Intel shareholders will vote on the company's repricing proposal at its annual meeting May 20.
Here are a few details provided by Intel CEO Paul Otellini in a memo to employees:
Intel is granting all eligible employees a special, one-time stock award that will have the same composition as the Focal stock grant you will receive this year. In effect, this doubles the grant size you would have otherwise been awarded.
In May we will ask for stockholder approval of a stock option exchange program. Under the program, employees will be given the opportunity to exchange previously granted, “underwater” options for a smaller number of new options at the market price on the date of exchange. This exchange is based upon a “value for value” program which we believe has a good chance of receiving stockholder approval.
Here's the entire memo from Otellini (click to enlarge):