FOR IMMEDIATE RELEASE
Feb. 14, 2008
Tellabs to hold 2008 Annual Meeting of Stockholders on April 24
Board of directors changes bylaws to adopt majority voting
Naperville, Ill. — Tellabs will hold its 2008 Annual Meeting of Stockholders on April 24, 2008, at 2 p.m. Central Daylight Time at Northern Illinois University, 1120 East Diehl Road, Naperville, Ill.
Directors up for re-election are Frank Ianna, Stephanie Pace Marshall and William Souders. Stockholders will also vote on ratification of the Ernst & Young LLP as Tellabs' independent auditors for 2008 and amendment to the Tellabs 2004 Incentive Plan. The amendment to the plan will:
- prohibit re-pricing of awards,
- restrict the recycling of shares, and
- add additional shares.
Only stockholders of record as of Feb. 25, 2008, the record date for the annual meeting, will be eligible to vote at the annual meeting or by proxy.
Bylaws change — Tellabs is committed to remaining responsive to stockholders, strengthening our corporate governance and adopting the best practices of major public companies. The Tellabs Board of Directors has amended the company's bylaws on the election of directors. Under the amended bylaws, an uncontested nominee for director must receive favorable votes from a majority of votes cast at a meeting where a quorum is present. These changes are reflected in Tellabs' revised bylaws at http://www.tellabs.com/investors/by-laws_021308.pdf.
In accordance with our corporate governance guidelines, an uncontested nominee who does not receive a majority vote must tender a resignation. Tellabs' Nominating and Governance Committee will evaluate such resignations and make a recommendation to the Tellabs Board of Directors. The board will reach a decision in the best interests of Tellabs and its stockholders, and publicly disclose its decision and rationale within 90 days after the certification of the related stockholder vote. These changes are reflected in Tellabs' revised corporate governance guidelines at http://www.tellabs.com/investors/corporategov_0208.pdf.
Corporate Responsibility — In 2008, Tellabs is taking steps to adopt a Supplier Code of Conduct and report regularly on Tellabs' corporate responsibility performance. The code will help ensure that, throughout Tellabs' supply chain, workers are treated with respect, working conditions remain safe and Tellabs' vendors use environmentally responsible manufacturing processes.
Simultaneous Webcast — Internet users can hear a simultaneous webcast of the Tellabs annual meeting at 2 p.m. Central time on April 24 at www.tellabs.com; click on the webcast icon.
About Tellabs — Tellabs advances telecommunications networks to meet the evolving needs of users. Solutions from Tellabs enable service providers to deliver high-quality voice, video and data services over wireline and wireless networks around the world. Ranked among the BusinessWeek InfoTech 100, Tellabs (NASDAQ: TLAB) is part of the NASDAQ-100 Index, NASDAQ Global Select Market, Ocean Tomo 300™ Patent Index and the S&P 500. www.tellabs.com
Forward-Looking Statements — This news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the introduction of new products, the entrance into new markets, the integration of new businesses, the ability to secure necessary resources, the response of customers and competitors, industry consolidation and the economic changes generally impacting the telecommunications industry. The company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events. For a more detailed description of the risk factors, please refer to the company's SEC filings.
MEDIA CONTACT:
George Stenitzer
+1.630.798.3800
INVESTOR CONTACT:
Tom Scottino
+1.630.798.3602
Tellabs® and the Tellabs logo are trademarks of Tellabs or its affiliates in the United States and/or other countries. Any other company or product names mentioned herein may be trademarks of their respective companies.
