This excerpt taken from the MRY DEF 14A filed Oct 23, 2006.
2006 Long Term Incentive Plan
Name and Position
Number of Shares
Dollar Value of
Non-Employee Director Group
Not quantifiable, but no
more than 96,000
Each quarter, each non-employee director is granted shares of Common Stock with an aggregate fair market value of $3,000, up to a maximum of 4,000 shares of Common Stock per quarter. Because the fair market value of a share of Common Stock will not be ascertainable until the date of grant, the number of shares granted to each non-employee director will fluctuate each quarter, but the maximum number of shares that can be granted in fiscal year 2007 is 96,000 (equal to the number of non-employee directors multiplied by 16,000 shares (4,000 shares per quarter)).
On the date of grant each quarter, the dollar value of the shares granted to non-employee directors will have a value of $3,000. Accordingly, the total dollar value for fiscal year 2007 is equal to $72,000 (the number of non-employee directors multiplied by $12,000 ($3,000 for each of the four quarters during the year)).
Each quarter, each non-employee director is granted options to purchase that number of shares of Common Stock which has an aggregate fair market value of $4,500. Because the fair market value of a share of Common Stock will not be ascertainable until the date of grant, the number of options granted to each non-employee director will fluctuate each quarter.
Because options are granted with an exercise price equal to the fair market value of the underlying shares at the time of grant, the options have no readily identifiable value at such time, and the value of such options thereafter fluctuates with that of our stock price.
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