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This excerpt taken from the PCG 10-K filed Feb 24, 2009. Option or SAR Repricing.
Without the affirmative vote of holders of a majority of the shares of
Stock cast in person or by proxy at a meeting of the shareholders of the Company
at which a quorum representing a majority of all outstanding shares of Stock is
present or represented by proxy, the Board shall not approve a program providing
for either (a) the cancellation of outstanding Options or SARs and the
grant in substitution therefore of new Options or SARs having a lower exercise
price or (b) the amendment of outstanding Options or SARs to reduce the
exercise price thereof. This paragraph shall not be construed to
apply to
9
“issuing
or assuming a stock option in a transaction to which section 424(a) applies,”
within the meaning of Section 424 of the Code.
3.7 These excerpts taken from the PCG 10-K filed Feb 22, 2008. Option or SAR
Repricing. Without the affirmative vote of holders of a
majority of the shares of Stock cast in person or by proxy at a meeting of the
shareholders of the Company at which a quorum representing a majority of all
outstanding shares of Stock is present or represented by proxy, the Board shall
not approve a program providing for either (a) the cancellation of
outstanding Options or SARs and the grant in substitution therefore of new
Options or SARs having a lower exercise price or (b) the amendment of
outstanding Options or SARs to reduce the exercise price
thereof. This paragraph shall not be construed to apply to “issuing
or assuming a stock option in a transaction to which section 424(a) applies,”
within the meaning of Section 424 of the Code.
3.7 Option or SAR Repricing. Without the affirmative vote of holders of a majority of the shares of Stock cast in person or by proxy at a meeting of the shareholders of the Company at which a quorum representing a majority of all outstanding shares of Stock is present or represented by proxy, the Board shall not approve a program providing for either (a) the cancellation of outstanding Options or SARs and the grant in substitution therefore of new Options or SARs having a lower exercise price or (b) the amendment of outstanding Options or SARs to reduce the exercise price thereof. This paragraph shall not be construed to apply to “issuing or assuming a stock option in a transaction to which section 424(a) applies,” within the meaning of Section 424 of the Code. 3.7 | EXCERPTS ON THIS PAGE:
RELATED TOPICS for PCG: |
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