This excerpt taken from the VRSN DEF 14A filed Apr 10, 2006.
Terms Applicable to Stock Options and Stock Appreciation Rights
The exercise price of stock options and stock appreciation rights granted under the 2006 Plan may not be less than 100% of the closing price of VeriSign stock on the day of grant. On December 31, 2005, the market value of our stock was $21.90 per share. Stock options and stock appreciation rights will have a term no longer than ten years. Subject to the limitations of the 2006 Plan, the committee will determine the terms and conditions applicable to awards of stock options and stock appreciation rights, including with regard to vesting and exercisability, which may be based on, among other things, continued employment with VeriSign, the passage of time, or such performance criteria and the level of achievement versus such criteria as the committee deems appropriate.