The Dark Side of Option Exchanges

Learn about the intricacies of dealing with underwater stock options!

Thursday, January 29, 2009

4:00 – 5:30 pm, eastern time [archive and transcript to follow]

Webcast Materials

Access the webcast with RealAudio Player Access the webcast with Windows Media If you are having difficulty accessing the webcast, please read these Instructions to Listen to Webcast

With top executives and rank-and-file employees at many companies holding stock options that have no value, many companies are contemplating stock option exchange programs as a choice to reinvigorate underwater stock options. But, before doing so, it is crucial to consider all implications of a stock option exchange program and whether it is in the best interest of shareholders. This webcast will present findings that call for a more cautious, even skeptical, view of stock option exchange programs. Panelists will also discuss alternatives to stock option exchanges and highlight the advantages and disadvantages to each.

Featured Panelists:

• Elizabeth Dodge, Vice President, Product Management, Stock & Option Solutions
• Brett Harsen, Vice President, Radford Surveys + Consulting
• Wendy Davis, Partner, Cooley Godward Kronish

Among other topics, this program will cover:

• Why stock option exchanges should not be used as a solution to a short-term problem, such as a response to a market downturn.
• What alternatives to stock option exchanges exist and what are the advantages and disadvantages to each.
• Strategies to substantiate the decision of offering a stock option exchange program before "pulling the trigger.”
• Plan design considerations for offering a stock option exchange program, including ways to maximize shareholder approval, exchange ratios, grant eligibility and new award vesting approaches.
• Filings the company will need to submit to the SEC when offering a stock option exchange program.

How to access the webcast: Visit Naspp.com on the day of the program and click the link for the webcast. You need either Real Player or Windows Media to listen to the webcast. An audio archive and transcript of the webcast will be posted after the live program.

Cost: There is no charge for this program if you are a member of the NASPP for 2009. If you do not have a 2009 NASPP membership, renew or try a no-risk trial membership today to access the webcast for only the cost of membership. The cost for non-members is $595.

Registration: Advanced registration is not required for NASPP members.  Non-members can email naspp@naspp.com or call (925) 685-9271 to register for the program.

If you can’t access the live program:  If you have a scheduling conflict or have problems accessing webcasts generally (due to firewalls, etc.), an audio archive will be posted immediately following the conclusion of the live program and a text transcript will be posted within two weeks.