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GPS » Topics » Stock Option Acceleration

This excerpt taken from the GPS DEF 14A filed Mar 28, 2006.

Stock Option Acceleration

In January 2006, we approved the removal of vesting restrictions for outstanding unvested options held by employees, including certain executive officers, with an exercise price greater than or equal to $21 as of January 26, 2006. The closing price of our stock on January 26, 2006 was $17.12. However, the 1,000,000 performance based stock options granted to Mr. Pressler in 2005 were specifically excluded (see the “Options Granted in Fiscal Year 2005” table on page 30 of this Proxy Statement). We made this decision in response to changes in accounting regulations. Under SFAS 123R, U.S. companies will be required to deduct an expense for non-vested options from their earnings starting in fiscal 2006. By allowing some of our stock options to vest early, we do not have to recognize expense in our income statement in future years for those stock options. Participating named executive officers were Messrs. Pressler, Cullen, Pollitt and Msses. Ming and Harriss.

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