SurModics Inc (SRDX)

[DewDiligence]

Those 2,000- and 4,000-share grants represent 20% of the 10,000- and 20,000-share five-year grants Lopez was awarded in FY06, which cover the period FY06-FY10. He will get 20% of the total award each year provided that performance metrics in ophthalmology are met:

http://www.sec.gov/Archives/edgar/data/924717/000120677406002600/surmodics_nps.htm

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Mr. Lopez was granted two performance share awards in fiscal 2006, for 10,000 and 20,000 shares, respectively. The 10,000 share award will vest over a five-year period, from fiscal 2006 to fiscal 2010. One-fifth of the award will vest annually depending on the performance of the Ophthalmology division of the Company in meeting performance goals for that fiscal year set by the Organization and Compensation Committee… The 20,000 share award will vest over a five-year period, from fiscal 2006 to fiscal 2010. Mr. Lopez is entitled to a certain number of shares, if any, under this award depending on the achievement of certain performance objectives by the Ophthalmology division.
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Lopez also received 100,000 options @38.07 on 7/25/05, 10,000 shares on 7/25/05, and 1,800 shares on 11/13/06.