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VRSN » Topics » OPTION/SAR GRANTS IN FISCAL YEAR 2005

This excerpt taken from the VRSN DEF 14A filed Apr 10, 2006.

OPTION/SAR GRANTS IN FISCAL YEAR 2005

 

The following table sets forth certain information regarding stock options granted to each of the Named Executive Officers during the year ended December 31, 2005. In accordance with SEC rules, also shown below is the potential realizable value over the term of the option (the period from the grant date to the expiration date) based on assumed rates of stock appreciation and do not represent our estimate of future stock price. Actual gains, if any, on stock option exercises will be dependent on the future performance of our common stock.

 

    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

   385,300   3.3396   $ 23.46   11/01/12   $ 3,679,836.90   $ 8,575,584.79

Vernon L. Irvin

   108,000   0.9361   $ 26.40   08/02/12   $ 1,160,724.73   $ 2,704,982.20

Dana L. Evan

   108,000   0.9361   $ 26.40   08/02/12   $ 1,160,724.73   $ 2,704,982.20

Robert J. Korzeniewski

   90,000   0.7801   $ 26.40   08/02/12   $ 967,270.60   $ 2,254,151.83

Judy Lin

   90,000   0.7801   $ 26.40   08/02/12   $ 967,270.60   $ 2,254,151.83

Quentin P. Gallivan(4)

   81,000   0.7021   $ 26.40   08/02/12   $ 870,543.54   $ 2,028,736.65
(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 9,890,656 shares of common stock to employees during 2005.

 

(4)   Mr. Gallivan resigned from the Company on November 25, 2005.

 

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"OPTION/SAR GRANTS IN FISCAL YEAR 2005" elsewhere:

NIC (EGOV)
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