An example of a class outfit:
>>Wireless Facilities to Provide Employees With Stock Option Cancel and Regrant Program
WEDNESDAY, MARCH 07, 2001 8:03 AM
- PRNewswire
SAN DIEGO, Mar 7, 2001 /PRNewswire via COMTEX/ -- Wireless Facilities, Inc. (WFI) (Nasdaq: WFII), a global leader in the planning, design, deployment and management of wireless telecommunications networks, announced today that its Board of Directors has approved a voluntary stock option cancel and regrant program for employees.
The program is voluntary and provides employees with the opportunity to cancel all of their existing and outstanding stock options granted to them on or after September 30, 2000 and before March 30, 2001, and some or all of their existing and outstanding stock options granted to them prior to September 30, 2000, in exchange for a new option grant for an equal number of shares to be granted at a future date. The new options would be issued no earlier than six months and one day after the cancellation date. The exercise price of the new options would be based on the trading price of WFI's common stock at the time of the new option grants.
"Clearly the success of our organization can be attributed to the hard work and dedication of our employees," said Masood Tayebi, chief executive officer of WFI. "While there can be no guarantees regarding the stock price in six months, this plan does provide an opportunity to more closely align employee equity ownership goals with long-term shareholder value."
The exchange program is being organized to comply with FASB Interpretation No. 44 "Accounting for Certain Transactions Involving Stock Compensation." Accordingly, WFI anticipates that there will be no variable compensation charges to the company as a result of this stock option exchange program.<<
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With the tech world in disarray, any tech employee has to wonder if their job is to be the next cut. Which undercuts consumer confidence. Which is essntial to a market recovery.
Kudos to WFII! |
