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UNH » Topics » Option Grants in 2004

This excerpt taken from the UNH DEF 14A filed Apr 7, 2005.

Option Grants in 2004

 

     Individual Grants
          
     Number of
Securities
Underlying
Options
Granted
     % of Total
Options
Granted to
Employees
in 2004
   

Exercise

or Base

Price
($ / share)

   

Expiration

Date (1)

    Potential Realizable Value
at Assumed Annual Rates of
Stock Price Appreciation
for Option Term (2)
               

Name

               5% ($)
    10% ($)

William W. McGuire

    1,300,000  (3)   7.6    59.40    2 /11 / 14    48,563,243    123,068,793

Stephen J. Hemsley

    600,000  (4)   3.5    59.40    2 / 11 / 14    22,413,805    56,800,981

David J. Lubben

    123,000  (4)   0.7    79.70    12 / 7 / 14    6,165,117    15,623,617

Robert J. Sheehy

    103,000  (4)   0.6    79.70    12 / 7 / 14    5,162,659    13,083,191

David S. Wichmann

    75,000 
154,000 		 (4)
(4)		   0.4
0.9		    61.35
79.70		    8 / 6 / 14
12 / 7 / 14		    2,893,701
7,718,927		    7,333,207
19,561,276
(1)

All options granted in 2004 expire ten years following the date of grant, subject to earlier termination upon certain events related to termination of employment. Options not yet exercisable generally become exercisable upon a change in control of the Company, as such term is defined in each executive’s employment agreement. Options granted under the Company’s 2002 Stock Incentive Plan provide for five years of additional vesting and exercisability (but not beyond the expiration date of the option) in the event of a termination by reason of retirement. Under the 2002 plan, retirement is defined as a termination, other than due to death or disability, by a person who

 

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Table of Contents
 

is 55 years of age or older and whose age plus number of years of continuous service with the Company totals at least 65.

 

(2) The “potential realizable value” shown is the potential gain on the last day the option remains exercisable. This value will be achieved only if the options have been held for the full ten years and the stock price has appreciated at the assumed rate. Potential realizable value is listed for illustration only. The values disclosed are not intended to be, and should not be interpreted as, representations or projections of future value of our common stock or of the stock price.

 

(3) Options become exercisable at the rate of 25% per year over a period of four years, beginning on January 1, 2005.

 

(4) Options become exercisable at the rate of 25% per year on each of the first four anniversaries of the date of grant.

 

"Option Grants in 2004" elsewhere:

AmerisourceBergen Corporation (ABC)
Health Net (HNT)
MedcoHealth Solutions (MHS)
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