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This excerpt taken from the PRXL DEF 14A filed Oct 26, 2007. Restricted
Stock Units
A participant will not have income upon the grant of a
Restricted Stock Unit. A participant is not permitted to make a
Section 83(b) election with respect to a Restricted Stock
Unit Award. When the Restricted Stock Unit vests, the
participant will have income on the date the stock is paid to
the participant in an amount equal to the fair market value of
the stock on such date less the purchase price, if any. When the
stock is sold, the participant will have capital gain or loss
equal to the sales proceeds less the value of the stock on the
date the stock is paid to the participant. Any capital gain or
loss will be long-term if the participant held the stock for
more than one year and otherwise will be short-term.
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