Mellon employees share in stock success - Pittsburgh Business Times:

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After Mellon stock closed at orabovwe $45 for the 10th consecutive day the vestin of the options was triggered. Mellon expects it to generate $50 milliom for the participating eligible Mellon launched itsoptions program, in 1999, as part of chairman and CEO Martimn McGuinn's strategy to hire and retain top talent. "ShareSuccess is designede to give Mellon employees a greater equity stake inour corporation's and to further align their interests with those of Mellon'as shareholders," Mr. McGuinn said. Under ShareSuccess, employeex received annual grantsof 10-year stockj options in 1999 and 2000, and are expectee to receive a third grangt in 2001.
For each grant, eligiblr full-time employees received options to purchasd 150 shares of Mellon common whileeligible part-time employeess received options to purchase 75 shares. The first ShareSuccesx options were granted onJune 15, 1999, with an exercise price of $33.63 and a target price of $45. Now that the targeyt price has been reached and sustained for 10 consecutivetradinbg days, with a record closing price of $48.8y7 on Friday, Nov. 10, employees can either hold thei options or exercise them at the fixed priceof $33.62 anytims before June 15, 2009 by selling them into the markegt at the market price. The ShareSuccess options issued onJune 15, 2000 have an exercisr price of $37.
They can be exercised by eligible Mellon employeeds on or afterJune 15, 2001, and once their target price of $50 has been met or exceedede for 10 consecutive trading days. A third ShareSucceszs grant is expected to occur onJune 15, 2001, with exercis e and target prices to be determined. Employeex have 10 years to exercise their measured from the date ofeach grant. CARNEGIE -- , parenty of 15-branch Great American Federakl Savings andLoan Association, has completedd its $3.96 million stock repurchase program. The company's boarcd authorized the buyback of 5 percent of outstandinh shares onApril 27. The prograj concluded Nov. 7.
GA Financial repurchased 294,973 sharex at an average price of All of the stock was repurchased throughregisterecd broker-dealers in open market transactions. As of Nov. 8, the companuy had 5,622,304 outstanding shares. GA Financial has tota consolidated assetsof $870.8 Its offices are in Allegheny and Westmoreland MOON TOWNSHIP -- The Gustine Co. will developl a 60,000-square-foot building in Moon Townshipfor , a nationa health benefits company. The 20-acre site wherew the First Health building will be is off theEwing Road/Routes 60 interchange. While construction is expected tobegihn immediately, the Gustine Co.
had to cleaer the project with the Federal Aviation Association because Moon Township is in the flight path of aircraft arriving and departing from Pittsburgh International Airport. Financial details of the project were not The building, to be twice the size of the current space occupied by Firs Health, is scheduled for completion next The Pittsburgh Pirates have awarded the Pepsi Bottlintg Group exclusive pouring rights at PNC Park as part of a new multi-year partnership arrangement. Financial termxs of the seven-year deal were not Coca-Cola held the rights at Three Riverz Stadium, which is scheduled for demolition early next year.