This excerpt taken from the POZN DEF 14A filed Apr 30, 2007.
The Compensation Committee of our Board administers the Restated Plan, and has broad authority under the Restated Plan, including to:
The Compensation Committee has the full power and authority to administer, implement and interpret the Restated Plan. To the extent it deems appropriate, the Compensation Committee may delegate certain authority under the Restated Plan to one or more subcommittees and, to the extent permitted under applicable law, to one or more officers of POZEN. Pursuant to its authority, the Compensation Committee has granted authority to our chief executive officer to make awards to new non-executive officer employees in connection with their initial employment and annual awards to our non-executive officer employees based on certain guidelines and an aggregate limit on the number of shares subject to such awards established by the Compensation Committee. In addition, the Board, in its discretion, retains the right to grant and/or ratify awards under the Restated Plan.