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This excerpt taken from the GIS DEF 14A filed Aug 14, 2007. Stock Options.
Non-employee directors also receive options to purchase 10,000 shares of
our common stock when they are first appointed to the Board and each time they are
re-elected to the Board. Options are granted under the 2006 Compensation Plan for
Non-Employee Directors. The exercise price was the average of the high and low sales price
of our common stock on the date of the grant in fiscal 2007, and will be the closing sales
price of our common stock on the date of grant in fiscal 2008. The options become
exercisable at the next annual meeting of stockholders and expire 10 years after grant.
Directors who stop serving on the Board prior to vesting forfeit their unvested options,
unless they have died during their Board service, in which case the options fully vest upon
death and remain exercisable by the directors’ estate for the remainder of the
option’s full term.
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