SanDisk 2011 Annual Report Download - page 56
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Please find page 56 of the 2011 SanDisk annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Each stock option granted to the Named Executive Officers in fiscal 2011 is subject to a four (4) year
vesting schedule, with 25% of the option vesting on first anniversary of the date of grant, and the remaining 75%
of the option vesting in twelve (12) substantially equal installments on each successive three (3) month
anniversary thereafter. Once vested, each stock option will generally remain exercisable until its normal
expiration date. Each of the stock options granted to the Named Executive Officers in fiscal 2011 has a term of
seven (7) years. Outstanding options, however, may terminate earlier in connection with a change in control
transaction or a termination of the Named Executive Officer’s employment. Subject to any accelerated vesting
that may apply, the unvested portion of the stock option will immediately terminate upon a termination of the
Named Executive Officer’s employment. The Named Executive Officer will generally have three (3) months to
exercise the vested portion of the stock option following a termination of employment. This period is extended to
twelve (12) months if the termination is on account of the Named Executive Officer’s death or permanent
disability. However, if a Named Executive Officer’s employment is terminated by the Company for
“misconduct” (as determined under the plan), outstanding stock options (whether vested or unvested) will
immediately terminate.
The stock options granted to the Named Executive Officers during fiscal 2011 do not include any dividend
or dividend equivalent rights.
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