Marvell Technology, which offered employees the chance to exchange their underwater stock options in return for shares of restriced stock, reported Tuesday that 3,389 eligible employees, or about two-thirds of its workforce, took the company up on the offer, turning over options covering an aggregate of 31.1 million shares.
In exchange, the group received Read the rest of this entry »
Google offered its employees the chance to exchange their underwater options (the company estimated that 85 percent of its employees hold at least some options where the current strike price is higher than where its shares are now trading, rendering them worthless at the moment), according to Read the rest of this entry »
Two more Silicon Valley companies joined the ranks of those offering to exchange some of their employees underwater options with options repriced at more current market rates. On Friday, Smart Modular, the Fremont maker of electronic subsystems, filed its preliminary proxy, which included a proposal to reprice options for its employees — those that are left after the company finishes laying off the 19 percent of its workforce that it said it would back in September.
Under Smart Modular’s proposal, certain employees would be permitted to exchange options with an exercise price higher than Read the rest of this entry »
Marvell Technology has offered to exchange options held by its employees with an exercise price of $12 or higher for a pro-rated number of shares of restricted stock. The exchange period, which began Tuesday, ends Jan. 23.
The exchange rate for options priced from $12 to $18 will be one restricted stock unit for every Read the rest of this entry »
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