Autobytel Inc. Announces Stock Option Exchange Program
Program Designed to Reward and Retain Employees and Directors
Updated
Jun 10, 2004 21:52:34
Rating
16 ( -3 -18.75% )
Description: IRVINE, CA - December 14, 2001 - Autobytel Inc. (Nasdaq: ABTL) today announced a voluntary stock option exchange program that is intended to reduce the total number of outstanding stock options and provide a more effective form of equity compensation for retaining and rewarding its employees and directors. Autobytel anticipates that there will be no compensation charges to Autobytel as a result of this stock option exchange program. "The key to Autobytel's success has always been its employees," said Jeffrey Schwartz, President and Chief Executive Officer of Autobytel. "Rewarding and retaining our employees is essential to the long term benefit of the company." Under the program, eligible employees and directors of Autobytel and its wholly-owned subsidiaries will be given the opportunity, if they elect to do so, to tender for cancellation any outstanding stock options having an exercise price of more than $4.00 per share, whether or not vested, in exchange for new stock options to be granted at a future date. The new options will be granted within 20 business days after the date which is at least six months after the date of cancellation of the tendered options. Eligible employees and directors who elect to participate in the program will have to tender for cancellation all options having an exercise price greater than $4.00 per share. In addition, if an eligible employee or director tenders any options for exchange, he or she will be required to also tender for exchange all option grants received during the six (6) month period prior to the commencement date of the offer and any options granted during the offer, even if those option grants have an exercise price equal to or less than $4.00 per share. For options with exercise prices between $4.01 and $10.00, program participants will receive nine new options for each ten options tendered for exchange. For options with exercise prices over $10.00, program participants will receive one new option for each ten options tendered for exchange. For options with exercise prices of $4.00 or less, program participants will receive one new option for each option tendered for exchange. If all eligible employees and directors elect to participate fully, the effect of the program will reduce the number of common shares subject to outstanding stock options by 2,080,591 shares. Additional Information and Where to Find It Autobytel has filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission and will provide Autobytel option holders with an Offer to Exchange, a Letter of Transmittal and other related documents containing information about the stock option exchange program. Option holders are urged to read the Schedule TO, the Offer to Exchange, the Letter of Transmittal and other related documents carefully when they become available. The Schedule TO, the Offer to Exchange, the Letter of Transmittal and other related documents contain important information about Autobytel, the stock option exchange program, and related matters. Investors and option holders will be able to obtain free copies of these documents on the Internet through the Website maintained by the SEC at Copies of these documents may also be obtained from Autobytel by request by mail to Autobytel Inc., 18872 MacArthur Boulevard, Irvine, CA 92612-1400, Attention: Investor Relations, telephone: (949) 862-1355, or by email to InvestorRelations@autobytel.com. In addition to the Schedule TO, Offer to Exchange, Letter of Transmittal and other related documents, Autobytel files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information filed by Autobytel at the SEC public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549, or at the SEC's other public reference room in Chicago, Illinois. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. Autobytel's filings with the SEC are also available to the public from commercial document-retrieval services and at the Website maintained by the SEC at
Similar news:
House OKs stock option bill - WASHINGTON By a wide margin, the US House of Representatives approved legislation Tuesday (July 20) requiring companies to some expense stock options.
Matrix stock on Berlin exchange - TULSA - Matrix Service Co. of Tulsa is one of more than 200 US companies to recently learn its common stock has been listed for trading on a German stock exchange without its knowledge, consent or authorization, the company announced ...
A Stock Exchange for Bettors - Britain's online betting exchange Betfair is often likened to an eBay of sports betting. But founder Andrew Black prefers another analogy: the New York Stock Exchange. "It's an order-driven trading platform," says Black, a former equities trader and softw
16 ( -3 -18.75% )