Form 8-K for SYCAMORE NETWORKS INC
4-Jan-2007
Change in Directors or Principal Officers
Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On December 22, 2006, the Compensation Committee of the Board of Directors of Sycamore Networks, Inc. (the "Company") resolved that the Company was authorized to enter into Amendment Number 1 (the "Amendment") to the Non-Qualified Stock Option Agreement with Mr. Kevin Oye, Vice President of Systems and Technology for the Company, under the Sycamore Networks, Inc. 1999 Stock Incentive Plan (as amended, the "Plan").
The Amendment, entered into on December 29, 2006, modified the Non-Qualified Stock Option Agreement (the "Option Agreement") between Mr. Oye and the Company dated April 29, 2002 relating to options to purchase 1,000,000 shares of common stock of the Company (the "Shares"), in order to ensure that the Exercise Price Per Share (as defined in the Plan) for all Options (as defined in the Plan) subject to the Option Agreement vesting on or after January 1, 2005 would be equal to the fair market value (as defined in the Plan) of the Shares on the grant date.
The Amendment increased the Exercise Price Per Share for the 166,667 Options which vest on or after January 1, 2005 from $3.34 to $3.40, which represents the fair market value of the Options on the date currently believed to be the best available estimate of the grant date. |
