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0001145443-07-001083.txt : 20070420
0001145443-07-001083.hdr.sgml : 20070420
20070420163329
ACCESSION NUMBER: 0001145443-07-001083
CONFORMED SUBMISSION TYPE: DEF 14A
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20070619
FILED AS OF DATE: 20070420
DATE AS OF CHANGE: 20070420
EFFECTIVENESS DATE: 20070420
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GAIAM INC
CENTRAL INDEX KEY: 0001089872
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
IRS NUMBER: 841113527
STATE OF INCORPORATION: CO
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: DEF 14A
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-27517
FILM NUMBER: 07779333
BUSINESS ADDRESS:
STREET 1: 360 INTERLOCKEN BLVD
CITY: BROOMFIELD
STATE: CO
ZIP: 80021
BUSINESS PHONE: 3032223600
MAIL ADDRESS:
STREET 1: 360 INTERLOCKEN BLVD
CITY: BROOMFIELD
STATE: CO
ZIP: 80021
DEF 14A
1
d21195.htm
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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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SCHEDULE 14A
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Proxy Statement
Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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Filed by the
Registrant x
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Filed by a
Party other than the Registrant o
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Check the
appropriate box:
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o
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Preliminary
Proxy Statement
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o
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Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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x
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Definitive
Proxy Statement
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o
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Definitive
Additional Materials
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o
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Soliciting
Material Pursuant to §240.14a-12
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Gaiam,
Inc.
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
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Payment of
Filing Fee (Check the appropriate box):
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x
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No fee
required.
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o
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Fee computed
on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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(1)
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Title of
each class of securities to which transaction applies:
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(2)
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Aggregate
number of securities to which transaction applies:
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(3)
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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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(4)
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Proposed
maximum aggregate value of transaction:
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(5)
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Total fee
paid:
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o
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Fee paid
previously with preliminary materials.
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o
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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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(1)
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Amount
Previously Paid:
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(2)
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Form,
Schedule or Registration Statement No.:
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(3)
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Filing
Party:
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(4)
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Date Filed:
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![(GAIAM LOGO)](d21195001.jpg)
Gaiam, Inc.
360 Interlocken Boulevard
Broomfield, Colorado 80021
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON TUESDAY, JUNE 19, 2007
To our
shareholders:
The
2007 annual meeting of shareholders of Gaiam, Inc., a Colorado
corporation, will be held on Tuesday, June 19, 2007, at 4:30 p.m. at the
Omni Interlocken Resort, 500 Interlocken Boulevard, Broomfield, Colorado 80021,
for the following purposes:
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1.
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to elect
directors of Gaiam to serve until the next annual meeting of shareholders or
until their successors are duly elected and qualified;
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2.
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to transact
such other business as may properly come before the annual meeting, or any
adjournment(s) or postponement(s) thereof.
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Gaiams board
of directors has fixed the close of business on Friday, April 20, 2007, as the
record date for determining the shareholders entitled to notice of, and to vote
at, the annual meeting. A complete list of shareholders entitled to vote at the
annual meeting will be available for inspection by any shareholder of Gaiam prior
to the annual meeting, upon written request showing a proper purpose, during
normal business hours at Gaiams Broomfield, Colorado office. Only
shareholders of record on the April 20, 2007 record date are entitled to notice
of, and to vote at, the annual meeting and any adjournments or postponements
thereof.
A
copy of a proxy statement, a proxy card and Gaiams Annual Report for the year
ended December 31, 2006 accompany this notice.
These materials will first be sent to shareholders on or before May 23,
2007.
Shareholders
are cordially invited to attend the annual meeting in person. To assure you are
represented at the annual meeting, please complete and sign the enclosed proxy
card and return it promptly.
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By Order of
the Board of Directors,
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![](johnjackson.jpg)
John
Jackson, Secretary
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Broomfield,
Colorado
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April 20,
2007
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YOUR
VOTE IS IMPORTANT. WE URGE YOU TO DATE, SIGN AND PROMPTLY RETURN YOUR PROXY SO
THAT YOUR SHARES MAY BE VOTED IN ACCORDANCE WITH YOUR WISHES.
2
![(GAIAM LOGO)](d21195001.jpg)
Gaiam, Inc.
360 Interlocken Boulevard
Broomfield, Colorado 80021
PROXY
STATEMENT
ANNUAL
MEETING OF SHAREHOLDERS
TO BE HELD ON JUNE 19, 2007
This
proxy statement and the accompanying proxy card are being furnished to the
shareholders of Gaiam, Inc. in connection with the solicitation of proxies
by and on behalf of the Board of Directors of Gaiam for use at its 2007 annual
meeting of shareholders to be held on Tuesday, June 19, 2007, starting at
4:30 p.m. at the Omni Interlocken Resort, 500 Interlocken Boulevard,
Broomfield, Colorado 80021, and at any adjournment(s) or postponement(s)
thereof. This proxy statement and the accompanying proxy card will be mailed to
shareholders on or before May 23, 2007.
PURPOSE
OF ANNUAL MEETING
At
the annual meeting, shareholders will be asked: (i) to elect directors of
Gaiam to serve until the next annual meeting of shareholders or until their
successors are duly elected and qualified and (ii) to transact such other
business as may properly be brought before the annual meeting. Our Board
recommends a vote FOR the election of the nominees for directors of Gaiam
listed below.
QUORUM
AND VOTING RIGHTS
The
presence, in person or by proxy, of the holders of a majority of the
outstanding votes eligible to be cast by our Class A and Class B
Common Stock is necessary to constitute a quorum at the annual meeting. Only
shareholders of record at the close of business on the record date, Friday,
April 20, 2007, will be entitled to notice of, and to vote at, the annual
meeting. As of April 10, 2007, there were 19,252,456 shares of Class A
Common Stock, par value $.0001, and 5,400,000 shares of Class B Common
Stock, par value $.0001, outstanding and entitled to vote. Holders of
Class A Common Stock as of the record date are entitled to one vote for
each share held and holders of Class B Common Stock as of the record date
are entitled to ten votes for each share held. The holders of the Class A
and Class B Common Stock will vote together. Cumulative voting is not
permitted for any purpose. Once a quorum is present, the affirmative vote of a
majority of the votes eligible to be cast on any subject matter shall be the
act of the shareholders, other than with respect to the election of directors
as described below.
Mr. Jirka
Rysavy, our Chairman and Chief Executive Officer, holds all 5,400,000
outstanding shares of Class B Common Stock and 1,118,682 shares of
Class A Common Stock. These shares are sufficient to constitute a quorum
and to elect all Gaiam directors and Mr. Rysavy has indicated that he
plans to be present at the meeting and vote in favor of the directors nominated
by our Board.
3
All
shares of Common Stock represented by properly executed proxies will, unless
the proxies have previously been revoked, be voted in accordance with the
instructions indicated in the proxies. Abstentions and broker non-votes will
have no effect on the result of the vote, although they will count towards the
presence of a quorum. Any shareholder executing a proxy has the power to revoke
the proxy at any time prior to its exercise. A proxy may be revoked prior to
exercise by (a) filing with Gaiam a written revocation of the proxy,
(b) appearing at the annual meeting and voting in person, or (c) submitting
to Gaiam a duly executed proxy bearing a later date.
The
cost of preparing, printing, assembling and mailing this proxy statement and
other material furnished to shareholders in connection with the solicitation of
proxies will be borne by Gaiam. In addition, officers, directors and other
employees of Gaiam may solicit proxies by written communication, telephone or
telegraph. These persons will receive no special compensation for any
solicitation activities.
IT
IS THE INTENTION OF THE AGENTS DESIGNATED IN THE ENCLOSED PROXY CARD TO VOTE
FOR THE ELECTION OF ALL NOMINEES FOR DIRECTOR IDENTIFIED BELOW (UNLESS
AUTHORITY IS WITHHELD BY THE SHAREHOLDER GRANTING THE PROXY). IF ANY NOMINEE
BECOMES UNAVAILABLE TO SERVE FOR ANY REASON, THE PROXY WILL BE VOTED FOR A
SUBSTITUTE NOMINEE OR NOMINEES TO BE SELECTED BY GAIAMS BOARD, UNLESS THE
SHAREHOLDER WITHHOLDS AUTHORITY TO VOTE FOR THE ELECTION OF DIRECTORS. JIRKA
RYSAVY, WHO HOLDS 1,118,682 OF THE OUTSTANDING SHARES OF CLASS A COMMON STOCK
AND 100% OF THE OUTSTANDING SHARES OF CLASS B COMMON STOCK, HAS INFORMED GAIAM
THAT HE INTENDS TO VOTE HIS SHARES IN FAVOR OF THE NOMINEES SET FORTH IN THIS
PROXY STATEMENT.
PROPOSALELECTION
OF DIRECTORS
Nominees for Election
as Directors
The
Board proposes that Jirka Rysavy, Lynn Powers, James Argyropoulos, Barnet M.
Feinblum, Barbara Mowry, Ted Nark and Paul H. Ray be elected as directors of
Gaiam, to hold office until the next annual meeting of shareholders or until
their successors are duly elected and qualified. Unless contrary instructions
are given, the proxies will be voted for these nominees. Each nominee has
agreed to serve if elected, and management has no reason to believe that any of
the nominees will be unavailable for service. If for any unforeseen reason any
nominee should decline or be unable to serve, the proxies will be voted to fill
any vacancy so arising in accordance with the discretionary authority of the
persons named in the proxy, unless contrary instructions are given.
The
names of the nominees, their ages as of December 31, 2006, the years in
which they began serving as directors if applicable, and their positions are
set forth below. Each of the nominees is currently serving as a director of
Gaiam.
JIRKA
RYSAVYage 52Founder, Chairman and Chief Executive Officer of Gaiam. He has
been Chairman since Gaiams inception and became our full-time Chief Executive
Officer in December 1998. In 1986, Mr. Rysavy founded Corporate
Express, Inc., which, under his leadership, grew to become a Fortune 500
company supplying office and computer products and services. He was its
Chairman and Chief Executive Officer until September 1998. Mr. Rysavy
also founded and served as Chairman and Chief Executive Officer of Crystal Market,
a health foods market, which was sold in 1987 to become the first Wild Oats
Markets store.
LYNN
POWERSage 57President, Director and Chief Executive Officer of North American
operations of Gaiam. Ms. Powers has been President and a Director since
February 1996. From February 1996 until September 2001, she was Chief
Operating Officer, when she was promoted to Chief Executive Officer of North
American operations. From 1992 to 1996, she was Chief Executive Officer of La
Scelta, an importer of natural fiber clothing products. Before that, Ms. Powers
was Senior Vice President Marketing/Strategic Development and Vice President
Merchandising of Millers Outpost, a specialty retailer.
JAMES
ARGYROPOULOSage 63Director since May 2002. Mr. Argyropoulos has been
primarily engaged as a private investor over the last fifteen years.
Mr. Argyropoulos founded The Walking Company, a lifestyle specialty
retailer, and served as its Chairman from 1992 until 2004. Previously
Mr. Argyropoulos served as Chairman and Chief Executive Officer of The
Cherokee Group Inc., a shoe manufacturing and apparel business he founded in
1972.
4
BARNET
M. FEINBLUMage 59Director since October 1999. Mr. Feinblum is the
President and Chief Executive Officer of Organic Vintners, a marketer of
organic wines. Mr. Feinblum was the President, Chief Executive Officer and
Director of Horizon Organic Dairy from May 1995 to January 2000. From July 1993
through March 1995, Mr. Feinblum was the President of Natural Venture
Partners, a private investment company. From August 1976 until August 1993,
Mr. Feinblum held various positions at Celestial Seasonings, Inc.,
including President, Chief Executive Officer, and Chairman of the Board.
Mr. Feinblum is also a director of Seventh Generation, Inc.
BARBARA
MOWRYage 59Director since October 1999. Since 2003, Ms. Mowry has
been Chief Executive Officer of Silver Creek Systems, a provider of enterprise
data usability software. From 1997 until February 2001, Ms. Mowry was the
President and Chief Executive Officer of Requisite Technology, a
business-to-business e-commerce company specializing in the creation and
management of electronic content and catalogs. Prior to joining Requisite
Technology, Ms. Mowry was an officer of Telecommunications, Inc.
(cable television) from 1995 to 1997; and UAL, Inc. (airline) from 1983 to
1990.
TED
NARKage 48Director since June 2005. Since July 2006, Mr. Nark has served as a
partner at Leonard Green and Partners, a private equity investment firm based
in Los Angeles, California. Mr. Nark served as Chief Executive Officer of White
Cap Construction Supply, a distributor of specialty hardware, tools and
materials to construction contractors, from April 2002 through January 2006. From
1998 until 2002, Mr. Nark was the Chief Executive Officer and Manager Director
of Corporate Express Australia, a publicly traded business to business office
product distribution company in Australia. From 1992 until 1998, Mr. Nark
worked for Corporate Express, Inc., as Northwest Division President from 1992
to 1995, and then as Group President from 1995 to 1998. Mr. Nark also serves on
the Board of Directors of FTD Group, Inc. and Leslies Poolmart, Inc.
PAUL
H. RAYage 67Director since October 1999. Since 2000, Mr. Ray has
been the Chief Executive Officer of Integral Partnerships LLC, a consulting
firm specializing in Cultural Creative topics. From 1986 until 2000, he was
Executive Vice President of American LIVES, Inc., a market research and
opinion-polling firm. Prior to joining American LIVES, Mr. Ray was Chief
of Policy Research on Energy Conservation at the Department of Energy, Mines
and Resources of the Government of Canada from 1981 to 1983. From 1973 to 1981,
Mr. Ray was Associate Professor of Urban Planning at the University of
Michigan. He is the author of The Integral Culture Survey, which first
identified the Cultural Creatives subculture.
Each
director serves for a one-year term.
Directors
will be elected by a plurality of the votes cast. If no instructions are
indicated on a proxy card, the shares will be voted FOR the election of these
nominees for director. Because director nominees must receive a plurality of
the votes cast at the annual meeting, a vote withheld from a particular nominee
or from all nominees will not affect the election of that nominee.
THE
BOARD OF DIRECTORS RECOMMENDS A VOTE FOR
THE NOMINEES OF THE BOARD
DIRECTOR
INDEPENDENCE, COMMITTEES AND MEETINGS OF THE BOARD OF DIRECTORS
The
Gaiam Board of Directors currently consists of seven members and meets
regularly during the year. The Board of Directors has determined that each of
Messrs. Argyropoulos, Feinblum, Nark and Ray and Ms. Mowry are independent as
defined by the listing standards of the NASDAQ Stock Market.
In
2006, our Board held four meetings. Each director who served as director
attended over 75% of the aggregated number of meetings of our Board and of the
Committees of our Board on which the director served during 2006.
All
of the directors attended the 2006 annual meeting. Gaiams policy on
attendance by directors at the annual meeting encourages our directors to
attend the annual meeting unless they have a scheduling conflict.
The
Board of Directors generally has four regularly scheduled meetings during the
year. We have five independent directors. Executive sessions (without
management) are generally adjacent to a regularly scheduled Board meeting. Our
Board has standing audit and compensation committees. We have adopted written
charters for both committees, which can be found at: www.gaiam.com/corporate/.
5
Audit
Committee.
During 2006, the Audit Committee consisted of Messrs. Feinblum and
Argyropoulos and Ms. Mowry, and each member of the committee is
independent within the meaning of rules of NASDAQ Stock Market. During 2006,
Barnet Feinblum served as chairperson of the Audit Committee and was an audit
committee financial expert, as defined by the SEC rules adopted pursuant to
the Sarbanes-Oxley Act of 2002. The Audit Committee is responsible for the
appointment, compensation and oversight of Gaiams auditor and for approval of
any non-audit services provided by the auditor. The Audit Committee also
oversees (a) managements maintenance of the reliability and integrity of
our accounting policies and financial reporting and disclosure practices;
(b) managements establishment and maintenance of processes to assure that
an adequate system of internal control is functioning; and
(c) managements establishment and maintenance of processes to assure our
compliance with all laws, regulations and company policies relating to
financial reporting. The Audit Committee held three in-person meetings and two
telephonic meetings during 2006.
Compensation
Committee.
The Compensation Committee consisted of Messrs. Ray and Nark and
Ms. Mowry during 2006. During 2006, Barbara Mowry served as chairperson of
the Compensation Committee. The Compensation Committee establishes compensation
amounts and policies applicable to our executive officers, establishes
salaries, bonuses and other compensation plans and matters for our executive
officers and administers Gaiams stock option plans and employee stock purchase
plan. The Compensation Committee held two in-person meetings and one telephonic
meeting during 2006.
Compensation
Committee Interlocks and Insider Participation
During
fiscal 2006, Gaiams Compensation Committee has been comprised of Barbara Mowry
(Chairperson), Ted Nark and Paul Ray. None of these persons has at any time
been an officer or employee of Gaiam. None of Gaiams executive officers serves
or in the past fiscal year has served, as a member of the board of directors or
compensation committee of any entity that has one or more of its executive
officers serving on Gaiams Board or the Compensation Committee.
We
do not have a nominating committee, and nominations for directors are made by
our full Board. Gaiam is exempt from NASDAQ Stock Market rules with respect to
nominating committees because Gaiam may be deemed a controlled company on the
basis of Mr. Rysavys control of more than 50% of Gaiams voting power, and in
light of Mr. Rysavys control, our Board does not believe a nominating committee
would serve a purpose. Our bylaws set forth certain procedures that are
required to be followed by shareholders in nominating persons for election to
our Board. Generally, written notice of a proposed nomination must be received
by Gaiams Corporate Secretary not later than the 45th day nor earlier than the
70th day prior to the anniversary of the mailing of the preceding years proxy
materials. The Board considers a variety of factors when it selects candidates
for election to the Board, including business experience, skills and expertise
that are complimentary to those already represented on the Board, familiarity
and identification with Gaiams mission, values and market segments, and other
relevant factors. The Board will consider qualified director candidates
recommended by shareholders. Because Gaiam is a controlled company under the
NASDAQ Stock Market rules, the Board has not adopted a formal policy regarding
the consideration of director candidates recommended by shareholders; however,
the Board would not evaluate shareholder nominees differently from Board
nominees.
DIRECTOR
COMPENSATION
Directors
who are not employees of Gaiam or its affiliates, except for David Golden who
as a representative of Revolution waived his fee, are paid a fee of
$3,000 for each meeting of our Board that they attend, and a fee of $1,000 for
each telephonic meeting attended. In addition, non-employee directors are paid
a fee of $500 for attendance at each committee meeting and $250 for each
telephonic committee meeting attended. Non-employee chairpersons of each
standing committee receive an annual fee of $2,000. All directors elected to
receive their 2006 compensation in Gaiam Class A common stock, except Mr. Ray,
who elected to receive cash compensation.
6
Director Compensation
Table
The
following table provides compensation information for the one year period ended
December 31, 2006 for each non-employee member of our Board of Directors.
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Name
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Fees Earned
or
Paid in Cash
(1)
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Stock
Awards
(1)
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Option
Awards
(2)
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Total
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James
Argyropoulos
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$17,625
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$17,625
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Barnet M.
Feinblum
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$16,750
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$16,750
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Barbara
Mowry
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$18,000
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$18,000
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Ted Nark
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$15,000
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$11,475
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$26,475
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Paul H. Ray
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$14,250
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$14,250
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(1)
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Under the Non-Employee
Director Compensation Plan, directors are entitled to receive $3,000 per
in-person meeting, $1,000 per telephonic meeting, $500 per committee meeting,
$250 per telephonic committee meeting, and $2,000 annually per committee for
chairing. Directors may elect to receive stock in lieu of receiving cash.
Amounts in the Stock Awards column represent the compensation expense for
(and the grant date fair value of) the shares issued. Amounts in these
columns include fees earned during 2006, some of which were not paid until
2007.
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(2)
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The amounts in the Options
Awards column reflect the dollar amount recognized for
financial statement reporting purposes for the fiscal year ended
December 31, 2006, in accordance with FASB Statement No. 123 (revised
2004), Share-Based
Payment (FAS 123R), rather than an amount paid to or realized by
Mr. Nark. Mr. Narks option award was issued pursuant to Gaiams 1999
Long-Term Incentive Plan in 2005 upon his joining the Board of Directors.
Assumptions used in the calculation of this amount for the fiscal year ended
December 31, 2006 are included in footnote 10 to Gaiams audited
financial statements for the fiscal year ended December 31, 2006,
included in Gaiams Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 14, 2007. At fiscal year end, Mr. Argyropoulos
and Mr. Nark each had 10,000 options awards outstanding and exercisable with
grant date fair values calculated in accordance with FAS 123R of $75,700 and
$24,400, respectively.
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EXECUTIVE
OFFICERS OF GAIAM
The
executive officers of Gaiam, Inc., their positions and their respective ages at
December 31, 2006 were as follows:
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Name
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Age
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Position
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Jirka Rysavy
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52
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Chairman of
the Board and Chief Executive Officer
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Lynn Powers
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57
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President,
Director, and CEO of North American Operations
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Vilia
Valentine
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46
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Chief
Financial Officer and Treasurer
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John Jackson
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49
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Secretary
and Vice President of Corporate Development
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Executive
officers are elected annually by Gaiams Board of Directors. Mr. Rysavy and Ms.
Powers have been employed by Gaiam for more than the past five years.
Biographical information about Mr. Rysavy and Ms. Powers is included herein
under the heading Election of Directors Nominees for Election as Directors.
Ms.
Valentine has been Gaiams Chief Financial Officer since April 2006 and was
appointed Treasurer in March 2007. She joins Gaiam from Verio Inc. where as the
acting CFO she managed all financial matters for domestic and international
operations. Verio, a worldwide internet service provider, was purchased for
$6.5 billion by NTT Communications Corporations (Japan), the worlds largest
telecommunication company, in 2000. Prior to joining Verio, she was
Vice-President and Controller for Corporate Express, Inc., a $4 billion
corporate supplier, founded and run by Gaiams CEO Jirka Rysavy. Ms. Valentine
was as a member of the management team that grew the company from $30 million
to $3 billion in less than five years. Corporate express was purchased by
Buhrmann NV (Dutch) for $2.3 billion in 1999.
7
John
Jackson has served as Gaiams Vice President of Corporate Development since
June 2006 and was appointed Secretary in March 2007. Prior to joining Gaiam,
Mr. Jackson served as the Chief Executive Officer for Alliance Management, LLC,
a firm that he founded in 1999 that provided strategic alliance advisory
services to domestic and international middle market business concerns.
BENEFICIAL OWNERSHIP OF SHARES
The
following table sets forth certain information with respect to the beneficial
ownership of our common stock as of April 10, 2007, except as noted, for
(i) each person (or group of affiliated persons) who, insofar as Gaiam has
been able to ascertain, beneficially owned more than 5% of the outstanding
shares of Class A or Class B Common Stock of Gaiam, (ii) each
director and nominee for director, (iii) each executive officer named in
the table above, and (iv) all current directors and executive officers as
a group.
|
|
|
|
|
|
|
|
|
|
|
|
Title of
Class of
Common
Stock
|
|
|
Name and Address of Beneficial Owner
|
|
|
|
|
Amount and
Nature of
Beneficial
Ownership(2)
|
|
Percent of
Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
Jirka Rysavy
|
|
(1)(3)
|
|
6,518,682
|
|
26.44
|
%
|
|
|
Prentice
Capital Management, LP
|
|
(4)
|
|
4,282,658
|
|
22.24
|
%
|
|
|
Columbia
Wagner Asset Management, L.P.
|
|
(5)
|
|
1,350,000
|
|
7.01
|
%
|
|
|
Mazama
Capital Management, Inc.
|
|
(6)
|
|
1,224,000
|
|
6.36
|
%
|
|
|
Goodwood
Inc.
|
|
(7)
|
|
1,044,213
|
|
5.42
|
%
|
|
|
Arbor
Capital Management LLC
|
|
(8)
|
|
1,035,300
|
|
5.38
|
%
|
|
|
Lynn Powers
|
|
(9)
|
|
431,000
|
|
2.20
|
%
|
|
|
James
Argyropoulos
|
|
(9)(10)
|
|
321,890
|
|
1.67
|
%
|
|
|
Barnet
Feinblum
|
|
(11)
|
|
34,748
|
|
|
*
|
|
|
Barbara
Mowry
|
|
|
|
23,723
|
|
|
*
|
|
|
Ted Nark
|
|
(9)
|
|
11,103
|
|
|
*
|
|
|
Paul Ray
|
|
|
|
6,121
|
|
|
*
|
|
|
Vilia
Valentine
|
|
(9)
|
|
2,400
|
|
|
*
|
|
|
John Jackson
|
|
(9)
|
|
2,000
|
|
|
*
|
|
|
All
directors and officers as a group (9 persons)
|
|
(3)(9)(10)(11)
|
|
7,351,667
|
|
29.40
|
%
|
|
|
|
|
|
|
|
|
|
|
Class B
|
|
Jirka Rysavy
|
|
|
|
5,400,000
|
|
100.0
|
%
|
|
|
All
directors and officers as a group (9 persons)
|
|
|
|
5,400,000
|
|
100.0
|
%
|
|
|
|
* Indicates
less than one percent ownership
|
|
|
(1)
|
The address
of Mr. Rysavy is 360 Interlocken Blvd., Broomfield, Colorado, 80021.
|
|
|
(2)
|
This table
is based upon information supplied by officers, directors and principal
shareholders on Schedule 13Ds and 13Gs and Forms 3, 4 and 5 filed with the
Securities and Exchange Commission. All beneficial ownership is direct,
except as otherwise noted. Share amounts and percent of class include stock
options exercisable within 60 days of April 10, 2007.
|
|
|
(3)
|
Includes
5,400,000 shares of Class A Common Stock obtainable upon conversion of
Class B Common Stock.
|
|
|
(4)
|
According to
a report on Schedule 13D filed with the Securities and Exchange Commission on
April 2, 2007. Includes 4,270,953 shares managed by Prentice Capital
Management, LP, 8,705 shares directly owned by Michael Zimmerman, and an
additional 3,000 shares over which Mr. Zimmerman has beneficial ownership..
The address for Prentice Capital Management, LP and Mr. Zimmerman is 623
Fifth Avenue, 32nd Floor, New York, New York 10022.
|
|
|
(5)
|
According to
a report on Schedule 13G filed with the Securities and Exchange Commission on
January 10, 2007. The address for Columbia Wanger Asset Management, L.P. is
227 West Monroe Street, Suite 3000, Chicago, IL 60606.
|
|
|
(6)
|
According to
a report on Schedule 13G filed with the Securities and Exchange Commission on
February 8, 2007. The address for Mazama Capital Management, Inc. is One
Southwest Columbia Street, Suite 1500, Portland, OR 97258.
|
|
|
(7)
|
According to
a report on Schedule 13G filed with the Securities and Exchange Commission on
April 16, 2007. Includes shares held by Goodwood Fund, Arrow Goodwood Fund,
Goodwood Capital Fund, The Goodwood Fund 2.0 Ltd. And MSS Equity Hedge 15, as
to which Goodwood Inc. serves as investment manager. The stock of Goodwood
Inc. is owned by 1354037 Ontario Inc., which is controlled by Peter H.
Puccetti and J. Camerson MacDonald. The address for Goodwood Inc. is 212 King
Street West, Suite 201, Toronto, Canada M5H 1K5.
|
8
|
|
(8)
|
According to
a report on Schedule 13F filed with the Securities and Exchange Commission on
February 15, 2007. The address for Arbor Capital Management LLC is One
Financial Plaza, 120 South Sixth Street, Suite 1000, Minneapolis, MN 55402.
|
|
|
(9)
|
Includes the
following shares issuable upon the exercise of stock options which can be
exercised within sixty days of April 10, 2007: Ms. Powers, 332,000;
Mr. Argyropoulos, 10,000; Mr. Nark, 10,000; Ms. Valentine, 2,400;
and Mr. Jackson, 2,000.
|
|
|
(10)
|
Includes
303,333 shares of Class A Common Stock held by Argyropoulos Investors.
|
|
|
(11)
|
Includes
4,000 shares of Class A Common Stock held by Mr. Feinblums wife,
as to which Mr. Feinblum disclaims beneficial ownership.
|
EXECUTIVE COMPENSATION
Compensation Discussion and Analysis
|
|
|
Overview of Our Compensation Program and Philosophy
|
Gaiams
compensation program is intended to meet three principal objectives:
(1) attract, reward and retain qualified, energetic officers and other key
employees; (2) motivate these individuals to achieve short-term and
long-term corporate goals that enhance stockholder value; and (3) support
Gaiams corporate values by promoting internal equity and external
competitiveness.
|
|
|
Our corporate
values: personal development, health and wellness, and social and
environmental responsibility.
|
Gaiams
executive compensation program is overseen and administered by the Compensation
Committee (the Committee) of Gaiams Board of Directors, which is comprised
entirely of independent directors as determined in accordance with various
NASDAQ, Securities and Exchange Commission and Internal Revenue Code rules. The
Committee operates under a written charter adopted by our Board and is
empowered to review and approve the annual compensation and for Gaiams
executive officers: Mr. Rysavy, Ms. Powers, Ms. Valentine, and Ms. Mathews. A
copy of the charter is available on Gaiams Internet site at:
www.gaiam.com/corporate/.
The
three principal objectives guide the Committee in assessing Gaiams executive
and other compensation programs, including the proper allocation between
long-term compensation, current cash compensation, and short-term bonus
compensation. Other considerations include Gaiams business objectives, its
fiduciary and corporate responsibilities (including internal considerations of fairness
and affordability), competitive practices and trends, and regulatory
requirements.
In
determining the particular elements of compensation that will be used to
implement Gaiams overall compensation objectives, the Committee takes into consideration
a number of factors related to Gaiams performance, such as our earnings per
share, profitability, revenue growth, and business-unit-specific operational
and financial performance, as well as the competitive environment for Gaiams
business. Stock price performance has not been a factor in determining annual
compensation because the price of Gaiams common stock is subject to a variety
of factors outside of our control.
From
time to time, the Committee meets with Gaiams Chairman and Chief Executive
Officer, Jirka Rysavy, our President, Lynn Powers, and/or other executives
to obtain recommendations with respect to Company compensation programs,
practices and packages for executives, other employees and directors.
Management makes recommendations to the Committee on the base salary, bonus
targets and equity compensation for the executive team and other employees. The
Committee considers, but is not bound by and does not always accept,
managements recommendations with respect to executive compensation. The
Committee also intends to seek input from its independent compensation
consultant prior to making any final determinations on material aspects of our
compensation programs, practices and packages.
9
Mr. Rysavy
attends some of the Committees meetings, but the Committee also holds
executive sessions not attended by any members of management or non-independent
directors. The Committee discusses Mr. Rysavys and Ms. Powers
compensation packages with each of them, but makes decisions with respect to
their compensation without them present. The Committee has the ultimate
authority to make decisions with respect to the compensation of our named
executive officers, but may, if it chooses, delegate any of its
responsibilities to subcommittees. The Committee has delegated to the
Administrative Committee of the Board, comprised of Mr. Rysavy and Ms. Powers,
the authority to grant long-term incentive awards to employees at or below the
level of business segment vice president under guidelines set by the Committee.
The Committee also has authorized the Administrative Committee to make salary
adjustments and short-term incentive (bonus) decisions for all employees other
than certain officers under guidelines approved by the Committee.
|
|
|
Elements of Our Compensation Program
|
The
Committee believes that compensation paid to executive officers and other
members of our senior management should be closely aligned with the Gaiams
performance on both a short-term and a long-term basis, and that such
compensation should assist us in attracting and retaining talented persons who
are committed to our mission and critical to our long-term success. To that
end, the Committee believes that the compensation packages for executive
officers should consist of three principal components (each discussed in more
detail below):
|
|
|
|
1.
|
annual base
salary;
|
|
|
|
|
2.
|
annual
incentive bonus, the amount of which is dependent on Gaiams and the
individuals performance during the prior fiscal year; and
|
|
|
|
|
3.
|
long-term
incentive compensation, currently delivered in the form of stock options that
are awarded periodically based on Gaiams performance and other factors
described below, and that are designed to align executive officers economic
interests with those of shareholders by rewarding outstanding performance and
providing long-term incentives.
|
Gaiam
has selected these elements because each is considered useful and/or necessary
to meet one or more of the principal objectives of our compensation policy. For
instance, base salary and bonus target percentages are set with the goal of
attracting employees and adequately compensating and rewarding them on a
day-to-day basis for the time spent and the services they perform, while our
equity programs are geared toward providing an incentive and reward for the
achievement of long-term business objectives and retaining key talent. Gaiam
believes that these elements of compensation, when combined, are effective, and
will continue to be effective, in achieving the objectives of our compensation
program.
The
Committee reviews Gaiams compensation program on an annual basis. In setting
compensation levels for a particular executive, the Committee takes into
consideration the proposed compensation package as a whole and each element
individually, as well as the executives past and expected future contributions
to our business. With the exception of Mr. Rysavys and Ms. Powers
employment agreements, Gaiam does not have any employment or severance
agreements with its executive officers.
Summary Compensation Table
The
following table includes information concerning compensation for the one year
period ended December 31, 2006 in reference to our four most highly compensated
executive officers of the Company.
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name and
Principal Position
|
|
Year
|
|
Salary (3)
|
|
Bonus (3)
|
|
Option
Awards
(4)
|
|
All Other
Compensation
(5) (6) (7)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jirka Rysavy (8)
|
|
2006
|
|
$
|
296,712
|
|
|
|
|
|
|
|
|
|
|
|
$296,712
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vilia Valentine (1)
|
|
2006
|
|
$
|
145,753
|
|
|
$60,000
|
|
|
$52,818
|
|
|
$8,396
|
|
|
$266,967
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lynn Powers (8)
|
|
2006
|
|
$
|
296,712
|
|
$
|
100,000
|
|
$
|
128,313
|
|
|
$991,346
|
|
|
$1,516,371
|
|
President, Director, and CEO of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Janet Mathews (2)
|
|
2006
|
|
$
|
177,798
|
|
|
|
|
|
$23,895
|
|
|
$293,050
|
|
|
$494,743
|
|
Chief Administrative Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Ms. Valentine was hired as
the Chief Financial Officer on April 10, 2006.
|
|
|
(2)
|
Ms. Mathews was the Chief
Financial Officer until April 10, 2006, at which time she became the Chief
Administrative Officer. Ms. Mathew left Gaiam on November 13, 2006.
|
|
|
(3)
|
The Salary and Bonus
columns represent amounts earned during 2006 and because of the timing of
bonuses do not represent amounts paid during 2006. The current annual salary
rate for each named executive officer is $300,000 for Mr. Rysavy and Ms.
Powers and $200,000 for Ms. Valentine. Bonuses are given at the discretion of
the Compensation Committee of the Gaiam Board of Directors. The bonuses were
paid in April 2007.
|
|
|
(4)
|
The amounts in the Option
Awards column reflect the dollar amount recognized for financial
statement reporting purposes for the fiscal year ended December 31, 2006, in
accordance with FAS 123R, rather than an amount paid to or realized by the
named executive officer. These option awards were issued pursuant to Gaiams
1999 Long-Term Incentive Plan and thus include amounts from awards granted in
and prior to 2006. Assumptions used in the calculation of this amount for the
fiscal year ended December 31, 2006 are included in footnote 10 to Gaiams
audited financial statements for the fiscal year ended December 31, 2006,
included in Gaiams Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 14, 2007. Further information is included in the
2006
Grants of Plan-Based Awards and Outstanding Equity Awards At Fiscal
Year-End tables.
|
|
|
(5)
|
The amounts in the All Other
Compensation column include $962,500 for Ms. Powers and $288,750
for Ms. Mathews, representing the value realized (net of the exercise price)
upon exercise of options conveyed to them by Mr. Rysavy in a transaction
approved by Gaiams Compensation Committee. The options were issued pursuant
to Gaiams 1999 Long-Term Incentive Plan, were fully vested at the time of
transfer and had an exercise price of $4.375 per share. Shares received upon
exercise of the options were restricted shares issued in reliance on the
exemption from registration contained in Section 4(2) of the Securities Act
as a transaction by an issuer not involving any public offering and were sold
at a price of $14.00 per share.
|
|
|
(6)
|
The amount in the All Other
Compensation column for Ms. Mathews also includes $4,300 which
represents the financial reporting effect of the decision by Gaiams
Compensation Committee of the Board of Directors to allow the vesting and
exercise period to continue for 14,400 unvested options held by Ms. Mathews
upon her departure from Gaiam. Ms. Mathews will continue to provide services
to Gaiam on an as-needed consulting basis for 18 months. The fair value of
these options on the date of modification, December 13, 2006, calculated in
accordance with FAS 123R, was $114,531.
|
|
|
(7)
|
All Other Compensation includes the following accrued paid time off
amounts as of December 31, 2006 that would be payable upon termination from
Gaiam: Ms. Powers - $28,846 and Ms. Valentine - $8,396.
|
|
|
(8)
|
Mr. Rysavy and Ms. Powers
have employment agreements with Gaiam which expire in August 2009 that may
under certain circumstances entitle them to salary continuation upon
termination during the remainder of the contract term.
|
Base Salary. Base salaries for
executive officers are reviewed on an annual basis and at the time of promotion
or other change in responsibilities. Starting salary levels and increases in
salary are based on subjective evaluation of such factors as the level of
responsibility, individual performance, market value of the officers skill
set, and internal salary relativity (meaning relative salary differences at
Gaiam for different job levels).
Annual
Incentive Bonus. Incentive
bonuses are generally granted based on a percentage of each executive officers
base salary. For fiscal 2006, the bonus targets for participating officers
ranged from 30% to 50% of base salary, depending on position. After the end of
the fiscal year, the Committee determined the extent to which the performance
goals were achieved, and approved the amount of the bonus to be paid to each
participant. The total bonus award is determined according to the level of
achievement of both the objective performance and individual performance goals.
Below a minimum threshold level of performance, no awards may be granted
pursuant to the objective performance goal.
11
Long-Term Incentive Compensation. In
fiscal 2006, long-term performance-based compensation of executive officers and
other employees took the form of stock option awards granted pursuant to
Gaiams 1999 Long-Term Incentive Plan (as restated as of June 22, 2006 (the
LTI Plan). Awards under the LTI Plan have been broad-based, with over 18% of
our full-time employees at all levels holding stock option awards as of
December 31, 2006. The Committee continues to believe in the importance of
equity ownership for all executive officers and a broader-based segment of our
work force, for purposes of economic incentive, key employee retention and
alignment with shareholders. The Committee believes the LTI Plan provides Gaiam
with valuable flexibility to achieve a balance between continuing its
successful practice of providing equity-based compensation for employees at all
levels, and creating and maintaining long-term shareholder value.
Stock
option grants are typically made when a new executive officer is hired, and in
determining the size of stock option grants, the Committee bases its
determinations on such subjective considerations as Gaiams and the
individuals position within management, experience, market value of the
executives skill set, and historical grant amounts to similarly positioned
executives at Gaiam. All stock options granted by Gaiam during fiscal 2006 were
granted with an exercise price equal to the closing price of the Common Stock
on the date of grant and, accordingly, will have value only if the market price
of the Common Stock increases after that date. The stock options granted pursuant
to the LTI Plan vest at 2% per month during the 11th through 60th
month after grant.
Grants of Plan-Based Awards Table
The
following table sets forth certain information with respect to the options
granted during or for the year ended December 31, 2006 to any of our executive
officers listed in the Summary Compensation Table above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
Grant
Date
|
|
All Other
Option Awards:
Number of
Securities
Underlying
Options
(1)
|
|
Exercise or
Base Price
of Option
Awards
(1)
|
|
Grant Date
Fair
Value of Stock
and Option
Awards (1)
|
|
|
|
|
|
|
|
|
|
|
|
Vilia Valentine
|
|
|
4/10/06
|
|
|
30,000
|
|
|
$16.00
|
|
|
$287,640
|
|
|
|
|
9/14/06
|
|
|
30,000
|
|
|
$11.89
|
|
|
$209,094
|
|
|
|
(1)
|
These options were granted
to Ms. Valentine in conjunction with her employment offer. The options were
granted pursuant to Gaiams 1999 Long-Term Incentive Plan and approved by the
Compensation Committee of the Board of Directors. The exercise price per
share of these options was equal to the closing price of the underlying stock
on the date of the grant. The grant date fair value of these options was
determined in accordance with FAS 123R using the Black-Scholes option pricing
model. For further information, see footnote 10 to Gaiams audited financial
statements for the fiscal year ended December 31, 2006, included in Gaiams
Annual Report on Form 10-K filed with the Securities and Exchange Commission
on March 14, 2007.
|
Outstanding Equity Awards at Fiscal Year-End
Table
The
following table includes certain information with respect to the value of
unexercised options previously awarded to active executive officers named above
in the Summary Compensation Table as of December 31, 2006.
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option Awards
|
|
|
|
|
|
|
|
|
Number of
Securities
Underlying
Unexercised
Options
(#)
|
|
Number of
Securities
Underlying
Unexercised
Options
(#)
|
|
Option
Exercise
Price
(1)
|
|
Option
Expiration
Date (1)
|
|
|
|
|
|
|
|
Name
|
|
|
Exercisable
(1)
|
|
Unexercisable
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vilia Valentine
|
|
|
|
30,000
|
|
|
$16.00
|
|
4/10/13
|
|
|
|
|
30,000
|
|
|
$11.89
|
|
9/14/13
|
|
Lynn Powers
|
|
90,000
|
|
|
|
|
$15.25
|
|
12/06/07
|
|
|
110,000
|
|
|
|
|
$10.16
|
|
5/23/08
|
|
|
108,000
|
|
92,000
|
|
|
$ 5.30
|
|
11/20/10
|
|
|
(1)
|
This table reflects the
status of option awards granted pursuant to Gaiams 1999 Long-Term Incentive
Plan as of December 31, 2006. Gaiams options normally vest and become
exercisable at 2% per month over the 50 months beginning in the eleventh
month after date of grant. The exercise price of the options is normally
equal to Gaiams closing stock market price on the date of grant and the
options expire seven years from date of grant. For further information, see
footnote 10 to Gaiams audited financial statements for the fiscal year ended
December 31, 2006, included in Gaiams Annual Report on Form 10-K filed
with the Securities and Exchange Commission on March 14, 2007.
|
Option Exercises and Stock Vested Table
The
following table includes certain information with respect to the options
exercised by the executive officers named above in the Summary Compensation
Table during the year ended December 31, 2006.
|
|
|
|
|
|
|
|
|
|
|
|
Option Awards
|
|
|
|
|
|
|
Name
|
|
|
Number of Shares
Acquired on Exercise
(1)
|
|
Value Realized
on Exercise
(1)
|
|
|
|
|
|
|
|
|
Lynn Powers
|
|
|
160,000
|
|
|
$1,900,000
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Janet Mathews
|
|
|
55,600
|
|
|
$483,209
|
|
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|
|
|
|
|
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(1)
|
All exercises of option
awards during 2006 were cashless, meaning that the options were exercised and
the shares issued upon exercise were immediately sold. The amount listed in
the Value
Realized on Exercise column is the sale price less the exercise
price of the option times the number of shares issued and immediately sold.
The options exercised in 2006 were scheduled to either expire or forfeit
during 2006.
|
Generally
Available Benefit Programs. Gaiam maintains a
tax-qualified 401(k) Plan, which provides for broad-based employee
participation. Executive officers are eligible to participate in the 401(k)
Plan on the same basis as other employees. In fiscal 2006, Gaiam did not make
matching contributions to the 401(k) Plan, but we started making matching
contributions on April 1, 2007. As of that time, under the 401(k) Plan, all
Gaiam employees are eligible to receive matching contributions from Gaiam, and
this matching contribution will be equal to $0.50 for each dollar contributed
by an employee up to a maximum annual matching benefit of $1,500 per person.
The matching contribution is calculated and paid on a payroll-by-payroll basis
subject to applicable Federal limits. Gaiam does not provide defined benefit
pension plans or defined contribution retirement plans to its executives or
other employees other than: (a) the 401(k) Plan.
13
In
fiscal 2006, Gaiams executive officers were eligible to receive the same
health care coverage that is generally available to other Gaiam employees.
Gaiam also offers a number of other benefits to the named executive officers
pursuant to benefit programs that provide for broad-based employee
participation. These benefits programs include the medical, dental and vision
insurance, long-term and short-term disability insurance, life and accidental
death and dismemberment insurance, health and dependent care flexible spending
accounts, business travel insurance, wellness programs (including chiropractic,
massage therapy, acupuncture, and fitness classes), relocation/expatriate programs
and services, educational assistance, and certain other benefits.
The
401(k) Plan and other generally available benefit programs allow Gaiam to
remain competitive for employee talent, and the Committee believes that the
availability of the benefit programs generally enhances employee productivity
and loyalty to Gaiam. The main objectives of Gaiams benefits programs are to
give our employees access to quality healthcare, financial protection from
unforeseen events, assistance in achieving retirement financial goals, and
enhanced health and productivity, in full compliance with applicable legal
requirements. These generally available benefits typically do not specifically
factor into decisions regarding an individual executive officers total
compensation or LTI Plan award package.
Change-in-Control
and Severance Arrangements. Gaiam
has no change of control or severance arrangements with its executive officers
or other employees.
Stock Option Grant Timing Practices
During
fiscal 2006, the Committee and the Board consistently applied the following
guidelines for stock option grant timing practices.
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|
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1.
|
New Employees: stock
option grants to new hires are effective on the first day of the new
employees employment with Gaiam or upon approval by the Committee, and the
exercise price for the options is set at the closing price of our common
stock on that date.
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|
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2.
|
Existing Employees: stock
option grants to existing employees are effective on the date that the Committee
approves the grant, and the exercise price for the options is set at the
closing price of our common stock on that date.
|
Compensation
of Chief Executive Officer
During
fiscal 2006, Mr. Rysavy received a weighted-average annual salary of
$296,712. Mr. Rysavy serves as Gaiams Chairman of the Board of Directors and
the Chief Executive Officer, and he is our largest shareholder. At Mr. Rysavys
request, he was not awarded an incentive bonus or any stock options under our
LTI Plan. The Committee and the Board of Directors strongly believes that Mr.
Rysavys salary and overall compensation level are modest given the importance
of Mr. Rysavy to Gaiams future, his previous experience and business
accomplishments and the market value of his skill set as a chief executive.
Employment
Contracts and Consulting Arrangement for Departing Executive
Gaiam
does not have employment agreements with any executive officers besides Mr.
Rysavy and Ms. Powers, and we do not have change of control agreements with any
of its executive officers. However, Gaiams directors, officers, and managers
are required to sign a confidentiality agreement and, upon receiving a stock
option grant, a two-year non-compete agreement commencing with the date they
leave Gaiam. Janet Mathews departed from Gaiam after 13 years of service
to our company, and the Committee determined that it was in Gaiams best
interests to enter into a consulting arrangement with Ms. Mathews whereby she
agreed to assist with an orderly transition of her responsibilities to our
executive officers and provide consulting services to Gaiam for 18 months
following her departure. In exchange for these services, the Committee approved
the continuation of the existing vesting schedule for the then-unvested stock
options held by Ms. Mathews (representing 14,400 shares of Gaiam common stock)
previously granted to Ms. Mathews pursuant to the LTI Plan so that these
options would continue to vest, and would not expire, during the 18 month consulting
period.
Accounting
and Tax Considerations
In
designing its compensation programs, Gaiam takes into consideration the
accounting and tax effect that each element will or may have on Gaiam and the
executive officers and other employees as a group. Gaiam aims to keep the
expense related to its compensation programs as a whole within certain
affordability levels. When determining how to apportion between differing
elements of compensation, the goal is to meet Gaiams objectives while
maintaining relative cost neutrality. For instance, if we increase benefits
under one program resulting in higher compensation expense, we may seek to
decrease costs under another program in order to avoid a compensation expense
that is above the level then deemed affordable under existing circumstances.
Gaiam recognizes a charge to earnings for accounting purposes equally from the
grant date until the end of the vesting period.
14
We
have structured our compensation program to comply with Internal Revenue Code
Sections 162(m) and 409A. Under Section 162(m) of the Internal Revenue Code, a
limitation was placed on tax deductions of any publicly-held corporation for
individual compensation to certain executives of such corporation exceeding
$1,000,000 in any taxable year, unless the compensation is performance-based.
If an executive is entitled to nonqualified deferred compensation benefits that
are subject to Section 409A, and such benefits do not comply with Section 409A,
then the benefits are taxable in the first year they are not subject to a
substantial risk of forfeiture. In such case, the Service Provider is subject
to regular federal income tax, interest and an additional federal income tax of
20% of the benefit includible in income. Gaiam has no individuals with
non-performance based compensation paid in excess of the Internal Revenue Code
Section 162(m) tax deduction limit.
Compensation Committee Report
The
information contained in this report shall not be deemed to be soliciting
material or filed with the Securities and Exchange Commission or subject to
Regulation 14A or 14C or the liabilities of Section 18 of the Exchange
Act, except to the extent that Gaiam specifically requests that the information
be treated as soliciting material or specifically incorporates it by
reference into a document filed under the Securities Act of 1933, as Amended
(the Securities Act) or the Exchange Act.
The
Committee has reviewed and discussed with management the Compensation
Discussion and Analysis for fiscal 2006. Based on the review and discussions,
the Committee recommended to the Board, and the Board has approved, that the
Compensation Discussion and Analysis be included in Gaiams proxy statement for
its 2007 Annual Meeting of Stockholders. This report is submitted by the
Committee.
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Compensation Committee
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Barbara Mowery, Chairperson
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Ted Nark
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Paul Ray
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AUDIT
COMMITTEE REPORT
The
Audit Committee, on behalf of the Board of Directors, oversees managements
conduct of internal control processes and procedures for financial reporting
designed to ensure the integrity and accuracy of our financial statements and
to ensure that we are able to timely record, process and report information
required for public disclosure.
Gaiams
management is responsible for establishing and maintaining adequate internal
financial controls, for the preparation of Gaiams consolidated financial
statements and for the public reporting process. The firm of Ehrhardt Keefe
Steiner & Hottman P.C. (EKS&H), as Gaiams independent registered
public accounting firm for 2006, was responsible for performing an independent
audit of Gaiams consolidated financial statements in accordance with auditing
standards of the Public Company Accounting Oversight Board (United States) and
for issuing a report thereon expressing its opinion as to whether Gaiams
consolidated financial statements present fairly, in all material respects, the
financial position, results of operations and cash flows of Gaiam in conformity
with accounting principles generally accepted in the United States. EKS&H
was also responsible for performing an audit and expressing an opinion on
managements assessment of the effectiveness of Gaiams internal control over
financial reporting, along with expressing its own opinion on the effectiveness
of Gaiams internal control over financial reporting.
In
this context, the Audit Committee reviewed and discussed Gaiams audited
consolidated financial statements for the year ended December 31, 2006 with
management and representatives of EKS&H, managements assessment of the
effectiveness of Gaiams internal control over financial reporting and
EKS&Hs evaluation of Gaiams internal control over financial reporting.
EKS&H concluded, in its Report of Independent Registered Public Accounting
Firm dated March 14, 2007, that in our opinion, Gaiam, Inc. and subsidiaries
maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2006 based on the COSO Criteria.
The
Audit Committee also discussed with EKS&H the matters required by Statement
on Auditing Standards No. 61, Communication with Audit Committees. The Audit
Committee reviewed with EKS&H, who was responsible for expressing an
opinion on the conformity of our audited financial statements with accounting
principles generally accepted in the United States, their judgment as to the
quality, not just the acceptability, of our accounting principles, the
reasonableness of significant judgments and the clarity of disclosures in our
financial statements. Also, the Audit Committee discussed the results of the
annual audit and such other matters required to be communicated with the Audit
Committee under professional auditing standards.
15
In
discharging its oversight responsibility over the audit process, the Audit
Committee obtained from our independent auditors statements describing all
relationships between our independent auditors and us that might bear on our
auditors independence consistent with Independence Standards Board Standard
No. 1, Independence Discussions with Audit Committees, and discussed with the
auditors any relationships that may impact their objectivity and independence.
The
Audit Committee recommended to our Board that our audited financial statements
for the year ended December 31, 2006 be included in our Annual Report on Form
10-K for 2006 for filing with the Securities and Exchange Commission, in
reliance upon (1) the Audit Committees reviews and discussions with management
and EKS&H; (2) managements assessment of the effectiveness of Gaiams
internal control over financial reporting; (3) the receipt of an opinion from
EKS&H, dated March 14, 2007, stating Gaiams 2006 consolidated financial
statements present fairly in all material respects, the consolidated financial
position of Gaiam and its consolidated subsidiaries at December 31, 2006 and
the consolidated results of operations and cash flows for the year ended
December 31, 2006 in conformity with accounting principles generally accepted
in the United States, and (4) the receipt of EKS&Hs opinion on the
effectiveness of Gaiams internal control over financial reporting dated March
14, 2007.
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Audit Committee
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Barnet Feinblum,
Chairperson
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James Argyropoulos
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Barbara Mowry
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This
report of the Audit Committee shall not be deemed to be soliciting material
or to be filed with the Securities and Exchange Commission or subject to
Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act,
except to the extent that Gaiam specifically requests that this information be
treated as soliciting material or specifically incorporates this information
by reference into a document filed under the Securities Act or the Exchange
Act.
Disclosure
of Independent Accountant Fees
The
following table presents fees for professional services rendered by EKS&H
and E&Y, respectively, for the years ended December 31, 2006 and 2005:
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Audit and Non-Audit Fees (in $000s)
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2006
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2005
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Audit fees
(1)
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|
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$458
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|
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$206
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Audit
related fees (2)
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|
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39
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|
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6
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Tax fees (3)
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|
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39
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|
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|
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All other
fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
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$536
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|
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$212
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|
|
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|
|
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|
|
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|
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Audit and Non-Audit Fees (in $000s)
|
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2006
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|
2005
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|
|
|
|
|
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Audit fees
(1)
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|
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|
$37
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|
|
$13
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|
Audit
related fees (2)
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Tax fees (3)
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All other
fees
|
|
|
|
|
|
|
|
|
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Total
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|
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$37
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|
|
$13
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(1)
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Audit
fees are fees that we paid for the audit of our annual financial statements
included in our Form 10-K and review of financial statements included in our
Form 10-Qs; for the audit of our internal control over financial reporting;
for the attestation of managements report on the effectiveness of internal
control over financial reporting; for services in connection with the filing
of Gaiams Form S-3; and for services that are normally provided by the
auditor in connection with statutory and regulatory filings or engagements;
and all costs and expenses in connection with the above.
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(2)
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Audit
related fees consisted of accounting consultations and audits in connection
with acquisitions and proposed transactions.
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(3)
|
Tax fees represent
fees charged for services for tax advice, tax compliance and domestic and
international tax planning.
|
16
In
accordance with the policies of our Audit Committee and legal requirements, all
services to be provided by our independent registered public accounting firm
are pre-approved by the Audit Committee. Pre-approved services include audit
services, audit-related services, tax services and other services. In some
cases, pre-approval is provided by the full Audit Committee for up to a year,
and such services relate to a particular defined task or scope of work and are
subject to a specific budget. In other cases, the chairman of the Audit
Committee has the delegated authority from the Audit Committee to pre-approve
additional services, and such action is then communicated to the full Audit
Committee at the next Audit Committee meeting. To avoid certain potential
conflicts of interest, the law prohibits a publicly traded company from
obtaining certain non-audit services from its auditing firm. If we need such
services, we obtain them from other service providers.
EKS&H
is currently engaged to provide auditing services through the first quarter of
2007. The Audit Committee is in
negotiations with EKS&H to be our independent registered public accounting
firm again for the remainder of 2007.
Representatives of EKS&H are expected to be present at the annual
meeting. We expect EKS&H to be
available to respond to appropriate questions.
CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS
Any
related party transaction is reviewed by disinterested members of management
and, if material, by disinterested members of the Board or a committee thereof
to ensure that the transaction reflects terms that are at least as favorable
for Gaiam as the Company would expect in a similar transaction negotiated at
arms length by unrelated parties.
Jacquelyn
Abraham, the daughter of Gaiams Director, President and CEO of North American
Operations, Lynn Powers, is Gaiams Director of Human Resources and for
2006 earned an annual salary $95,000 and realized $25,850 from the exercise of
options.
Jim
Argyropoulos and Barney Feinblum, Gaiam Board Members, had collectively owned
approximately 2.5% of the outstanding shares of Conscious Media, Inc. (CMI),
a company in which Gaiam increased its ownership interest in during the year
ended December 31, 2006 from approximately 51.3% to effectively 100% by issuing
Gaiam stock and paying cash in exchange for CMI shares. As a result of the Gaiams additional
acquisition of CMI shares, Mr. Argyropoulos and Mr. Feinblum collectively
received 85,526 shares of Gaiam Class A Common Stock in exchange for their CMI
shares.
SECTION 16(a) BENEFICIAL OWNERSHIP
REPORTING COMPLIANCE
Section 16(a) of
the Exchange Act requires Gaiams directors, officers (including a person
performing a principal policy-making function) and persons who own more than
10% of a registered class of Gaiams equity securities to file with the
Securities and Exchange Commission initial reports of ownership and reports of
changes in ownership of Class A Common Stock and other equity securities
of Gaiam. Directors, officers and 10% holders are required by Securities and
Exchange Commission regulations to furnish Gaiam with copies of all of the
Section 16(a) reports they file. Based solely upon a review of the
copies of the forms furnished to Gaiam and the representations made by the
reporting persons to Gaiam, Gaiam believes that during 2006 its directors,
officers and 10% holders complied with all the filing requirements under
Section 16(a) of the Exchange Act, except that our directors were late in
making filings with respect to stock they received in lieu of cash for services
as directors for the first quarter (Mr. Nark) and the third quarter (Messrs.
Argyropoulos, Feinblum and Nark and Ms. Mowry).
SHAREHOLDER PROPOSALS
Shareholders
may submit proposals on matters appropriate for shareholder action at Gaiams
annual meetings consistent with regulations adopted by the Securities and
Exchange Commission. For shareholder proposals to be considered for inclusion
in Gaiams proxy statement and form of proxy relating to the 2008 annual
meeting of shareholders, they must be received by Gaiam not later than January
31, 2008, unless the date of the 2008 meeting of shareholders is changed by
more than 30 days from May 22, 2008.
In
addition, under the terms of Gaiams Bylaws, unless the date of the 2008
meeting of shareholders is changed by more than 30 days from May 22, 2008,
shareholders who intend to present an item of business or nomination at the
2008 annual meeting of shareholders (other than a proposal submitted for
inclusion in Gaiams proxy material(s)) must provide notice in writing of such
business or nomination to Gaiam no earlier than March 13, 2008 and no later
than April 7, 2008.
17
Such
written notice must contain specified information, including, among other
things, information as would be required to be included in a proxy statement
under Securities and Exchange Commission rules, as set forth more fully in our
Bylaws. All proposals or other notices should be addressed to Gaiam at 360
Interlocken Boulevard, Broomfield, Colorado 80021, Attention: Secretary.
DELIVERY OF MATERIALS
Securities
and Exchange Commission rules permit a single set of annual reports and proxy
statements to be sent to any household at which two or more shareholders reside
if they appear to be members of the same family. Each shareholder continues to
receive a separate proxy card. This procedure, referred to as householding,
reduces the volume of duplicate information shareholders receive and reduces
mailing and printing expenses. A number of brokerage firms have instituted
householding. In accordance with a notice that is being sent to certain
beneficial shareholders (who share a single address) only one annual report and
proxy statement will be sent to that address unless any shareholder at that
address gave contrary instructions. We will promptly deliver a copy of such
materials to any stockholder requesting the same. However, if any such
beneficial shareholder residing at such an address wishes to receive a separate
annual report or proxy statement in the future, please contact Computershare
Trust Company (Gaiams transfer agent & registrar) in writing by mailing to
Computershare Trust Company, Attention: Householding, 350 Indiana Street, Suite
800, Golden, CO 80401, or by faxing your request to: 303-262-0700. You can also
contact Gaiam by calling 303-222-3600.
COMMUNICATION WITH THE BOARD
Shareholders
may communicate with the Board of Directors, including the non-management
directors, by sending a letter to the Gaiam Board of Directors, c/o Corporate
Secretary, Gaiam, Inc., 360 Interlocken Boulevard, Broomfield, CO 80021. The Corporate Secretary has the authority to
disregard any inappropriate communications or to take other appropriate actions
with respect to any such inappropriate communications. If deemed an appropriate communication, the
Corporate Secretary will submit your correspondence to the Chairman of the
Board or to any specific director to whom the correspondence is directed.
OTHER MATTERS
Management
does not intend to present, and has no information as of the date of
preparation of this proxy statement that others will present, any business at
the annual meeting, other than business pertaining to matters set forth in the
notice of annual meeting and this proxy statement. However, if other matters requiring
the vote of the shareholders properly come before the annual meeting, it is the
intention of the persons named in the enclosed proxy to vote the proxies held
by them in accordance with their best judgment on such matters.
YOUR VOTE IS IMPORTANT
WE
URGE YOU TO DATE, SIGN AND PROMPTLY RETURN YOUR PROXY SO THAT YOUR SHARES
MAY BE VOTED IN ACCORDANCE WITH YOUR WISHES AND THE PRESENCE OF A QUORUM
MAY BE ASSURED.
GAIAM, INC.
Proxy for Annual Meeting of Shareholders
June 19, 2007
18
THIS PROXY IS SOLICITED ON BEHALF OF THE
BOARD OF DIRECTORS OF GAIAM, INC.
The
undersigned hereby appoints Jirka Rysavy and Lynn Powers as Proxies, each with
the power to appoint his or her substitute, and hereby authorizes them to
represent and to vote, as designated below, all the shares of Class A
Common Stock of Gaiam, Inc. held of record by the undersigned on
April 20, 2007, at the 2007 annual meeting of shareholders of
Gaiam, Inc. and any adjournment or postponement thereof, as follows:
The
undersigned has received the Notice of Meeting, the proxy statement relating to
the annual meeting of shareholders to be held June 19, 2007, and Gaiams
Annual Report for its year ended December 31, 2006, and hereby ratifies
and confirms all that the Proxies shall lawfully do or cause to be done by
virtue hereof and hereby revokes all proxies heretofore given to vote such
shares.
THIS PROXY,
WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED HEREIN BY THE UNDERSIGNED
SHAREHOLDER. IF NO DIRECTION IS INDICATED,
THIS PROXY WILL BE VOTED FOR THE ELECTION OF THE DIRECTORS INDICATED.
PLEASE SIGN
AND RETURN PROMPTLY.
PROPOSAL - ELECTION OF DIRECTORS
The Board of
Directors recommends a vote FOR the listed nominees.
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|
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01Jirka
Rysavy
|
|
02Lynn
Powers
|
|
03James
Argyropoulos
|
|
04Barnet M.
Feinblum
|
|
05Barbara
Mowry
|
|
06Ted Nark
|
|
07Paul H.
Ray
|
|
|
q
|
FOR all
nominees
|
|
q
|
WITHHOLD
AUTHORITY to vote for all nominees
|
|
q
|
FOR ALL
EXCEPT: to withhold authority to vote for any individual nominee, write the
number(s) of the nominee(s) in the space provided to the right: ___________
|
In their
discretion, the Proxies are authorized to vote upon such other matters as
may properly come before the meeting. Management is not presently aware of
any such matters to be presented for action.
|
|
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Dated:
|
|
, 2007
|
Signature 1
|
Signature 2
|
|
|
|
Please sign
exactly as your name or names appear on this proxy. When shares are held by
joint tenants, both should sign. When signing as executor, administrator,
attorney, trustee or guardian, please give full title as such, and where more
than one executor, etc., is named, a majority must sign. If a corporation,
please sign full corporate name by president or other authorized officer. If a
partnership, please sign full partnership name by an authorized person.
|
|
q
|
Mark this
box with an X if you have made changes to your name or address details.
|
19
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