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GMCR » Topics » O PTION G RANTS IN L AST F ISCAL Y EAR

This excerpt taken from the GMCR DEF 14A filed Jan 25, 2007.

OPTION GRANTS IN LAST FISCAL YEAR

 

Name

    Number of
Securities
Underlying
Options
Granted (1)		    Percent of
Total Options
Granted to
Employees in
Fiscal Year		     Exercise or
Base Price
Per Share ($)		    Market
Price Per
Share ($)		    Expiration
Date		   

Present
Value at
Date of

Grant (2)($)

Robert P. Stiller

    35,000    8.3 %   40.05    40.05    03/16/2016    650,000

Kathryn S. Brooks

    7,900    1.9 %   39.76    39.76    05/03/2016    149,000

R. Scott McCreary

    10,000    2.4 %   39.76    39.76    05/03/2016    189,000

R. Scott McCreary

    100    0.0 %   39.72    39.72    04/01/2016    2,000

Frances G. Rathke

    18,700    4.4 %   39.76    39.76    05/03/2016    354,000

James E. Travis

    8,500    2.0 %   39.76    39.76    05/03/2016    161,000
(1) The options, which were granted under the Company’s 2006 Incentive Plan, generally become exercisable over a four-year period.

 

(2) In accordance with Securities and Exchange Commission rules, the Black-Scholes option pricing model was chosen to estimate the grant date present value of the options set forth in this table. The Company’s use of this model should not be construed as an endorsement of its accuracy at valuing options. All stock option valuation models, including the Black-Scholes model, require a prediction about the future movement of the stock price. The following assumptions were made for purposes of calculating the Present Value at Date of Grant: an expected life averaging 5 years, an average volatility of 43%, no dividend yield, and a risk-free interest rate averaging 5%.

The Company has not repriced any stock options during fiscal 2006. On the basis of interim guidance provided by the Internal Revenue Service, the Company and and its Chief Financial Officer Ms. Rathke agreed to amend a discounted option to avoid the adverse tax consequences of Section 409A of the Internal Revenue Code by increasing the exercise price of the option to the fair market value on the date of its grant. Except for this amendment, it is the Company’s current intention not to reprice stock options irrespective of whether plan documents would otherwise permit that action.

"O PTION G RANTS IN L AST F ISCAL Y EAR" elsewhere:

PEETS COFFEE & TEA INC (PEET)
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