Cendant Implements Middle Management Retention Program.PARSIPPANY, N.J. and STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--July 28, 1998- -Cendant Corporation (NYSE NYSE See: New York Stock Exchange : CD) today announced affirmative AFFIRMATIVE. Averring a fact to be true; that which is opposed to negative. (q.v.) 2. It is a general rule of evidence that the affirmative of the issue must be proved. Bull. N. P. 298 ; Peake, Ev. 2. 3. steps to retain middle management and other key employees. Most notably, Cendant Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. Although the company was based out of New York City, the majority of Cendant's headquarters employees were located in Parsippany-Troy Hills, will reset the exercise price of incentive stock options granted to middle management and other key employees in the period between December December: see month. 1997 and March 1998. Cendant does not plan to reset incentive options granted to executive management, business unit heads or senior staff executives. The options to be reset were granted with exercise prices between $31.375 and $37.50 per share, significantly above Cendant's July 27, 1998 closing price of $15.75 per share. The company also plans to reset the exercise price of options granted to employees who voluntarily exchanged cash compensation for an equivalent value of options in the first quarter of 1998. The new exercise price will be set in early August based on market prices at that time. "This action addresses the heart of Cendant, the employees whose dedicated and unstinting efforts have built a solid core of businesses that will deliver earnings approaching $1 billion this year," said Henry R. Silverman, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Equity incentives and option grants are part of the fabric of our company and an integral part of many employees' compensation. These employees have been deprived of a material portion of their overall compensation by events totally beyond their control. We would be derelict derelict n. something or someone who is abandoned, such as a ship left to drift at sea or a homeless person ignored by family and society. (See: abandon, dereliction) DERELICT, common law. in our duties as custodians
The Custodians is terminology in the Bahá'í Faith, which refers to nine Hands of the Cause assigned specifically to work at the Bahá'í World Centre in attendance to the Guardian of the Faith. of shareholder value if we did not take steps to retain these key employees. "We do not believe it is appropriate to nor will we reset the terms of the options awarded as compensation to our most senior executives, a group of approximately 50 persons," Silverman continued. "However, equity incentives extend far within Cendant to many other valuable persons we must retain to continue our earnings growth and build shareholder value into the future." Cendant (NYSE: CD) is the world's premier provider of consumer and business services. Cendant operates in three principal segments: Alliance Marketing, Travel and Real Estate Services. Headquartered in Stamford, CT and Parsippany, NJ, the company has more than 40,000 employees, operates in over 100 countries and makes approximately 100 million customer contacts annually.
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