This story is so wrong. First, the headline makes one think Level 3 is either considering the adoption of or re-evaluating its existing stock option plan. The second sentence is correct. Level 3 has had (from its beginnings) an "outperform" stock option plan in which options have been expensed at the time of the award.
The latest press release simply clarifies the proxy. The bottom line involves connecting a few dots. Level 3 recently sold $500 million worth of convertible bonds to three institutions. The cash was earmarked for general corporate purposes including the acquisitions of assets while the telecom industry is going through consolidation. What better time to make sure you are able to retain the talent and know-how that is needed to ramp up the network with new customers and increased traffic!
The best way to use the mainstream press is with the Internet. Let a story headline direct you to a company's press release or announcement. Facts from the horses mouth are better than Associated Press news feeds.
Level 3 Looks at Stock - Option Plan. BROOMFIELD, Colo. (AP) -- Level 3 Communications Inc. wants to amend its stock-option plan to provide incentives for employees and owners. By The Associated Press. [New York Times: Technology]
