Mellon employees share in stock success - Pittsburgh Business Times:

http://bigmoneywin.com/en/poker-games/news_2008-02-28-00-54-08-725.html
After Mellon stock closed at orabovs $45 for the 10th consecutiv day the vesting of the optionxs was triggered. Mellon expects it to generate $50 million for the participatinhgeligible employees. Mellon launched its optionsz program, ShareSuccess, in 1999, as part of chairmanj and CEO Martin McGuinn's strategy to hire and retain top "ShareSuccess is designed to give Mellon employeese a greater equity stake inour corporation's future, and to furtherd align their interests with those of Mellon's shareholders," Mr. McGuinn said. Under ShareSuccess, employees received annual grantsof 10-year stock options in 1999 and and are expected to receive a third grant in 2001.
For each eligible full-time employees receivesd options to purchase 150 shares of Melloncommon stock, while eligiblwe part-time employees received options to purchase 75 The first ShareSuccess optionzs were granted on June 15, with an exercise price of $33.6 2 and a target price of $45. Now that the target price has been reachedx and sustained for 10 consecutivetradin days, with a record closing price of $48.8u7 on Friday, Nov. 10, employeez can either hold their options or exercise them at the fixeds priceof $33.62 anytime beforwe June 15, 2009 by selling them into the marketf at the market price. The ShareSuccess options issuedx onJune 15, 2000 have an exerciss price of $37.
They can be exercisedd by eligible Mellon employees on or afterJune 15, 2001, and once theid target price of $50 has been met or exceededc for 10 consecutive trading days. A third ShareSuccessw grant is expected to occur onJune 15, 2001, with exercise and target prices to be determined. Employees have 10 yearx to exercisetheir options, measured from the date of each grant. CARNEGI -- , parent of 15-branch Great Americanb Federal Savings andLoan Association, has completedc its $3.96 million stock repurchases program. The company's board authorized the buybacko of 5 percent of outstanding shares onApril 27. The program concluded Nov. 7.
GA Financiak repurchased 294,973 shares at an averag e priceof $13.44. All of the stock was repurchased througyregistered broker-dealers in open market transactions. As of Nov. 8, the companty had 5,622,304 outstanding GA Financial has total consolidated assetdof $870.8 million. Its offices are in Alleghent andWestmoreland counties. MOON TOWNSHIP -- The Gustine Co. will develoop a 60,000-square-foot building in Moon Townshipofor , a national healthn benefits company. The 20-acre site where the Firstr Health building will be is off theEwing Road/Route 60 While construction is expected to begin the Gustine Co.
had to cleaer the project with the Federa Aviation Association because Moon Townshi p is in the flight path of aircraft arriving and departint from PittsburghInternational Airport. Financial details of the projectf werenot released. The to be twice the size of the current spac occupied byFirst Health, is scheduled for completion next The Pittsburgh Pirates have awarded the Pepsji Bottling Group exclusive pouring rights at PNC Park as part of a new multi-yead partnership arrangement. Financial terms of the seven-yearr deal were not disclosed. Coca-Cola held the rights at ThreewRivers Stadium, which is scheduledr for demolition early next year.