This excerpt taken from the MCGC DEF 14A filed Apr 30, 2009.
Timing of Stock Awards
We will not time or select the dates of any stock award in coordination with our release of material non-public information, nor will we have any program, plan or practice to do so. The Compensation Committee has adopted the following specific policies regarding stock-based awards for our executive officers and employees:
New Hire Awards
The date of all awards to newly-hired executive officers and employees is the first day of the calendar quarter after the date on which the individual commences employment with us (or the next succeeding business day that the NASDAQ Stock Market is open).
The annual equity award date for all eligible employees, including the Named Executive Officers, is a date following the regularly scheduled meeting of the Compensation Committee following completion of Company-wide performance reviews. The award date timing is driven by the fact that it coincides with our calendar-year-based performance management cycle, allowing us to deliver the equity awards close in time to performance appraisals, which increases the impact of the awards by strengthening the link between pay and performance. The annual equity award to non-employee members of our board of directors who are eligible for such awards, is the date of our annual general meeting each calendar year.
All other awards granted to executive officers and employees throughout the year, referred to as off-cycle awards, are made outside of the quarterly and annual blackout periods under our insider trading policy.