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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | July 5, 2010
Employers are likely to benefit from a ruling that says they need not grant unvested stock options to workers whose jobs end before they meet all conditions of earning the incentives, legal experts say. The Maryland Court of Appeals reversed a lower-court decision that said Rockville-based Catalyst Health Solutions Inc. had to pay Martin A. Magill, a former vice president of sales, just over $849,000 worth of options that were scheduled to vest...
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 7, 2013
W.R. Grace CEO Fred E. Festa sold shares of newly exercised stock options for a nearly $1.3 million profit, the Columbia chemical maker said Tuesday. Festa exercised an option to buy 21,490 shares at $19.71 apiece Monday and sold them the same day for about $78.04 each, according to a company filing with the U.S. Securities and Exchange Commission. W.R. Grace said the sale was "pursuant" to a prearranged trading plan. Festa owned 100,000 shares of company stock after the transaction.
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BUSINESS
By David Conn and David Conn,Sun Staff Writer | March 19, 1994
Six former executives of Baltimore Bancorp yesterday sued the company for allegedly failing to make good on thousands of dollars worth of stock options awarded to the bankers before they were laid off in 1991 and 1992.When the company's stock price rose substantially last year, the executives tried to cash in some of the stock options they were given when they worked in senior management at Baltimore Bancorp, parent of The Bank of Baltimore, according to the $15 million suit filed in Baltimore City Circuit Court.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 9, 2011
The pay cuts didn't last long. Chief executives of publicly traded companies in Maryland and across corporate America saw their compensation rebound in 2010 as profits came back and the stock market recovered much of the ground it lost in the recession. Fourteen of the 19 companies in the Baltimore region that paid their CEOs at least $1 million last year reported increases in executive compensation in 2010, according to a Baltimore Sun analysis. The increases largely reflected improved performances by the companies.
BUSINESS
By New York Times News Service | August 18, 1993
NEW YORK -- Citicorp has granted its top executives stock options that could be worth as much as $200 million if the price of Citicorp stock doubles over the next five years.The program is unusual in that the options are worthless until the bank's stock, which now trades at about $32, reaches $50, according to a recent filing with the Securities and Exchange Commission.Most stock option plans simply require an executive to remain at a company for a set period of time before exercising them.
BUSINESS
By Bloomberg Business News | June 19, 1993
NEW YORK -- Stocks closed broadly lower yesterday after a sell-off triggered by the quarterly expiration of stock options and stock-index options and futures sent the market reeling in the final hour.The Dow Jones industrial average closed down 27.12, to 3,494.77. "A couple of heavy sell orders knocked the Dow down more than 20 points in the final 30 minutes of trading," said Philip Smyth, an analyst at Birinyi Associates Inc., a firm that tracks computer-driven trades.Declining stocks on the New York Stock Exchange exceeded advancing issues by about 2-to-1.
BUSINESS
By Stacey Hirsh and Stacey Hirsh,Sun reporter | April 4, 2007
SafeNet Inc., the Harford County technology company under federal investigation for its stock option grants, has reached settlement agreements with two of its former top executives, according to documents filed late yesterday with the Securities and Exchange Commission. The executives, Anthony A. Caputo, former chairman and chief executive, and Carole D. Argo, who was president, chief operating officer and acting chief financial officer, resigned in October amid an investigation into the company's stock options.
BUSINESS
By EILEEN AMBROSE | March 11, 2001
A YEAR AGO when the market was hot, many workers were happy to accept lower pay as long as it came with generous stock options. Options allow employees to buy, usually over 10 years, a certain amount of their employer's stock for a set price. Some workers, particularly those at high-flying, high-tech companies, got rich by purchasing company stock for far less than what it was trading for on the open market. But now the market has lost steam. Many workers see that their options are worth a lot less today and may wonder what to do. Financial experts say there are some option strategies to take in a down market.
BUSINESS
By Stacey Hirsh and Stacey Hirsh,Sun reporter | March 29, 2007
SafeNet Inc., the Harford County technology company under federal investigation for its stock option grants, has repriced options for three of the company's former top executives, according to a regulatory filing with the Securities and Exchange Commission. Options from 2001 through 2005 were repriced for Anthony A. Caputo, former chairman and chief executive; Carole D. Argo, who was president, chief operating officer and acting chief financial officer; and former chief financial officer Ken Mueller, according to the filing.
BUSINESS
By John M. Moran The Hartford Courant | March 14, 2004
After a brief layoff during the market downturn, stock options are making a comeback in corporate America. And a Web site, MyStockOptions.com, can help keep tabs on yours. The site makes it easy to track gains (or losses) from stock options, employee stock purchase plans and other on-the-job investments. MyStockOptions.com charges for some services, but free registration covers most of the basics. You can see the current value of nonqualified stock options, monitor incentive stock options, and even figure out the difference between the two. Built-in calculators answer questions such as: "If I exercise options today, how much money will I take home after taxes?"
BUSINESS
By Jay Hancock | December 26, 2010
You didn't need to be Ralph Nader or Michael Moore to be deeply disturbed by corporate behavior over the past decade. Bristling libertarians and bouncy chamber-of-commerce types alike — if they are thoughtful and honest — have questioned their convictions and changed their assumptions. So have pro-business newspaper columnists. The Enron scandal "had little to do" with stock options, I wrote in 2002. I supported the sale of the nonprofit CareFirst BlueCross BlueShield to the for-profit WellPoint Inc. the same year.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | July 12, 2010
Just a few years ago, SafeNet Inc., a Harford County technology firm, was wracked by a stock options scandal that sent its former chief financial officer to prison, tanked its stock price and eventually led to investors' taking the company private. But on Monday, Belcamp-based SafeNet announced that it is ready to hit Wall Street again. The company disclosed in a filing with the Securities and Exchange Commission its plans to go public in a $300 million stock offering — one of the biggest IPOs by a Maryland company in years.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | July 5, 2010
Employers are likely to benefit from a ruling that says they need not grant unvested stock options to workers whose jobs end before they meet all conditions of earning the incentives, legal experts say. The Maryland Court of Appeals reversed a lower-court decision that said Rockville-based Catalyst Health Solutions Inc. had to pay Martin A. Magill, a former vice president of sales, just over $849,000 worth of options that were scheduled to vest...
BUSINESS
By Tricia Bishop and Tricia Bishop,tricia.bishop@baltsun.com | November 21, 2009
The U.S. Securities and Exchange Commission has settled fraud claims against five former SafeNet employees, including a chief executive officer who resigned in 2006 amid a stock option scandal. Former CEO Anthony A. Caputo and Chief Financial Officer Kenneth Mueller were charged in a civil complaint with backdating stock options to inflate their value between 2000 and 2006.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | September 23, 2008
Now that American taxpayers are about to set up the biggest-ever vulture investment fund, let's make sure they get the same kind of action as Wall Street's traditional carrion fowl. Vulture investors swoop in where other investors fear to go, providing cash to panicked sellers and keeping shaky markets from falling even further. But they have a price: a large share of the upside when things get back to normal. Washington should demand nothing less from the banking institutions it is about to rescue.
BUSINESS
By E. Scott Reckard and Kim Christensen | June 6, 2008
A federal grand jury has indicted Henry T. Nicholas III on fraud charges, according to documents unsealed yesterday that also accuse the California billionaire of supplying customers with prostitutes and drugs and slipping Ecstacy into the drinks of unwitting technology executives. In a 21-count indictment, Nicholas and former Broadcom Corp. Chief Financial Officer William J. Ruehle were charged with backdating millions of stock options for five years to improperly reward employees of the Irvine, Calif.
BUSINESS
By New York Times News Service | January 22, 1992
NEW YORK -- The group that makes most of the nation's accounting rules is about to revive a long-dormant project that would force companies to deduct from their income the cost of granting stock options to their top executives.The group, the Financial Accounting Standards Board, seems eager to correct a situation that has allowed corporations to play down their executive pay and to protect their earnings. With the issue of executive compensation heating up in Washington and abroad, the board apparently feels it can no longer afford to ignore the situation.
BUSINESS
By Ameet Sachdev and Ameet Sachdev,CHICAGO TRIBUNE | April 1, 2004
The standards setter for the U.S. accounting industry recommended yesterday that companies begin counting employee stock options as a business expense next year, a proposal that would wipe out billions of dollars in corporate profits and crimp executive pay. The much anticipated bookkeeping change would address a long-standing controversy over the accounting treatment of stock options, which in the 1990s became a favorite form of employee compensation at...
BUSINESS
By Jay Hancock | February 22, 2008
The requirement for public companies to include stock options in reported costs is two years old. The art of pretending stock-option expense doesn't matter is still reaching new heights. Martine Rothblatt, chief executive of United Therapeutics, will certainly rank as one of Maryland's top-paid executives for 2007 when all the numbers come out. She got $24 million in stock options alone - $20 million of it in the fourth quarter. But the Silver Spring biotech company twists itself into curlicues, acting as if its 96 percent, fourth-quarter profit erosion - caused largely by the options - is just an accounting technicality.
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