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This excerpt taken from the C DEF 14A filed Mar 15, 2005. Net Reduction in Total Shares Available for Grant
Under the proposed amendments to the 1999 plan, 250 million shares will be added to the shares available for grant as stock options or other stock awards under the 1999 plan as of the effective date of the amendments. Terminating the other existing plans, however, will reduce the total shares currently available for grant under all of our existing plans from approximately 402.4 million shares to approximately 298.28 million shares, which is a net reduction of approximately 100 million shares, as shown on Table III below.
Following the effective date of the amendments to the 1999 plan, the only other equity plan that we will continue to operate is the stock purchase plan, under which there are approximately 63.73 million shares available for future stock purchase plan offerings, as of December 31, 2004. The agency plan will be terminated upon the sale of Travelers Life & Annuity Company to MetLife, Inc., which we expect to occur later this year.
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