This excerpt taken from the FRX 10-K filed Jun 14, 2006.
10. Stockholders' equity:
Stock options: The Company has various Employee Stock Option Plans whereby options to purchase an aggregate of 38,000,000 shares of common stock have been or remain to be issued to employees of the Company and its subsidiaries at prices not less than the fair market value of the common stock at the date of grant. Both incentive and non-qualified options may be issued under the plans. The options are exercisable for five to ten years from the date of issuance.
The following table summarizes information about stock options outstanding at March 31, 2006:
Transactions under the stock option plans are summarized as follows:
At March 31, 2006, 7,952,308 shares were available for grant.
In connection with the acquisition of product rights in fiscal 1995, the Company issued 2,240,000 warrants, expiring on July 7, 2004, at an exercise price of $5.71 per share, which was equal to the then fair market value of the Company's common stock.