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The options will vest in three years.
But other options will vest in December 2001 and others in December 2002.
When he takes over in December, his first allotment — of 600,000 stock options — will vest over two years.
The new options will vest quickly, some in just six months, so that even a little bounce in the stock price will let the insiders cash in.
Where these options will vest will determine how long the team of engineers and founders stay on board.
In either scenario, companies will provide a term sheet that takes into account a total compensation package per employee over four to five years (of which stocks and options will vest over this time period).
Similar(54)
The stock option will vest at a rate of 25% on the date one year after Patrick commences employment and will vest an additional 2.083% each month thereafter, for a total vesting period of 48 months.
Mr. Crants said he will own 1.9 million shares of the merged company, including 415,000 Corrections Corporation options that will vest when the deal is completed in January.
To lure Mr. Cote away from TRW Inc. to succeed Mr. Bossidy, Honeywell agreed to give Mr. Cote $5 million in "make whole" payments in cash and a bundle of restricted shares and options that will vest over 10 years.
Under the terms of the deal, as for all other shareholders, Mayer's stock options in Yahoo will vest immediately.
His $21 million option for 2018 will vest automatically if he is not on the disabled list to an elbow or shoulder injury in 2017 and if he reaches 400 innings in 2016 and 2017 combined.
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