The events of September 11, 2001 have affected the Company in a number of ways. That morning, one of your senior executives was at a business meeting at the World Trade Center. He is still missing. He had an employment contract pursuant to which, among other things, he (i) earned a base salary of $200,000, (ii) received quarterly bonuses averaging $25,000 based on performance (the fiscal year is a normal calendar year), (iii) received 100,000 stock options, 50,000 of which have vested but have not been exercised, another 25,000 of which would have vested on October 1, 2001, and the last of which would have vested on July 1, 2002. His life insurance policy is for $200,000 – his annual compensation. The benefits department wants to know what to tell his spouse about the Company’s position as to what is payable and when.
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