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Document Preview BroadVision Announces Voluntary Stock Option Exchange Program |
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Title: |
BroadVision Announces Voluntary Stock Option Exchange Program |
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Date: |
2001 |
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3KB total |
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$39 |
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#224216 |
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BROADVISION MEDIA RELATIONS CONTACT
Keith R. Crosley
BroadVision, Inc.
650-542-5824
keith.crosley@broadvision.com
BROADVISION INVESTOR RELATIONS CONTACT:
Bob Okunski
BroadVision, Inc.
650-542-4659
bob.okunski@broadvision.com
BROADVISION ANNOUNCES VOLUNTARY STOCK OPTION EXCHANGE PROGRAM
REDWOOD CITY, CALIF.--APRIL 25, 2001 -- BroadVision, Inc. (Nasdaq: BVSN), a
leading provider of personalized e-business applications, today announced a
voluntary stock option exchange program for the company's employees. As part of
the program, eligible BroadVision employees and Board members can elect to
cancel any previously granted underwater options in exchange for an equal number
of replacement options to be granted in the future.
The date of the cancellation of the options is presently scheduled for May 25,
2001, though that date may be extended. The grant date for the replacement
options will be November 27, 2001. However, if the cancellation date is
extended, the grant date for the replacement options will be extended to a date
that is six months and two days after the cancellation date. The exercise price
of the new options will be set at the fair market value of BroadVision's common
stock when the replacement option is granted.
"I am convinced that the long-term opportunities and prospects for our company
are solid," said Dr. Pehong Chen, founder and CEO of BroadVision. "This option
exchange program is designed to motivate and retain our employees and to ensure
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