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This excerpt taken from the ADM DEF 14A filed Sep 25, 2009. Equity
Grants made in September 2009 (reflecting FY07-FY09
performance)
(These grants will be presented in the Grants of Plan-Based
Awards table in our 2010 proxy statement.)
Table of Contents
Does
The Company Have A Policy For When Grants Are
Made?
The Committee grants all equity awards to named executive
officers, and no attempt is made to time the granting of these
awards in relation to the release of material, non-public
information. The exercise price of all stock options is set at
fair market value (as determined in accordance with the
applicable Incentive Compensation Plan) on the grant date. Under
the 2002 Incentive Compensation Plan and proposed 2009 Incentive
Compensation Plan, fair market value is the closing market price
on the last trading day prior to the date of grant. The
Committee meets during the first fiscal quarter of the following
fiscal year and determines the annual equity awards granted to
named executive officers. These awards are issued promptly
following the date of the Committee’s meeting and approval.
In addition to annual awards, the named executive officers may
receive awards when they join the company or change their
status, including promotions.
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