GPS » Topics » A significant number of our outstanding stock options are underwater.

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

A significant number of our outstanding stock options are underwater.

 

    At year end, we had 75,982,500 stock options outstanding.

 

    33,554,877 (45%) of those had exercise prices ranging from $20.95 to $49.53.

 

    10,850,105 (14%) of those had exercise prices ranging from $17.79 to $20.94.

 

    15,059,980 (20%) of those had exercise prices ranging from $12.95 to $17.75.

 

    15,461,188 (20%) of those had exercise prices ranging from $6.56 to $12.87.

 

    1,056,350 (1%) of those had exercise prices ranging from $2.85 to $5.92.

 

    The weighted average exercise price of all outstanding options was $20.03.

 

    These numbers are disclosed on page 56 of our 2005 Annual Report.

 

    The closing price of our stock at the close of business on April 24, 2006 was $17.93.

 

* Copies of these talking points will be released to persons making solicitations on our behalf on or about April 26, 2006.
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