AT&T; Employees Can Trade In Options
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AT&T; Corp., whose shares have fallen about 75% since January 1999, will allow employees and some managers to trade in stock options for stock units that vest in three years.
The units will be valued at 25% of an AT&T; share after one year and 50% after two years; they will give the owner the right to receive a full share at the end of three years.
Employees will have until Oct. 29 to accept the exchange offer.
The plan is aimed at compensating AT&T; employees who hold options with exercise prices far above the level at which AT&T; shares are trading.
Shares of AT&T; fell 40 cents to $12.32 on the NYSE.
AT&T; said it also will pay cash for options granted to all employees in 1997 and record costs for those payouts.
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