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VRSN » Topics » OPTION GRANTS IN FISCAL YEAR 2004

This excerpt taken from the VRSN DEF 14A filed Apr 26, 2005.

OPTION GRANTS IN FISCAL YEAR 2004

 

The following table sets forth certain information regarding stock options granted to each of the Named Executive Officers during the year ended December 31, 2004.

 

     Individual Grants(1)
    Potential Realizable Value at
Assumed Annual Rates of
Stock Price Appreciation for
Option Terms(2)

Name

    Number of
Securities
Underlying
Options
Granted
    Percent of Total
Options Granted
to Employees in
Fiscal Year(3)
     Exercise Price
Per Share
     Expiration
Date
    5%
    10%

Stratton D. Sclavos

    250,000    2.5670 %   $ 33.38 (4)   12/17/11    $ 3,397,253    $ 7,917,044
     400,000    4.1072       35.05 (5)   12/17/11      4,768,005      11,999,671

Dana L. Evan

    135,000    1.3862       26.53 (4)   11/03/11      1,458,051      3,397,878

Quentin P. Gallivan

    112,500    1.1551       26.53 (4)   11/03/11      1,215,042      2,831,565

Robert J. Korzeniewski

    112,500    1.1551       26.53 (4)   11/03/11      1,215,042      2,831,565

Judy Lin

    112,500    1.1551       26.53 (4)   11/03/11      1,215,042      2,831,565

Russell S. Lewis

    50,000    0.5134       26.53 (4)   11/03/11      540,019      1,258,473
(1)   All options were granted under the 1998 Equity Incentive Plan and become exercisable with respect to 25% of the shares covered by the option on the first anniversary of the date of grant and with respect to an additional 6.25% of these shares each quarter thereafter. These options have a term of seven years. Upon certain changes in control, the vesting schedule accelerates as to 50% of any shares that are then unvested for officers at the level of senior vice president and above and as to 100% of any shares that are then unvested for the president and chief executive officer.

 

(2)   Potential realizable values are net of exercise price but before taxes, and are based on the assumption that our common stock appreciates at the annual rate shown, compounded annually, from the date of grant until the expiration of the applicable term. These numbers are calculated based on SEC requirements and do not reflect our projection or estimate of future stock price growth.

 

(3)   We granted options to purchase 9,739,004 shares of common stock to employees during 2004.

 

(4)   Options were granted at an exercise price equal to the fair market value per share of our common stock as quoted on the Nasdaq National Market.

 

(5)   Options were granted at an exercise price equal to five percent (5%) above the fair market value per share of our common stock quoted on the Nasdaq National Market.

 

20

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