VMware (VMW) Re-Prices Stock Options For Employees To A Price More Reflective Of VMware's Current Price
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Today, VMware's (NYSE: VMW) CEO Paul Maritz sent a memo to employees regarding an update to VMware's stock options program. VMware is going to exchange employees post-IPO out of the money options or underwater stock options.
Employees will be able to exchange their out of the money stock options for an equal number of new options. The exercise price of the new options will be the stock price at the close of trading on the NYSE on the day immediately following the date that the exchange is completed. The exchange will restart your options’ vesting schedule.
Shareholders still have to approve this move by VMware and no executive officers will get new options.
Below is an excerpt from the letter from VMware CEO Paul Maritz:
"Although I can give no guarantees or assurances, by giving you an opportunity to receive options with an exercise price closer to our current market price, I hope to provide you with a greater opportunity to benefit from any future successes of the company."
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Employees will be able to exchange their out of the money stock options for an equal number of new options. The exercise price of the new options will be the stock price at the close of trading on the NYSE on the day immediately following the date that the exchange is completed. The exchange will restart your options’ vesting schedule.
Shareholders still have to approve this move by VMware and no executive officers will get new options.
Below is an excerpt from the letter from VMware CEO Paul Maritz:
"Although I can give no guarantees or assurances, by giving you an opportunity to receive options with an exercise price closer to our current market price, I hope to provide you with a greater opportunity to benefit from any future successes of the company."
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