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The money at stake is a package estimated in excess of 0 million.
What’s more, all options that have not vested in Mc Guire’s hands will vest immediately and be exercisable for six years rather than 90 days, making them even more valuable.
Option plans typically call for granting options at their fair market value on the date of grant.
The idea is to reward executives for increasing the price of the stock.The company addressed this by “suspending” the 2 million options already held by Mc Guire and granting an equal number at a lower price.Unfortunately, at the time, the repricing of options was subject to variable accounting-as the market went up, earnings would be reduced by the increase.Basically, United Health’s general counsel, CEO and one director are potentially subject to civil and possibly criminal charges.The other directors will have to rely on the defense that they were deceived.