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GPS » Topics » Certain shareholder friendly amendments made to the 2006 Plan include:

This excerpt taken from the GPS DEFA14A filed Apr 26, 2006.

Certain “shareholder friendly” amendments made to the 2006 Plan include:

 

  •   Elimination of non-shareholder approved equity award plans, with the exception of the employee stock purchase plan in the United Kingdom. (The 2006 Plan is the consolidation of the shareholder approved 1996 Stock Option and Award Plan and the non-shareholder approved 2002 Stock Plan.)

 

  •   Shareholder approval required before repricing outstanding stock options and/or instituting an Exchange Program.

 

  •   Added new performance goals.

 

  •   Each full value award (e.g. performance units) will count as three shares against total shares reserved for issuance.

 

  •   Reload options may not be granted.

 

  •   No more discounted stock option grants (also includes freestanding stock appreciation rights which have not been granted in the past).
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