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Technology Stocks : America On-Line: will it survive ...?
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To: The Duke who wrote (8455)3/4/1998 1:46:00 PM
From: Paul Merriwether   of 13594
 
<<Can someone explain the difference between vested and unvested options? Are
these just options that wear a three piece suit????>>

When technology companies grant stock options, they are not immediately
exercisable, but rather the beneficiary has to wait till they get vested. The idea is to retain talent over a longish period(say 3-10 years).
e.g. companyA can give employeeP 100000 shares over a period of
5 years with 20% vested every year. After 1 year of the award, he could sell 20000 shares.
If steve case has already sold 39.6 % of his vested+unvested options,
that is B.A.D. news(imho). _Possibly_ means that he has already
sold _all_ he could and has to wait for getting the rest of his
options to get vested. I don't know if its public info. how many of his
vested options he has sold(but I would be interested).
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