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This excerpt taken from the UNCA 10-K filed Dec 19, 2005. Stock-Based
Compensation
We historically have granted stock options at exercise prices
that equaled the fair value of our common stock as estimated by
our board of directors as of the date of grant. Prior to
August 3, 2005, because there had been no public market for
our common stock, the board determined the fair value of our
common stock by considering a number of factors, including our
operating and financial performance, the pricing of sales of
convertible preferred stock to third parties, the rights and
preferences of securities senior to common stock, and trends in
the broad market for software and other technology stocks.
In calendar 2004 and 2005, we have granted stock options in
January, April, July and October 2004 and January and August
2005. As described below, in connection with the initial public
offering we retrospectively determined the fair value of our
common stock with respect to the grants in April, July and
October 2004.
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