CL » Topics » Stock Option Awards

This excerpt taken from the CL DEF 14A filed Mar 31, 2006.
Stock Option Awards

       Stock option awards are granted under the 2005 Stock Option Plan, which was approved by stockholders at the last annual meeting. The number of stock options granted is based on factors similar to those used to determine salary and bonus, including a review of the practices of the Comparison Group. Actual awards may vary from the target based on individual performance, business unit performance or the assumption of increased responsibilities. In addition, the Board has established a limit of 1.2% of Common Stock outstanding on the amount of stock options that may be granted each year.

       The Company generally grants stock options on an annual basis, the key terms of which are as follows:

              The exercise price of the options is equal to the market price of the Common Stock on the date of grant.
              The options have a six-year term.
              The options vest in equal annual installments over three years.

       During 2005, stock option awards to executive officers as a group were slightly above the Company's reduced target award levels described above.

   

This excerpt taken from the CL DEF 14A filed Mar 30, 2005.
Stock Option Awards

       Stock option awards are granted under the 1997 Stock Option Plan. The number of stock options granted is based on factors similar to those used to determine salary and bonus, including a review of the practices of the Comparison Group. Actual awards may vary from the target based on individual performance, business unit performance or the assumption of increased responsibilities. In addition, the

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Board has established a limit of 1.2% of Common Stock outstanding on the amount of stock options that may be granted each year.

       The Company generally grants stock options on an annual basis, the key terms of which are as follows:

                The exercise price of the options is equal to the market price of the Common Stock on the date of grant.
                The options have a six-year term.
                The options vest in equal annual installments over three years.

       During 2004, stock option awards to executive officers as a group were slightly above the Company's reduced target award levels described above.

       The Company is submitting for stockholder approval at this Annual Meeting a 2005 Employee Stock Option Plan to replace the 1997 Stock Option Plan. If stockholders approve the 2005 Employee Stock Option Plan, the Company will cancel any remaining shares available for grant under the 1997 Stock Option Plan and make no further grants under this plan as of the effective date of the new plan. If the new plan is approved, the P&O Committee expects to follow similar practices regarding the grant of stock options as described in this report. (See pages 36 to 40 for further information about the 2005 Employee Stock Option Plan.)

   

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