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This excerpt taken from the GIS DEF 14A filed Aug 12, 2008. Compensation in
Fiscal 2008
Table of Contents
The grant date fair value of the stock awards and option awards
quantified above reflect a 30 percent increase from target
levels due to the fiscal 2008 Corporate Performance Rating.
The grant date fair value of each restricted stock unit based on
fiscal 2008 performance equals the closing sales price of our
common stock on the New York Stock Exchange on the grant date
June 23, 2008 ($63.40). The values shown have not been
adjusted to reflect that these units are subject to forfeiture.
The grant date fair value of option awards based on fiscal 2008
performance equals $9.41 per share based on the Black-Scholes
option-pricing model. The following unaudited assumptions were
used in the calculation: option term of 8.5 years; dividend
yield of 2.7 percent annually; a risk-free interest rate of
4.4 percent; and expected price volatility of
16.1 percent. The values shown have not been adjusted to
reflect that these options are subject to forfeiture.
The following table shows the number of stock awards and option
awards based on fiscal 2008 performance but granted after fiscal
year end in June 2008, which are shown below but not included in
the Summary Compensation Table.
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