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NETFSNorth-East Thames Foundation School (UK)
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GLOSSARY [AR.sub.i] Adjusting Ratio for tranche i, calculated as ([TE.sub.i] - [TV.sub.i])/([OT - [TV.sub.i]) ANETF Average of the NETFs for several grants.
This process is repeated for the N option grants that Company Bluechip issued, and the aggregate NETF (ANETF) is an average of the NETFs terms across the N grants.
For companies with substantial historical data, the first step in implementing the HL approach consists of calculating a normalized expected term factor (NETF) for each historical option grant by adjusting the contractual option term for vesting restrictions and early exercise (see the Sidebar for a glossary of the terms used here and below).