Stock Options Stock options allow employees to purchase a particular number of common shares of company stock at a specified price over a specified time period.
The option or "strike" price was commonly set at the market price at the date of the option grant.
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Mc Guire from 1994 to 2002, result in a total value to be relinquished by Mc Guire in excess of 0 million.
A copy of Mc Guire’s settlement agreement with the company and the derivative plaintiffs can be found here.
The United Health press release described the settlement with the company’s former General Counsel, David Lubben, as consisting of the surrender to United Health Group of his stock options to acquire 273,000 shares of Company stock, which the SLC valued in excess of million; and the repayment to the Company .55 million of the compensation realized by him as a result of his March 2007 exercise of stock options.
The company also announced that its former CEO William Mc Guire had agreed surrender certain rights and interests which, together with previous repricing of all stock options awarded to Mc Guire, have a value in excess of 0 million.
Certain other current and former officers also agreed to relinquish certain rights and repay other amounts, which in combination with the repricing of certain stock option, have a value of approximately 0 million.