World Wrestling Entertainment Inc. had good news for its employees and performers Tuesday.
The company said they will have the opportunity to exchange out-of-the-money options for restricted-stock units representing the right to receive shares of its class-A common stock.
Under the plan, participants in the company's 1999 long-term incentive plan who hold options to purchase class-A common stock with exercise prices of $17 or greater can exchange those options for restricted-stock-unit awards.
Each award will entitle participants to receive one class-A share for every six options they tender for exchange, subject to a two-year vesting schedule.
Alternatively, participants who hold fewer than 25,000 out-of-the-money options eligible for exchange may opt to receive discounted cash payments.
The offer expires at 11:59 p.m. Jan. 15.