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Underwater Stock Options. Mark Poerio - of - The Paul Hastings Law Firm (Washington, DC 202.508.9582). Underwater Stock Options:. How to Recover Without –. Underwater Stock Options:. How to Recover Without – * Violating the Securities Laws. Underwater Stock Options:.

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underwater stock options
Underwater Stock Options

Mark Poerio

- of -

The Paul Hastings Law Firm

(Washington, DC 202.508.9582)

underwater stock options1
Underwater Stock Options:

How to RecoverWithout –

underwater stock options2
Underwater Stock Options:

How to RecoverWithout –

* Violating the Securities Laws.

underwater stock options3
Underwater Stock Options:

How to RecoverWithout –

* Violating the Securities Laws.

* Creating Accounting Disasters.

underwater stock options4
Underwater Stock Options:

How to RecoverWithout –

* Violating the Securities Laws.

* Creating Accounting Disasters.

* Triggering Tax Problems.

alternative 1
Alternative #1

Veneer: Grant more options

alternative 11
Alternative #1

Veneer: Grant more options

Art: Strings!

Biz Goals

alternative 12
Alternative #1

Veneer: Grant more options

Art: Strings!

Sunsets

Biz Goals

alternative 2
Alternative #2

Cancellation Program:

alternative 21
Alternative #2

Cancellation Program:

Either

New grants in 6 months

alternative 22
Alternative #2

Cancellation Program:

or

Restricted Stock Now

alternative 23
Alternative #2

Example: Restricted Stock

100K underwater options.

10% exchange ratio.

$4 per share current FMV.

20% vesting for 5 years.

vesting best practice
Vesting: Best Practice

* Longer Years of Service

* Performance Accelerates

vesting best practice1
Vesting: Best Practice

* Longer Years of Service

* Performance Accelerates

Golden

Parachute!

deferred share twist
Deferred Share Twist

* Vesting ~ Restricted Stock

* Better Golden Handcuff

deferred share twist1
Deferred Share Twist

* Vesting ~ Restricted Stock

* Better Golden Handcuff

Director Fees/

Retainers

conclusions
Conclusions

Manage Financial Expense

Craft Terms of New Awards