Our speakers will discuss the various forms of deferred employee compensation, including stock options, phantom shares,
share appreciation rights plans and others together with an analysis of the corporate and tax implications.
There were also employee share options outstanding to purchase up to an additional 3.4 million shares, at a weighted average exercise price of $ 31.37 per share, 0.8 million of which were fully vested; equity - settled
share appreciation rights (SARs) for 0.2 million shares, at a weighted average measurement price of $ 32.18, all of which, excluding SARs for approximately 1,000 shares, were fully vested; and restricted share units (RSUs) covering 13.0 million shares, of which RSUs to acquire 4.3 million shares were fully vested.
Advising the growing business in developing non-qualified benefit plans for their employees, including drafting non-qualified deferred compensation agreements, Rabbi trusts, phantom stock plans and
share appreciation right plans.
Not exact matches
Plenty of the people at the Severn plant have come to
share the Centenaris» dream of building a big company — particularly when Paul predicts, as he did at one recent meeting, how much their stock
appreciation rights will rise in value if Atlas keeps growing at its current pace.
The Plan permits grants of the following types of incentive awards subject to such terms and conditions as the Leadership Development and Compensation Committee shall determine, consistent with the terms of the Plan: (1) stock options, including stock options intended to qualify as ISOs, (2) other stock - based awards, including in the form of stock
appreciation rights, phantom stock, restricted stock, restricted stock units, performance
shares, deferred
share units or
share - denominated performance units, and (3) cash awards.
Stock
appreciation rights may be paid in cash,
shares, or any combination of both, as determined by the plan administrator, in its sole discretion, at the time of grant.
Shares that are exchanged by a participant or withheld by Apple to pay the exercise price of an option or stock appreciation right granted under the 2014 Plan, as well as any shares exchanged or withheld to satisfy the tax withholding obligations related to any option or stock appreciation right, will not be available for subsequent awards under the 2014
Shares that are exchanged by a participant or withheld by Apple to pay the exercise price of an option or stock
appreciation right granted under the 2014 Plan, as well as any
shares exchanged or withheld to satisfy the tax withholding obligations related to any option or stock appreciation right, will not be available for subsequent awards under the 2014
shares exchanged or withheld to satisfy the tax withholding obligations related to any option or stock
appreciation right, will not be available for subsequent awards under the 2014 Plan.
For nonstatutory stock options and stock
appreciation rights, the participant will recognize ordinary income upon exercise in an amount equal to the difference between the fair market value of the
shares and the exercise price on the date of exercise.
Unless otherwise expressly provided in (or pursuant to) this Section 4 (c) or required by Applicable Law: (A) all Awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (B) Awards that are Options or Stock
Appreciation Rights shall be exercised only by the Participant; and (C) amounts payable or
Shares issuable pursuant to any Award shall be delivered only to (or for the account of) the Participant.
Shares issued with respect to awards granted under the 2014 Plan other than stock options or stock appreciation rights are counted against the 2014 Plan's aggregate share limit as two shares for every one share actually issued in connection with the
Shares issued with respect to awards granted under the 2014 Plan other than stock options or stock
appreciation rights are counted against the 2014 Plan's aggregate
share limit as two
shares for every one share actually issued in connection with the
shares for every one
share actually issued in connection with the award.
Shares issued in respect of awards other than stock options and stock appreciation rights granted under the 2014 Plan and the Director Plan count against the shares available for grant under the applicable plan as two shares for every share gr
Shares issued in respect of awards other than stock options and stock
appreciation rights granted under the 2014 Plan and the Director Plan count against the
shares available for grant under the applicable plan as two shares for every share gr
shares available for grant under the applicable plan as two
shares for every share gr
shares for every
share granted.
The performance goals upon which the payment or vesting of any Incentive Award (other than Options and stock
appreciation rights) that is intended to qualify as Performance - Based Compensation depends shall relate to one or more of the following Performance Measures: market price of Capital Stock, earnings per
share of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return on invested
Any such
shares subject to awards other than stock options and stock
appreciation rights granted under either such Plan will become available taking into account the 2:1 premium
share counting rule applicable at the time of granting these types of awards.
For
shares that are delivered pursuant to the exercise of a stock
appreciation right or stock option, the number of underlying
shares to which the exercise related shall be counted against the applicable
share limits, as opposed to the number of
shares actually issued.
Notwithstanding the foregoing, Stock
Appreciation Rights may be granted with a per
Share exercise price of less than one hundred percent (100 %) of the Fair Market Value per
Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424 (a) of the Code.
Upon exercise of a stock
appreciation right, the holder of the award will be entitled to receive an amount determined by multiplying (i) the difference between the fair market value of a
Share on the date of exercise over the exercise price by (ii) the number of exercised
Shares.
With respect to the exercise of stock
appreciation rights, the gross number of
Shares covered by the portion of the exercised award, whether or not actually issued pursuant to such exercise, cease to be available under the 2013 Plan.
However,
Shares used to pay the exercise price or purchase price of an option or stock
appreciation right or to satisfy tax withholding obligations relating to such awards do not become available for future issuance under the 2013 Plan.
Any
Shares subject to Awards granted under the Plan other than Options or Stock
Appreciation Rights shall be counted against the numerical limits of this Section 3 as two and fifteen - one hundredths (2.15)
Shares for every one (1)
Share subject thereto and shall be counted as two and fifteen - one hundredths (2.15)
Shares for every one (1)
Share returned to or deemed not issued from the Plan pursuant to this Section 3.
Under the terms of the LTICP, in addition to or in lieu of stock options, we may award, and have awarded in selected situations for retention purposes or to address other competitive pressures, other types of equity - based long - term compensation, including restricted stock, RSRs, stock awards, stock
appreciation rights, performance
shares, or performance units.
These incentives are provided through the granting of stock options, stock
appreciation rights, restricted stock awards, restricted stock units, performance bonus awards, performance
shares and performance units.
Unless the Committee or Board determines otherwise prior to the transaction, if substantially all of the assets of the Company are acquired by another corporation or in case of a reorganization of the Company involving the acquisition of the Company by another entity, (i) stock options and stock
appreciation rights become exercisable immediately prior to the transaction; (ii) restrictions with respect to restricted stock and RSRs lapse and
shares are delivered; and (iii) performance
shares and performance units pay out pro rata based on performance through the end of the last calendar quarter.
Each
share issued under awards other than options or stock
appreciation rights counts against the number of
shares available under the LTICP as 3.5
shares.
Also, if a majority of the Board is comprised of persons other than (i) persons for whose election proxies were solicited by the Board; or (ii) persons who were appointed by the Board to fill vacancies caused by death or resignation or to fill newly - created directorships («Board Change»), unless the Committee or Board determines otherwise prior to such Board Change, then participants immediately prior to the Board Change who cease to be employees or non-employee directors within six months after such Board Change for any reason other than death or permanent disability generally have their (i) options and stock
appreciation rights become immediately exercisable and to the extent not canceled or cashed out, generally have at least six months to exercise such awards; (ii) restrictions with respect to restricted stock and RSRs lapse and generally
shares are delivered; and (iii) performance
shares and performance units pay out pro rata based on performance through the end of the last calendar quarter before the time the participant ceased to be an employee.
Our 2015 Plan will provide for the grant of incentive stock options, within the meaning of Section 422 of the Code, to our employees and any parent and subsidiary corporations» employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units (RSUs), stock
appreciation rights, performance units, and performance
shares to our employees, directors, and consultants and our parent and subsidiary corporations» employees and consultants.
Subject to certain anti-dilution and other adjustments, no participant may be granted in any calendar year (i) stock options or stock
appreciation rights covering more than 14,000,000
shares; or (ii) awards other than stock options or stock
appreciation rights covering more than 4,000,000
shares.
Tax withholding obligations could be satisfied by withholding
shares to be received upon exercise of an option or stock
appreciation right, the vesting of restricted stock, performance
share, or stock award, or the payment of a restricted
share right or performance unit or by delivery to the Company of previously owned
shares of common stock.
The exercise price per
share of each stock appreciation right may not be less than the fair market value of a Share on the date of grant, except in certain situations in which we are assuming or replacing stock appreciation rights granted by another company that we are acqui
share of each stock
appreciation right may not be less than the fair market value of a
Share on the date of grant, except in certain situations in which we are assuming or replacing stock appreciation rights granted by another company that we are acqui
Share on the date of grant, except in certain situations in which we are assuming or replacing stock
appreciation rights granted by another company that we are acquiring.
(d) «Award» means, individually or collectively, a grant under the Plan of Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Bonus Awards, Performance Units or Performance
Shares.
Shares used to pay the purchase price or satisfy tax withholding obligations of awards other than stock options or stock
appreciation rights become available for future issuance under the 2013 Plan.
Shares underlying stock options and stock
appreciation rights that so become available being credited to the 2013 Plan
share reserve on a one - for - one basis, and
Shares subject to other types of equity awards (i.e., full value awards), being credited to the 2013 Plan
share reserve on a 2.15 - for - one basis; provided, however, that no more than 54,332,000
Shares may be added to the 2013 Plan pursuant to this provision.
forfeited to or repurchased due to failure to vest, the unpurchased
shares (or for awards other than stock options or stock
appreciation rights, the forfeited or repurchased
shares) will become available for future grant or sale under the 2015 Plan.
Subject to the provisions of our 2015 Plan, the administrator will determine the other terms of stock
appreciation rights, including when such
rights become exercisable and whether to pay any amount of
appreciation in cash,
shares of our Class A common stock, or a combination thereof, except that the per
share exercise price for the
shares to be issued pursuant to the exercise of a stock
appreciation right must be no less than 100 % of the fair market value per
share on the date of grant.
repurchased by us due to failure to vest, the unissued
shares (or for awards other than stock options or stock
appreciation rights, the forfeited or repurchased
shares) will become available for future grant or sale under the 2015 Plan.
If an award of stock options or stock
appreciation rights expires or becomes unexercisable without having been exercised in full or is surrendered pursuant to an exchange program or
shares issued through awards of restricted stock, restricted stock units, performance units, performance
shares, or stock - settled performance awards are forfeited to us or
The committee may deem that a holder of options or stock
appreciation rights has exercised such options or
rights on the expiration date using a net
share settlement method of exercise if, on that expiration date, the options or
rights are vested and the exercise price is less than the then fair market value of the
Shares.
In addition, in connection with the termination of the 2014 Plan upon a sale event, we may make or provide for a cash payment to participants holding vested and exercisable options and stock
appreciation rights equal to the difference between the per
share cash consideration payable to stockholders in the sale event and the exercise price of the options or stock
appreciation rights.
The 2008 Plan permits the granting of incentive stock options, nonqualified stock options,
shares of restricted stock, restricted stock units, stock
appreciation rights, phantom stock, performance
shares, deferred
share units and
share - denominated performance units, and other stock - based awards.
as to
Shares deliverable on the exercise of Options or Stock
Appreciation Rights, or in settlement of Performance Units or Restricted Stock Units, until the delivery (as evidenced by the appropriate entry on the books of Walmart of a duly authorized transfer agent of Walmart) of such Shares, give the Recipient the right to vote, or receive dividends on, or exercise any other rights as a stockholder with respect to such Shares, notwithstanding the exercise (in the case of Options or Stock Appreciation Rights) of the related Plan
Rights, or in settlement of Performance Units or Restricted Stock Units, until the delivery (as evidenced by the appropriate entry on the books of Walmart of a duly authorized transfer agent of Walmart) of such
Shares, give the Recipient the
right to vote, or receive dividends on, or exercise any other
rights as a stockholder with respect to such Shares, notwithstanding the exercise (in the case of Options or Stock Appreciation Rights) of the related Plan
rights as a stockholder with respect to such
Shares, notwithstanding the exercise (in the case of Options or Stock
Appreciation Rights) of the related Plan
Rights) of the related Plan Award;
(6) Regardless of the terms of any agreement evidencing an Incentive Award, the Committee shall have the
right to substitute stock
appreciation rights for outstanding Options granted to any Participant, provided the substituted stock
appreciation rights call for settlement by the issuance of
shares of Common Stock, and the terms of the substituted stock
appreciation rights and economic benefit of such substituted stock
appreciation rights are at least equivalent to the terms and economic benefit of the Options being replaced.
AMD's obligation arising upon the exercise of a stock
appreciation right may be paid in
shares or in cash, or any combination thereof, as the Committee may determine.
Qualified Performance - Based Award is an award consisting of an option, restricted stock, restricted stock unit, stock
appreciation right, performance unit or
Shares that is intended to provide «qualified performance - based compensation» within the meaning of Section 162 (m) of the Internal Revenue Code.
(5) Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split - up, spin - off, combination, or exchange of
shares), the terms of outstanding awards may not be amended to reduce the exercise price of outstanding Options or stock
appreciation rights or cancel outstanding Options or stock
appreciation rights in exchange for cash, other awards or Options or stock
appreciation rights with an exercise price that is less than the exercise price of the original Options or stock
appreciation rights without stockholder approval.
Stock options and stock
appreciation rights with respect to no more than 8,000,000
shares of our common stock may be granted to any one individual in any one calendar year and the maximum «performance - based award» payable to any one individual under the 2014 Plan is 8,000,000
shares of stock or $ 5 million in the case of cash - based awards.
Shares were picked over stock options or other profit -
sharing securities, such as stock
appreciation rights, because they're easier to explain and retain value even if the stock price falls, Stavros says.
With respect to Stock
Appreciation Rights, only
Shares actually issued (i.e., the net
Shares issued) pursuant to a Stock
Appreciation Right will cease to be available under the Plan; all remaining
Shares under Stock
Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated).
If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance
Shares, is forfeited to or repurchased by the Company due to failure to vest, the unpurchased
Shares (or for Awards other than Options or Stock
Appreciation Rights the forfeited or repurchased
Shares), which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated).
The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock
Appreciation Rights, Performance Units and Performance
Shares.
(c) «Award» means, individually or collectively, a grant under the Plan of Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance
Shares.
With respect to Awards granted to an Outside Director that are assumed or substituted for, if on the date of or following such assumption or substitution the Participant's status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant (unless such resignation is at the request of the acquirer), then the Participant will fully vest in and have the
right to exercise Options and / or Stock
Appreciation Rights as to all of the
Shares underlying such Award, including those
Shares which would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance - based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100 %) of target levels and all other terms and conditions met.