This excerpt taken from the NATH DEF 14A filed Jul 21, 2006.
Stock Option and Incentive Plans
We maintain various stock plans under which options vest as determined at the time of grant by the Board of Directors or the Compensation Committee, other than the Outside Director Plan under which options vested over a period of two years. In addition, the 2002 Stock Incentive Plan permits the grant of up to 100,000 shares of restricted stock, 50,000 of which have been granted to date. Restricted stock will be subject to such restrictions as the Compensation Committee may impose; provided, that the term of the restriction cannot be less than one year unless otherwise determined by the Compensation Committee. The term of each option is generally ten years and is determined at the time of grant by the Board of Directors or the Compensation Committee. The purchase price of the shares of common stock subject to each option granted is not less than 100% of the fair market value of our common stock at the date of grant, except that under the 2001 Stock Option Plan the exercise price can be no less than 85% nor greater than 110% of the fair market value at the date of grant. The term of each option is generally ten years and is determined at the time of grant by the Board of Directors or the Compensation Committee. All of our stock plans provide that the Compensation Committee may adjust the number of shares under outstanding awards and for which future awards may be granted in the event of reorganization, stock split, reverse split, stock dividend, exchange or combination of shares, merger or any other change in capitalization. The participants in these plans are officers, directors and employees of, or consultants to, Nathans and its subsidiaries or affiliates, except that only non-employee directors received grants under the Outside Direction Plan.
The following table sets forth information regarding our equity plans and other outstanding convertible securities:
The following table sets forth information regarding our equity plans as of March 26, 2006: