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Sarbanes-Oxley Forces Options Exercise

Dominion Resources is letting executives pay back the debt with profits on company equities.

> > A number executives at Dominion Resources Inc. have exercised stock options so they can repay bank loans that can not be extended because of a Sarbanes-Oxley provision.
Under Section 402, corporations are barred from making personal loans to officers or directors. Dominion Resourses said the options exercise enables the executives to raise the funds needed to prepay personal loans due to third-party commercial lenders in 2005. The exercise was made under a previously announced program approved by the compensation committee board.
Source: CFO


Published:2004-05-25
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