I just heard that John Snow can immediately exercise 33 million dollars in options if there is a change of ownership..
Otherwise he has to wait until 2011.. So I googled it.
Thirty three million reasons to sell out our ports..
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CSX OMNIBUS INCENTIVE PLAN
Notice of Non-Qualified Stock Option Grant
John W. Snow
Grant Date: July 16, 2001
Options Granted: 800,000
Option Price: $38.775
Expiration Date: July 16, 2011
CSX Corporation ("CSX") has granted to you non-qualified stock options
("Options") to purchase CSX common stock. Your grant has been made pursuant to
CSX's Omnibus Incentive Plan (the "Plan"), which, together with the terms
contained in this Notice, sets forth terms and conditions of your grant and is
incorporated herein by reference. A copy of the Plan is available on the CSX
intranet (http://csxnet) under "Incentive Plans." You should review the terms of
this Notice and the Plan carefully. The capitalized terms used in this Notice
are defined in the Plan, except where it is indicated that such terms have the
meaning given in the Employment and Consulting Agreement dated as of July 11,
2001 between you and CSX (the "Service Agreement"). Unless you notify the CSX
Corporate Secretary in writing that you do not accept the Option, you will be
deemed to have agreed to the terms of this Notice and the terms of the Plan.
CSX reserves the right to terminate, change or amend the Plan at any time.
Receipt of this grant does not obligate CSX to make any additional grants to
you.
Vesting and Exercisability:
The Options may be exercised only when vested. Subject to the terms of the Plan
and the provisions below, all of the Options will become vested on the date of
2004 Annual Meeting (as defined in the Service Agreement) and will expire on
July 16, 2011.
In addition, the Options will become fully vested immediately upon a Change in
Control.
Any termination of your employment, other than a termination by CSX for Cause,
will be treated as a Retirement (including without limitation a termination
because of your death or Disability), with the results that (i) the Options will
continue to vest as set forth above (if they have not previously vested) and
(ii) you (or your estate) will have until the expiration date to exercise any
vested Options.
Any termination of your employment, other than a termination by CSX for Cause,
will be treated as a Retirement (including without limitation a termination
because of your death or Disability), with the results that (i) the Options will
continue to vest as set forth above (if they have not previously vested) and
(ii) you (or your estate) will have until the expiration date to exercise any
vested Options.
Well, control changed.
And the options are all vested now.
OK, show of hands: who is very, very sure that John Snow's only interest here is the good of the United States?
jmhm.livejournal.com
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