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Enron Mail |
Enclosed is new language for offer letters regarding the AESOP.
Let me know if you have any questions. Michelle ------------------------------------------------------------------------------ --------------------------- Michelle Cash Enron North America Corp. 1400 Smith Street, EB 3823 Houston, Texas 77002 (713) 853-6401 michelle.cash@enron.com This message may contain confidential information that is protected by the attorney-client and/or work product privileges. ----- Forwarded by Michelle Cash/HOU/ECT on 06/23/2000 05:14 PM ----- FMackin@aol.com 06/21/2000 10:55 AM To: Michelle.Cash@enron.com cc: Subject: Re: AESOP Language Michelle, The new program still needs final approval by the Enron Corp. board of directors. The design was tentatively approved last month, subject to final review. The following revised provision should serve you well in the meantime: All-Employee Stock Option Program Enron Corp. has previously awarded stock options to full time and part-time regular employees in designated domestic and international locations through the All Employee Stock Option Program (AESOP). Stock option grants were made under this program to eligible employees hired prior to January 1, 2000. The grants represented value for the time period of 12/31/94 through 12/31/00 or a pro-rata portion if hired after 12/31/94. Subject to final approval by the Enron Corp. board of directors, a one time award of non-qualified stock options under a replacement program is proposed to be made to eligible employees as of December 29, 2000, in value equal to 25% of annual base salary (5% of annual base salary for a 5-year period; salary valuation and value may vary in some international locations). Program awards are subject to and effective upon the approval by the Compensation and Management Development Committee of the Enron Corp. Board of Directors. Such stock awards will be made pursuant to the appropriate Enron Corp. Stock Plan as determined by the Committee. The exercise price for grants of stock options will be determined according to the provisions of the Stock Plan under which the award is granted. The program may or may not be offered in certain domestic and international locations based upon management discretion and/or local labor and employment laws.
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