Stock options are granted to executive officers when they first join the Company. In addition, restricted stock may be sold to certain executive officers when they first join the Company. Thereafter, options may be granted and restricted stock may be sold to each executive officer from time to time based on performance. No performance based restricted stock grants have been made to date. To enhance retention, options granted and restricted stock sold to an executive officer is subject to vesting restrictions that generally lapse over the period of the executive officer’s employment contract. The vesting schedule is generally two years, to coincide with the period of employment under the employment contract for the Chief Executive Officer and the Chief Financial Officer and President, with one quarter of the total shares subject to the grant vesting each six months. The amount of actual options granted depends on the individual’s level of responsibility and a review of stock option grants of positions at a broad peer group. The 2005 Stock Option Plan imposes individual limitations on certain awards, in part to comply with Section 162(m). Under these limitations, no more than 15,000,000 shares of stock may be granted to an individual during any fiscal year pursuant to any awards granted under the 2005 plan.
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