Approval needed to sell NQSOs - How long?

[MD-Benefits Guy]

I have stock options from a previous employer that will expire on 3/31/12. I was not an officer, VP, or other high ranking employee. I clearly have no inside information on the compny, yet I am being required to have a phone conversation with the company attorney to get approval of my excercise? The attorney is in switzerland and I will have to wait for him to get back to have my call?

My fear is that during my wait, the stock will pull back and I will lose out (it is risen quite a bit over the last few days). What are the comapny's obligations in this situation? How long can they make me wait? I understand the need to make sure there is no action based on inside info, but in my case it's a bit silly. Additionally, they are looking for an exact date in which I will excercise....I don't know, Im probably going to put in a limit order.

Thanks in advance for the info.

[mbozek]

I have stock options from a previous employer that will expire on 3/31/12. I was not an officer, VP, or other high ranking employee. I clearly have no inside information on the compny, yet I am being required to have a phone conversation with the company attorney to get approval of my excercise? The attorney is in switzerland and I will have to wait for him to get back to have my call?

My fear is that during my wait, the stock will pull back and I will lose out (it is risen quite a bit over the last few days). What are the comapny's obligations in this situation? How long can they make me wait? I understand the need to make sure there is no action based on inside info, but in my case it's a bit silly. Additionally, they are looking for an exact date in which I will excercise....I don't know, Im probably going to put in a limit order.

Thanks in advance for the info.

What does your stock option award/agreement provide with regard to the matters you have raised? These issues are usully spelled out in writing.

[MD-Benefits Guy]

I have stock options from a previous employer that will expire on 3/31/12. I was not an officer, VP, or other high ranking employee. I clearly have no inside information on the compny, yet I am being required to have a phone conversation with the company attorney to get approval of my excercise? The attorney is in switzerland and I will have to wait for him to get back to have my call?

My fear is that during my wait, the stock will pull back and I will lose out (it is risen quite a bit over the last few days). What are the comapny's obligations in this situation? How long can they make me wait? I understand the need to make sure there is no action based on inside info, but in my case it's a bit silly. Additionally, they are looking for an exact date in which I will excercise....I don't know, Im probably going to put in a limit order.

Thanks in advance for the info.

What does your stock option award/agreement provide with regard to the matters you have raised? These issues are usully spelled out in writing.

There are no parameters defined in the plan document, nor was there a documented procedure requiring a conversation with the company's general counsel at the time of issuance & acceptnce, nor was there a policy in place when I left employment.

Now I am being told that General Counsel will only approve an excercise window that will last one week...and this approval can not happen until late Monday, after the trading day closes??

Any suggestions?

[mbozek]

I have stock options from a previous employer that will expire on 3/31/12. I was not an officer, VP, or other high ranking employee. I clearly have no inside information on the compny, yet I am being required to have a phone conversation with the company attorney to get approval of my excercise? The attorney is in switzerland and I will have to wait for him to get back to have my call?

My fear is that during my wait, the stock will pull back and I will lose out (it is risen quite a bit over the last few days). What are the comapny's obligations in this situation? How long can they make me wait? I understand the need to make sure there is no action based on inside info, but in my case it's a bit silly. Additionally, they are looking for an exact date in which I will excercise....I don't know, Im probably going to put in a limit order.

Thanks in advance for the info.

What does your stock option award/agreement provide with regard to the matters you have raised? These issues are usully spelled out in writing.

There are no parameters defined in the plan document, nor was there a documented procedure requiring a conversation with the company's general counsel at the time of issuance & acceptnce, nor was there a policy in place when I left employment.

Now I am being told that General Counsel will only approve an excercise window that will last one week...and this approval can not happen until late Monday, after the trading day closes??

Any suggestions?

Does this plan have a provision allowing some officer such as the GC or president to administer and interpret the terms of the plan? Most plans do. Also many plans insert vague terms such as reasonable period or subject to applicaple law or regulations which allows the company to use its judgment in how long the exercise window will be. You can ask the GC why the requirements have been imposed but you will have to comply with their rules in order to get your shares.

[MD-Benefits Guy]

I have stock options from a previous employer that will expire on 3/31/12. I was not an officer, VP, or other high ranking employee. I clearly have no inside information on the compny, yet I am being required to have a phone conversation with the company attorney to get approval of my excercise? The attorney is in switzerland and I will have to wait for him to get back to have my call?

My fear is that during my wait, the stock will pull back and I will lose out (it is risen quite a bit over the last few days). What are the comapny's obligations in this situation? How long can they make me wait? I understand the need to make sure there is no action based on inside info, but in my case it's a bit silly. Additionally, they are looking for an exact date in which I will excercise....I don't know, Im probably going to put in a limit order.

Thanks in advance for the info.

What does your stock option award/agreement provide with regard to the matters you have raised? These issues are usully spelled out in writing.

There are no parameters defined in the plan document, nor was there a documented procedure requiring a conversation with the company's general counsel at the time of issuance & acceptnce, nor was there a policy in place when I left employment.

Now I am being told that General Counsel will only approve an excercise window that will last one week...and this approval can not happen until late Monday, after the trading day closes??

Any suggestions?

Does this plan have a provision allowing some officer such as the GC or president to administer and interpret the terms of the plan? Most plans do. Also many plans insert vague terms such as reasonable period or subject to applicaple law or regulations which allows the company to use its judgment in how long the exercise window will be. You can ask the GC why the requirements have been imposed but you will have to comply with their rules in order to get your shares.

I will have to pull the plan document, but it would make sense that there be some legal restrictions on how long the company could keep me waiting without justification. Aren't there any SEC rules on this?