This excerpt taken from the AFFX DEF 14A filed Apr 30, 2007.
Grants During 2006. Guidelines for executive equity award grants are based on each individual executives position, responsibilities, performance and contribution to the achievement of the Companys long-term goals and competitive equity award data from biotechnology and high technology companies. We believe that the annual aggregate value of these awards measured by initial Black-Scholes value should be set near competitive median levels for comparable companies. In May 2006, the Compensation Committee approved equity awards for our named executive officers and other employees for fiscal 2006 at its regularly scheduled second quarter meeting. In addition, certain of our executive officers received grants as a result of promotions or particular retention needs.