Stock. Repricing (in 1997) and Old DIVI Options...
EMPLOYEE STOCK OPTION PLANS
The Company's stock option plans (the "Plans") authorize the issuance of 35,777,670 shares of common stock (included in the 38,626,670 authorized shares discussed above) for the grant of incentive or nonstatutory stock options and the direct award or sale of shares to employees, directors, contractors and consultants. Under the Plans, options are generally granted at fair value at the date of grant. Such options become exercisable over periods of one to five years and expire up to 10 years from the grant date.
Upon the acquisition of DiviCom in August 1996, 268,285 outstanding options under DiviCom's Stock Option Plan at an average exercise price of $7.75 were assumed by C-Cube. These options retained their original terms.
[Guess if your a Divi old timer your OK]
The Company repriced 6,429,078 options to $19.94, the market price on July 14, 1997, and 3,532,716 options to $38.13, the market price on September 11, 1996. The repriced shares are treated as canceled and regranted; however, the vesting terms on the 1997 regrants were extended six months. The 1996 regrants retained their original vesting terms.
[The only employees benifiting(??) from this came on board during the the 1996/97 hype days] |
