Microsoft workers cash options for $382 million
C|Net | at | by Mike
Microsoft disclosed Thursday that about half of the employees eligible to sell their underwater stock options to a Wall Street firm did so, generating $382 million in proceeds that will be awarded to employees.
In a filing with the SEC, the software giant said it plans to dole out the money to most employees in stages, with plans to distribute $218 million to participating employees in December. This represents the culmination of a program Microsoft announced in July, as part of a series of changes it made in the way it compensates its workers.
At that time, the company said it would switch from its practice of awarding stock options to employees and instead would start granting actual shares of restricted stock.