IDTI » Topics » Eligibility

This excerpt taken from the IDTI DEF 14A filed Aug 7, 2009.

Eligibility

 

If implemented, the option exchange will be open to all of our employees, who hold options with a per share exercise price of at least the highest per share trading price of our common stock for the 52-week period preceding the option exchange, except where we determine that it is infeasible or impractical to offer the option exchange under local regulations. Stock options that are set to expire within a year from the end of the option exchange will not be

 

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eligible to be exchanged for replacement options. As of June, 26, 2009, we estimate that approximately 1,395 of our employees would be eligible to participate in the option exchange.

 

The option exchange will not be available to members of our Board of Directors and our executive officers subject to the provisions of Section 16 of the Exchange Act. The program also will not be available to any former employees. An employee who tenders his or her options for exchange must also have been continuously employed by us, and must remain employed through the last day of the exchange offer in order to receive the replacement options. If an option holder is no longer an employee with us for any reason, including layoff, termination, voluntary resignation, death or disability, on the date that the option exchange is commenced, that option holder cannot participate in the option exchange. If an option holder is no longer an employee with us for any reason on the last day of the exchange offer, even if he or she had elected to participate and had tendered his or her options for exchange, such employee’s options will automatically be deemed withdrawn and he or she will not participate in the option exchange. He or she will retain his or her outstanding options in accordance with their original terms and conditions, and he or she may exercise them during a limited period of time following termination of employment in accordance with their terms and to the extent that they are vested. A vote by an employee in favor of this proposal at the Annual Meeting of Stockholders does not constitute an election to participate in the option exchange.

 

Of the outstanding options held by eligible employees as of June 26, 2009, the maximum number of shares of common stock underlying options which could be surrendered for exchange is 16,210,166, and the maximum number of shares of common stock which would be subject to awards granted under the proposed option exchange, using the estimated exchange ratio below, would be 5,403,388.

 

This excerpt taken from the IDTI DEF 14A filed Jul 28, 2008.

Eligibility

 

The Company’s employees, consultants and directors are eligible to receive awards under the 2004 Plan. As of the Record Date, the Company had approximately 2,300 employees, 100 consultants and 12 executive officers. The Company currently has six directors, five of whom are independent directors. The administrator determines which of the Company’s employees, consultants and directors will be granted awards, except that in the case of the granting of options and restricted stock to non-employee directors, such determinations are made by the Compensation Committee of the Board of Directors, or any successor committee thereto. No employee or consultant is entitled to participate in the 2004 Plan as a matter of right nor does any such participation constitute assurance of continued employment. Only those employees and consultants who are selected to receive grants by the administrator may participate in the 2004 Plan.

 

This excerpt taken from the IDTI DEF 14A filed Jul 28, 2006.

Eligibility

 

IDT’s employees, consultants and directors are eligible to receive awards under the 2004 Plan. As of the Record Date, IDT had approximately 2,700 employees and consultants, and IDT currently has nine directors, seven of whom are independent directors. The administrator determines which of IDT’s employees, consultants and directors will be granted awards, except that in the case of the granting of options and restricted stock to non-employee directors, such determinations are made by the Compensation Committee of the Board of Directors, or any successor committee thereto. No employee or consultant is entitled to participate in the 2004 Plan as a matter of right nor does any such participation constitute assurance of continued employment. Only those employees and consultants who are selected to receive grants by the administrator may participate in the 2004 Plan.

 

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