SanDisk 2014 Annual Report Download - page 54
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other terms and conditions as the original RSUs to which they relate (except that the dividend equivalents
may be paid in cash or such other form as the plan administrator may deem appropriate).
Stock Options
Each stock option reported in the table above was granted with a per-share exercise price equal to the
fair market value of a share of Common Stock on the grant date. For these purposes, and in accordance
with the terms of the 2013 Plan and the Company’s option grant practices, the fair market value is equal to
the closing price of a share of Common Stock on NASDAQ on the applicable grant date.
Each stock option granted to the Named Executive Officers in fiscal year 2014 is subject to a four
(4) year vesting schedule, with 25% of the option vesting on first anniversary of the vesting commencement
date, 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 year 2014 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 year 2014 do not include any
dividend or dividend equivalent rights.
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