ADI » Topics » Stock Options

This excerpt taken from the ADI DEF 14A filed Feb 8, 2006.
Stock Options
 
We grant to each non-employee director annually a stock option to purchase shares of our common stock at an exercise price per share equal to the fair market value per share on the date of grant. These grants are made on the same date as annual grants are made to our executive officers. The options are exercisable, subject to continued service on our Board of Directors, in three equal annual installments on each of the first, second and third anniversaries of the grant date. In accordance with this policy, on December 7, 2004, we granted to each non-employee director options for the purchase of 18,000 shares of our common stock at an exercise price of $37.70 per share.


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For fiscal 2006, the Board revised its policy to reduce the annual director grants from 18,000 to 15,000 shares, consistent with the reduction in option grants to officers and employees. Accordingly, on December 6, 2005, we granted stock options to each non-employee director for the purchase of 15,000 shares of our common stock at an exercise price of $39.44 per share, with the exception of Mr. Hodgson, who received a pro-rated annual option grant of 3,750 shares because he had received a grant of an option for 18,000 shares upon joining the Board in September 2005.
 
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