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* * Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 Chapter 15 Employee Stock Options Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 * Nature of Employee Stock Options Employee stock options are call options issued by a company on its own stock They are often at-the-money at the time of issue They often last as long as 10 years Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 * Typical Features of Employee Stock Options (page 333) There is a vesting period during which options cannot be exercised When employees leave during the vesting period options are forfeited When employees leave after the vesting period in-the-money options are exercised immediately and out of the money options are forfeited Employees are not permitted to sell options When options are exercised the company issues new shares Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 * Exercise Decision To realize cash from an employee stock option the employee must exercise the options and sell the underlying shares Even when the underlying stock pays no dividend an employee stock option (unlike a regular call option) is often exercised early Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 * Drawbacks of Employee Stock Options Gain to executives from good performance is much greater than the penalty for bad performance Executives do very well when the stock market as a whole goes up, even if their firm does relativel
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