VIRL » Topics » Stock Options

This excerpt taken from the VIRL DEF 14A filed Feb 17, 2006.
Stock Options
 
Exercise Price.  The Administrator determines the exercise price of options at the time the options are granted. The exercise price of stock options may not be less than 100% of the fair market value of the Common Stock on the date of grant of such option. Certain replacement options with lower exercise prices may be granted to employees of entities acquired by the Company to replace that employee’s existing options. The fair market value of the Common Stock is generally the closing sales price as quoted on the NASDAQ National Market.
 
Exercise of Option; Form of Consideration.  The Administrator determines when options become exercisable. The means of payment for shares issued on exercise of an option are specified in each Award agreement. The Plan permits payment to be made by such means as permitted by the Administrator, including cash, check, wire transfer, net exercise, other shares of Common Stock of the Company (with some restrictions), broker assisted same day sale, or any other consideration legally permitted.


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Term of Option.  The term of an option may be no more than ten years from the date of grant. No option may be exercised after the expiration of its term.
 
This excerpt taken from the VIRL DEF 14A filed Jan 13, 2005.
Stock Options

      Exercise Price. The Administrator determines the exercise price of options at the time the options are granted. The exercise price of stock options may not be less than 100% of the fair market value of the Common Stock on the date of grant of such option. Certain replacement options with lower exercise prices may be granted to employees of entities acquired by the Company to replace that employee’s existing options.

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The fair market value of the Common Stock is generally the closing sales price as quoted on the NASDAQ National Market.

      Exercise of Option; Form of Consideration. The Administrator determines when options become exercisable. The means of payment for shares issued on exercise of an option are specified in each Award agreement. The 2002 Plan permits payment to be made by cash, check, wire transfer, other shares of Common Stock of the Company (with some restrictions), broker assisted same day sale, or full recourse promissory note.

      Term of Option. The term of an option may be no more than ten years from the date of grant. No option may be exercised after the expiration of its term.

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