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Date

Tags:

Rule
801.10
Staff
Evan Storm
Response/Comments

We agree that the shares would be valued at the “Market Price.”

Question

From: Storm, Evan

Sent: Friday, May 12, 2017 2:15 PM

To: [Redacted]

Cc: Shaffer, Kristin; Carson, Timothy; Whitehead, Nora; Gillis, Diana L.

Subject: RE: Question regarding option exercise

[Redacted]

We agree that the shares would be valued at the “Market Price.”

Regards

Evan

From: [Redacted]

Sent: Friday, May 12, 2017 7:43 AM

To: Storm, Evan

Subject: Question regarding option exercise

Evan, if an optionholder plans to make a cashless exercise (as in the second part of interpretation #1704001), can you confirm that if the optionholder retains some or all of the shares (as opposed to selling all on the same day), then such newly-acquired shares would be valued at the “Market Price” (pursuant to 801.10(c)(1), since the “acquisition price” is $0), and not the current trading price?

[Redacted]

About Informal Interpretations

Informal interpretations provide guidance from PNO staff on the applicability of the HSR rules to specific fact situations. They do not necessarily reflect the position of the Commission. You should not rely on them as a substitute for reading the Act and the Rules themselves. These materials do not, and are not intended to, constitute legal advice. 

Learn more about Informal Interpretations.