POLICY MANAGEMENT SYSTEMS CORPORATION
CONFIDENTIAL
M E M O R A N D U M
TO:
FROM: STEVE MORRISON
GENERAL COUNSEL AND SECRETARY
DATE: APRIL 5, 2000
SUBJECT: STOCK OPTIONS
The Compensation Committee of the Board of Directors has granted you the
following stock options:
Effective Date: April 3, 2000
Number of Options: 15,000
Exercise Price: $11.1875
Vesting: 25% on each of the three (4) years following the
Effective Date
These options are granted under the 1999 Stock Option Plan. A copy of the
Prospectus for the Plan is attached.
As permitted by the Plan, the Compensation Committee, in granting these options,
imposed an additional restriction on the exercise of the options granted
effective April 3rd, to no more than one-third of the grant in any calendar year
except:
1. eight (8) years from the effective date (after April 3, 2008);
2. a Change of Control as defined in the Plan; or
3. retirement from the Board of Directors.
If you have any questions regarding this agreement, please call Jim McGovern at
extension 5559 or me at extension 6099.
Attachment
52
