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Charter ESOP Sets Exchange Option

Charter Communications Inc. announced an employee stock-option plan that will allow some workers to exchange existing options for shares of restricted class-A common stock and, in some instances, cash.

The offer is scheduled to close Feb. 20.

The exchange offer is being made to all eligible employees for all vested and unvested options with an exercise price over $10.

Charter said in a filing with the Securities and Exchange Commission Jan. 20 that 22.9 million shares of class-A common stock are eligible for the exchange, or about 48% of Charter’s 47.9 million total options issued and outstanding.

The company estimated the cost of the options-exchange program at approximately $17 million.