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TIBCO Software Announces Stock Option Exchange Program for Employees
PALO ALTO, Calif., March 08, 2001 - TIBCO Software Inc. (Nasdaq: TIBX), a leading provider of e–business infrastructure software, today announced its Board of Directors has approved a voluntary stock option exchange program for its employees.
Under the program, TIBCO employees have the opportunity, if they so choose, to cancel outstanding stock options granted on or before February 15, 2001 at an exercise price of $10.375 or more, in exchange for a new option grant for an equal number of shares. The new options will be issued more than six months after the cancellation date. The exercise price of the new options will be based on the trading price of TIBCO's common stock at the time of grant.
"We are very proud of our employees and how they've contributed to TIBCO's success," said Vivek Ranadivé, chairman and CEO of TIBCO Software. "This program shows our commitment to motivating and retaining our employees and to TIBCO's long-term success."
The exchange program is being structured to comply with FASB Interpretation No. 44 "Accounting for Certain Transactions Involving Stock Compensation." TIBCO expects that there will be no accounting charges to the company as a result of the stock option exchange program. Members of the company's Board of Directors and executive officers will not be eligible to participate in the exchange program.
About TIBCO Software Inc.
TIBCO Software Inc. (NASDAQ:TIBX) is a leading provider of real-time e-business infrastructure software. TIBCO's four product lines - TIBCO ActiveEnterprise®, TIBCO ActiveExchange™, TIBCO ActivePortal™ and TIBCO Extensibility™ - enable businesses to integrate enterprise applications, interact with other businesses in B2B commerce, and efficiently deliver personalized information through enterprise portals. TIBCO's products enable the real-time distribution of information through patented technology called The Information Bus®, or TIB®. TIB technology was first used to digitize Wall Street and has since been adopted in diverse industries including telecommunications, electronic commerce, manufacturing and energy. TIBCO's global direct customer base includes more than 700 customers from around the world such as Cisco Systems, Yahoo!, Ariba, NEC, Enron, Sun Microsystems, GE Capital, Philips, AT&T, Pirelli and AOL/Netscape. Headquartered in Palo Alto, California, TIBCO can be reached at (650) 846-1000 or on the web at www.tibco.com.
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TIBCO, TIBCO ActiveEnterprise, TIBCO ActiveExchange, TIBCO ActivePortal, TIBCO Extensibility, The Information Bus and TIB are trademarks or registered trademarks of TIBCO Software Inc.
Legal Notice Regarding Forward–Looking Statements: This release contains Forward–Looking statements regarding the accounting consequences of the exchange program. The accounting consequences could differ materially from those predicted in the Forward–Looking statements due to future changes in accounting rules or interpretations or for other reasons. TIBCO assumes no obligation to update the Forward–Looking statements included in this document.
