Rajiv Dutta Appointed to Palm's Board
Palm's Board of Directors made the appointment of Rajiv Dutta official earlier this week as detailed by Palm's latest 8-K filing (.pdf link). As covered previously, Donna Dubinsky's resignation is now official and Mr. Dutta will take her place effective Feb 2, 2009.
Mr. Dutta was designated for nomination by Elevation, pursuant to the recent $100 million equity deal, which also granted Elevation the right to appoint an additional director. Mr. Dutta will serve as a Preferred Director and was also appointed to the Board's Audio Committee. Rajiv Dutta retired as the President of eBay Marketplaces and Executive Vice President of eBay Inc. in October 2008 and as a member of the board of directors of eBay, Inc. in July 2008.
As a result of Mr. Dutta's appointments to the Board and to the Audit Committee, he has received options to acquire 28,000 shares of the Company's common stock pursuant to the Company's 2001 Stock Option Plan for Non-Employee Directors and 8,000 performance shares (also known as restricted stock units) pursuant to the Company's 1999 Stock Plan. Each of these awards is subject to vesting over a three-year period in equal annual increments together with the terms of the Company's standard option and performance share agreements for non-employee directors, as applicable.
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