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GIS » Topics » Stock Compensation Plans

This excerpt taken from the GIS DEF 14A filed Aug 10, 2009.
Stock Compensation Plans
 
Under the Executive Incentive Plan and the 1998, 2003, 2005 and 2007 Stock Compensation Plans, the named executive officers’ unvested equity awards are treated as follows:
 
         
    Restricted Stock
 		   
    Awards and
 		   
    Restricted Stock
 		   
Nature of Termination   Units   Stock Options and Stock Appreciation Rights
 
 
Voluntary
  Forfeit   Forfeit
Involuntary for Cause
  Forfeit   Forfeit
Involuntary without Cause where Age + Years of Service < 70 Years   Fully vest   Fully vest for shorter of remainder of option term or one year, then forfeited
Involuntary without Cause where Age + Years of Service ³ 70 Years   Fully vest   Normal vesting continues
Retirement — Normal and Early
  Fully vest   Normal vesting continues
Death
  Fully vest   Pre-June 2002 — pro-rata vest
Post-June 2002 — fully vest
Change of Control
  Pre-June 2008 — Fully vest   Pre-June 2008 — Fully vest for one year, then revert to normal vesting; then if terminated within two years of change of control, fully vest for six months, then forfeited
    Post-June 2008 — Double-
trigger vesting 		  Post-June 2008 — Fully vest for one year, subject to double-trigger vesting
 
For double-trigger vesting: (1) the change of control must be consummated and (2) the participant must be involuntarily terminated other than for cause, death or disability, or must voluntarily terminate with good reason within two years of the change of control.
 
This excerpt taken from the GIS DEF 14A filed Aug 12, 2008.
Stock Compensation Plans
 
Under the Executive Incentive Plan and the 1998, 2003, 2005 and 2007 Stock Compensation Plans, unvested equity awards are treated as follows:
 
         
    Restricted Stock
 		   
    Awards and
 		   
    Restricted Stock
 		   
Nature of Termination   Units   Stock Options and Stock Appreciation Rights
 
 
Voluntary
  Forfeit   Forfeit
Involuntary for Cause
  Forfeit   Forfeit
Involuntary without Cause where Age + Years of Service < 70 Years   Fully vest   Fully vest for shorter of remainder of option term or one year, then forfeited
Involuntary without Cause where Age + Years of Service ³ 70 Years   Fully vest   Normal vesting continues
Retirement — Normal and Early
  Fully vest   Normal vesting continues
Death
  Fully vest   Pre-June 2002 — pro-rata vest
Post-June 2002 — fully vest
Change of Control
  Pre-June 2007 — Fully vest   Pre-June 2007 — Fully vest for one year, then revert to normal vesting; then if terminated within two years of change of control, fully vest for six months, then forfeited
    Post-June 2007 — Double-
trigger vesting 		  Post-June 2007 — Fully vest for one year, subject to double-trigger vesting
 
For double-trigger vesting: (1) the change of control must be consummated and (2) the participant must be involuntarily terminated other than for cause, death or disability, or must voluntarily terminate with good reason within two years of the change of control.
 

EXCERPTS ON THIS PAGE:

DEF 14A
Aug 10, 2009
DEF 14A
Aug 12, 2008

RELATED TOPICS for GIS:

"Stock Compensation Plans" elsewhere:

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