YRCW Teamster members who received stock options from the first and second memoranda of understandings (MOUs) negotiated in late 2008 and mid-year 2009, will receive information from the company about a switch in administrators.
YRCW is switching its administrator for the stock option plans to a less costly provider and the change has no impact on the value of the option plan. In the material the company sent, it also explains the negative impact that its restructurings (issuance of new stock and reverse stock splits) have had on the value stock options since those options were granted.
YRCW will switch its administrator on January 31, 2012.
To be clear, this change in administrators has nothing to do with the most recent stock grant from the last MOU. The last grant will stay with the Teamsters National 401(k) Plan administered by Prudential.
Read company letter here.