This excerpt taken from the ALL DEF 14A filed Mar 27, 2006.
Stock Option Awards.
Under the current equity plan, on June 1, 2005, each non-employee director received a stock option award at an exercise price equal to 100% of fair market value on that day, which was $58.47. Options become exercisable in three substantially equal annual installments and expire ten years after grant. Upon mandatory retirement pursuant to the policies of the Board, the unvested portions of any outstanding options fully vest. The options permit the option holder to exchange shares owned or have option shares withheld to satisfy all or part of the exercise price. The vested portion of options may be transferred during the holder's lifetime to, or for the benefit of, family members. Any taxes payable upon a transferee's subsequent exercise of the option remain the obligation of the original option holder.