This excerpt taken from the NWL DEF 14A filed Mar 28, 2005.
Option Grants In Last Fiscal Year
Value at Assumed
Annual Rates of Stock
Price Appreciation for
Joseph Galli, Jr.
James J. Roberts
J. Patrick Robinson
Hartley D. Blaha
Timothy J. Jahnke
All options granted in 2004 become exercisable in
annual installments of 20%, commencing one year from date of
grant, with full vesting occurring on the fifth anniversary date
of the date of grant. Vesting may be accelerated as a result of
certain changes in control of the Company.
All options were granted at market value on the
date of grant, based on the closing price of the common stock on
the NYSE as reported in The Wall Street Journal.
Potential realizable value is reported net of the
option exercise price but before taxes associated with exercise.
These amounts assume annual compounding results in total
appreciation of approximately 63% (5% per year) and
approximately 159% (10% per year). Actual gains, if any, on
stock option exercises are dependent on several factors,
including the future performance of the common stock, overall
market conditions and the continued employment of the Named
Officer. There can be no assurance that the amounts reflected in
this table will be achieved.