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This excerpt taken from the EOG DEF 14A filed Apr 4, 2008. Stock
Options
The Compensation Committee may grant ISOs and NQSOs to
participants. ISOs are options to purchase shares of our Common
Stock that are intended to qualify for special tax treatment
under Section 422 of the Code; NQSOs do not qualify for
such treatment. The exercise price of stock options granted
under the 2008 Plan may not be less than 100% of the fair market
value of a share of our Common Stock on the date of grant (110%
if an ISO and the recipient is a 10% or greater stockholder of
EOG). The term of options may not exceed seven years (for an
ISO, five years if the recipient is a 10% or greater stockholder
of EOG). For options granted under the 2008 Plan, the
Compensation Committee will determine the stock option’s
vesting schedule and any exercise restrictions.
The exercise price and any applicable tax withholding for stock
options may be paid (i) by cash, certified check, bank
draft or money order, (ii) by means of a
“cashless” exercise, (iii) by using shares of our
Common Stock that have been owned or deemed owned by the
optionee for over six (6) months (provided that the use of
the shares will not result in an earnings charge to EOG) or
(iv) in any other form of payment which is acceptable to
the Compensation Committee.
The 2008 Plan prohibits any repricing of stock options after
their grant, other than in connection with a stock split or the
payment of a stock dividend.
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