 14 | — | — | ||||||||||
Virco Mfg. Corporation Employees Retirement Plan | 21 | 415,146 | — | |||||||||||
Robert E. Dose Vice President Finance | Virco Important Performers (VIP) Plan | 16 | — | — | ||||||||||
Virco Mfg. Corporation Employees Retirement Plan | 16 | 403,742 | — | |||||||||||
Lori L. Swafford Vice President & Corporate | Virco Important Performers (VIP) Plan | 11 | — | — | ||||||||||
Counsel | Virco Mfg. Corporation Employees Retirement Plan | 11 | 254,230 | — | ||||||||||
Larry O. Wonder Vice President Sales | Virco Important Performers (VIP) Plan | 17 | — | — | ||||||||||
Virco Mfg. Corporation Employees Retirement Plan | 28 | 501,308 | — |
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(1) | The amounts | |
(2) | The Pension Plans that the Named Executive Officers participate in |
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Stock Awards | ||||||||
Number of Shares | Value Realized on | |||||||
Acquired on Vesting | Vesting | |||||||
Name and Position | (#) | (1) ($) | ||||||
Robert A. Virtue | 12,000 | 25,080 | ||||||
President & CEO | ||||||||
Douglas A. Virtue | 12,000 | 25,080 | ||||||
Executive Vice President | ||||||||
Robert E, Dose | 15,000 | 31,350 | ||||||
Vice President Finance | ||||||||
Lori L. Swafford | 15,000 | 31,350 | ||||||
Vice President Legal Affairs | ||||||||
Larry O. Wonder | 15,000 | 31,350 | ||||||
Vice President Sales |
Stock Awards | ||||||||
Number of | ||||||||
Shares Vesting | Value | |||||||
on Change- | Realized | |||||||
Name and Position | in-Control (#) | on Vesting ($) | ||||||
Robert A. Virtue | 15,000 | 95,400 | ||||||
President & CEO | ||||||||
Douglas A. Virtue | 15,000 | 95,400 | ||||||
Executive Vice President | ||||||||
Robert E. Dose | 21,000 | 133,560 | ||||||
Vice President Finance | ||||||||
Lori L. Swafford | 21,000 | 133,560 | ||||||
Vice President & Corporate Counsel | ||||||||
Larry O. Wonder | 21,000 | 133,560 | ||||||
Vice President Sales |
(1) |
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Change | ||||||||||||||||||||||||||||
Fees | Non-Equity | in | ||||||||||||||||||||||||||
Paid in | Stock | Option | Incentive Plan | Pension | All Other | |||||||||||||||||||||||
Cash | Awards | Awards | Compensation | Value | Compensation | Total | ||||||||||||||||||||||
Name | ($) (1) | ($) (2) | ($) | ($) | ($) (3) | ($) (4) | ($) | |||||||||||||||||||||
Donald S. Friesz | 45,000 | 20,833 | — | — | — | 39,720 | 105,553 | |||||||||||||||||||||
Thomas J. Schulte | 48,000 | 20,833 | — | — | — | — | 68,833 | |||||||||||||||||||||
Robert K. Montgomery | 45,500 | 20,833 | — | — | — | — | 66,333 | |||||||||||||||||||||
Albert J. Moyer | 70,000 | 20,833 | — | — | — | — | 90,833 | |||||||||||||||||||||
Glen D. Parish | 39,000 | 20,833 | — | — | — | 64,491 | 124,324 | |||||||||||||||||||||
Donald A. Patrick | 48,000 | 20,833 | — | — | — | — | 68,833 | |||||||||||||||||||||
Dr James R. Wilburn | 43,500 | 20,833 | — | — | — | — | 64,333 |
Non-Equity | ||||||||||||||||||||||||||||
Fees Paid | Stock | Option | Incentive Plan | Change in | All Other | |||||||||||||||||||||||
in Cash | Awards | Awards | Compensation | Pension | Compensation | |||||||||||||||||||||||
Name and Position | ($) | ($) | ($) | ($) | Value ($) | ($) | Total ($) | |||||||||||||||||||||
Donald S. Friesz | 45,000 | 12,500 | — | — | 42,720 | 100,220 | ||||||||||||||||||||||
Thomas J. Schulte | 24,000 | 12,500 | — | — | — | 36,500 | ||||||||||||||||||||||
Robert K. Montgomery | 45,500 | 12,500 | — | — | 5,549 | — | 63,549 | |||||||||||||||||||||
Albert J. Moyer | 67,500 | 12,500 | — | — | — | 80,000 | ||||||||||||||||||||||
Glen D. Parish | 37,500 | 12,500 | — | — | 64,491 | 103,904 | ||||||||||||||||||||||
Donald A. Patrick | 49,000 | 12,500 | — | — | — | 61,500 | ||||||||||||||||||||||
Dr. James R. Wilburn | 43,500 | 12,500 | — | — | — | 56,000 |
(1) | Cash | |
(2) | A grant of restricted stock | |
(3) | The Pension | |
(4) | Messrs. Friesz and Parish are former officers of the Company. Other compensation consists of pension benefits earned as an employee of the Company and paid in |
15
Equity Compensation Plan Information | ||||||||||||
Number of securities | ||||||||||||
Number of | remaining available | |||||||||||
securities to be | for future issuance | |||||||||||
issued upon | Weighted-average | under equity | ||||||||||
exercise of | exercise price of | compensation plans | ||||||||||
outstanding | outstanding options | -excluding | ||||||||||
opinions, warrants | warrants and | securities reflected | ||||||||||
Plan category | and rights (a) | rights (b) | in column (a) ( c ) | |||||||||
Equity compensation plans approved by security holders | 103,000 | $ | 10.8 | 688,969(1 | ) | |||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||
Total | 103,000 | $ | 10.8 | $ | 688,969(1 | ) | ||||||
Equity Compensation Plan Information | ||||||||||||
Number of securities | ||||||||||||
remaining available for | ||||||||||||
future issuance under | ||||||||||||
Number of securities to | Weighted-average | equity compensation | ||||||||||
be issued upon exercise | exercise price of | plans - excluding | ||||||||||
of outstanding options, | outstanding options | securities reflected in | ||||||||||
warrants and rights | warrants and rights | column (a) | ||||||||||
Plan category | (a) | (b) | (c) | |||||||||
Equity compensation plans approved by security holders | 161,000 | $ | 11.46 | — | ||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||
Total | 161,000 | $ | 11.46 | — | ||||||||
(1) | Represents the number of shares available for issuance as of January 31, 2009 under the Company’s 2007 Stock Incentive Plan. |
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2008 | 2007 | |||||||
Audit Fees | $ | 476,125 | $ | 555,000 | ||||
Audit -Related Fees | 47,000 | 47,000 | ||||||
Tax Fees | — | 43,745 | ||||||
All Other Fees | — | — | ||||||
Total | $ | 523,125 | $ | 645,745 | ||||
2007 | 2006 | |||||||
Audit Fees | $ | 555,000 | $ | 578,650 | ||||
Audit-Related Fees | 47,000 | 39,000 | ||||||
Tax Fees | 43,745 | 41,500 | ||||||
All Other Fees | — | — | ||||||
Total | $ | 645,745 | $ | 659,150 | ||||
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/s/Robert E. DoseRobert E. Dose | ||||
Secretary |
2021
Please mark your votes as indicated in this example |
FOR | WITHHOLD | *EXCEPTIONS | |||||||
ALL | FOR ALL | ||||||||
1. | ELECTION OF | ||||||||
Nominees: | c | c | c | ||||||
01 Robert A. Virtue | |||||||||
02 Robert K. Montgomery | |||||||||
03 Donald A. Patrick |
FOR | AGAINST | ABSTAIN | ||||
2. Ratification of | c | c | c |
Mark Here for Address Change or SEE REVERSE | c |
Signature | Date | |||||||||
5 | FOLD AND DETACH HERE | 5 |
Address Change/Comments (Mark the corresponding box on the reverse side) |
5 | FOLD AND DETACH HERE | 5 |
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