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Enron Mail |
yes, it is redundant.
-----Original Message----- From: =09Ryan, Noel =20 Sent:=09Thursday, July 12, 2001 3:53 PM To:=09Cash, Michelle Subject:=09FW: ESA Retention Plan Michelle=20 These are the revisions Pam Butler made to the initial evergreen agreement.= Is this a redundent issue now that we are revising the document? Noel -----Original Message----- From: =09Butler, Pam =20 Sent:=09Thursday, July 12, 2001 3:44 PM To:=09Ryan, Noel Subject:=09RE: ESA Retention Plan Noel, here are my suggested revisions: In order to represent an incentive for the Beneficiary to remain in the Com= pany, the Beneficiary will be vested in the right to exercise an option as = follows: (a) up to 15% of the stock options granted on the granting date; (= b) up to 30% of the stock options granted as of six (6) months following th= e granting date; © up to 45% of the stock options granted as of twelve (1= 2) months following the granting date; (d) up to 60% of the stock options g= ranted as of eighteen (18) months following the granting date; (e) up to 75= % of the stock options granted as of twenty-four (24) months following the = granting date; (f) up to 90% of the stock options granted as of thirty (30)= months following the granting date; and (g) up to 100% of the stock option= s granted as of thirty-six (36) months following the granting date. The ri= ght of the Beneficiary to the stock option will only be available once vest= ed. The Beneficiary may exercise vested options within the validity period= of five (5) years from date of grant. In no event may Beneficiary exercis= e or have any rights to unvested options. In no event may Beneficiary exerc= ise or have any rights in a stock option after the term of the validity per= iod expires. -----Original Message----- From: =09Ryan, Noel =20 Sent:=09Wednesday, July 11, 2001 1:55 PM To:=09Butler, Pam Subject:=09ESA Retention Plan Pam The ESA lawyers sent us a draft of the "evergreen agreement" that the emplo= yees are going to sign before they receive options and base salary increase= s. Could you make sure the wording for the vesting schedule (highlighted i= n yellow) is acceptable. << File: retention 2001 options2.doc <<=20 Noel Ryan x 5-2527
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