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EOG » Topics » Stock Option Grants During 2004

This excerpt taken from the EOG DEF 14A filed Mar 30, 2005.

Stock Option Grants During 2004

The following table sets forth information with respect to grants of stock options to the Named Officers reflected in the Summary Compensation Table. No stock appreciation rights (“SARs”) were granted during 2004 and none are outstanding.


 		          2004 Grants
     
Name/Group
          Options/
SARs
Granted
(#)(1)(2)(3)
      Percent of
Total Options
Granted to
Employees in
Fiscal Year
      Average
Option
Price
Per Share (1)
      Expiration
Date
      Grant
Date
Present
Value (4)
Named Officers
         
Mark G. Papa
                     270,000              10.7 %          $ 32.45              08/03/14           $ 2,955,150   
Edmund P. Segner, III
                     90,000              3.6 %          $ 32.45              08/03/14           $ 985,050   
Loren M. Leiker
                     90,000              3.6 %          $ 32.45              08/03/14           $ 985,050   
Gary L. Thomas
                     90,000              3.6 %          $ 32.45              08/03/14           $ 985,050   
Barry Hunsaker, Jr.
                     40,000              1.6 %          $ 32.45              08/03/14           $ 437,800   
 

(1)
   The number of options granted and average option price per share are adjusted for the two-for-one stock split effective March 1, 2005.

(2)
   Upon the date a press release is issued announcing a pending shareholder vote, tender offer, or other transaction which, if approved or consummated, would constitute a change of control of the Company as defined in the Company’s Change of Control Severance Plan, stock options shall vest and be fully exercisable.

(3)
   Stock options awarded on August 3, 2004 vest at the cumulative rate of 25% per year, commencing on the first anniversary of the date of grant.

(4)
   Beginning in August 2004, EOG’s stock options contain a feature that limits the potential gain that can be realized by requiring vested options to be exercised if the market price reaches 200% of the grant price for five consecutive trading days (“capped option”). The grant date present value of each capped option grant is estimated using a Monte Carlo Simulation Model assuming a dividend yield of 0.4%, expected volatility of 31%, risk-free interest rate of 4.24% and a weighted average expected life of 4.83 years. Based on the Monte Carlo Simulation Model, using the above assumptions, the value of the options granted on August 3, 2004 is $10.945 per share (adjusted for the two-for-one stock split effective March 1, 2005). The actual value, if any, an optionee may realize will depend on the excess of the Company’s stock price over the exercise price on the date the option is exercised.

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