MINNETONKA, Minn. Metris Companies Inc. is continuing its now three-year-old tradition of giving each one of its 4,200 employees 100 stock options that will vest after three years or when the stock hits a target price, whichever comes first.
The latest batch is valued at the stocks price as of May 31, with $50 a share as the target price.
Under the ownership bonus program, all full- and part-time employees who do not already get stock options do so when the company meets certain performance standards.
A spokesman said Metris is one of the few companies he knows of that gives options to all employees. Because of a stock split, employees who have been with the company since the program was begun in 1999 may now own up to 500 options. The options distributed in 1999 have vested because the stock met the target price, allowing employees to sell if they wished.. Most employees have decided to keep their stock, the spokesman said.
Options awarded in 2000 have not reached the $50 target for vesting. Metris stock closed May 31 at $30.