exv10w2



 





Exhibit 10.2









INTEROFFICE MEMO






			
	TO:

	 	[name of recipient]
	DATE:

	 	August 9, 2004
	FROM:

	 	Larry Deans
	SUBJECT:

	 	2004 Long-Term Incentive Program










One Thousand Beverly Way

Fort Smith, AR 72919

(479) 201- 3438









Congratulations on your selection as a participant in the Beverly Enterprises,
Inc. 2004 Long-Term Incentive Program.




Your total target long-term
compensation under this program is based     % of
your base salary as of January 1, 2004 or
$        . This total target is
delivered evenly through the three components of the program – Time-Lapsed
Restricted Stock Units, Performance Based Cash and Performance Based Restricted
Units. A description of each program component follows.




Time-Lapsed Restricted Units





	 	•	 	You are granted         restricted shares1 ($       in initial value
divided by the strike price of $7.80 per share).
	 
	 	•	 	The effective date of the share grant is May 20, 2004 ($7.80 share
price above established on this date).
	 
	 	•	 	The grant will be 100% vested on May 20, 2007 (three years from the
grant date). There is no partial vesting prior to the three-year mark.
	 
	 	•	 	The Nominating and Compensation Committee may, at any time, exercise
its discretion to delay vesting of an award for one or more vesting
dates specified for such award.





1 Time-Lapsed Restricted shares are actual shares of Beverly stock assigned at
no cost to the participant. These shares are nontransferable until the
participant fulfills certain conditions (e.g. continued employment for specific
number of years defined by the grant).




     Performance Based Cash:




	 	•	 	You are granted a Performance Based Cash target of
$        .
	 
	 	•	 	The Performance Period for this grant is January 1, 2004 through December 31, 2006.
	 
	 	•	 	The Performance Based Cash Award is calculated using the following formula:
	 
	 	 	 	(Cumulative EBITDA Margin Payout + Cumulative EBITDA $ Payout) *
Modifier






	 	 	 	Cumulative EBITDA Margin Payout = Target Bonus * 50% * EBITDA Margin
Percentage
	 
	 	 	 	Cumulative EBITDA $ Payout = Target Bonus * 50% * Cumulative EBITDA
Percentage
	 
	 	 	 	(See Page 4 of 6)






	 	•	 	The Modifier shall be determined in accordance with the schedule on
Page 4 below. For purposes of calculating the Modifier, the Share Price
Gain will be calculated using the difference between the average Share
price during the 90-day period immediately preceding end of the
Performance Period (i.e. December 31, 2006) and $7.02 (the average Share
price during the 90-day period immediately preceding the beginning of
the Performance Period — December 31, 2003).





			
	 	 	 
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INTEROFFICE MEMO





	 	•	 	This part of the program will be paid in cash on a date determined by
the Committee within 180 days of the Vesting Date of December 31, 2006.
	 
	 	•	 	The Nominating and Compensation Committee may, at any time, exercise
its discretion to delay vesting of an award for one or more vesting
dates specified for such award. All cash awards will vest on December
31, 2006.





Performance Based Restricted Units





	 	•	 	You are granted a Performance Based Restricted Unit award of
$        .
	 
	 	•	 	The Performance Period for this grant is January 1, 2004 through December 31, 2006.
	 
	 	•	 	The Performance Bonus is calculated using the following formula:






	 	 	 	(Cumulative EBITDA Margin Payout + Cumulative EBITDA Payout)






	 	 	 	Cumulative EBITDA Margin Payout = Target Bonus * 50% * EBITDA Margin
Percentage
	 
	 	 	 	Cumulative EBITDA Payout = Target Bonus * 50% * Cumulative EBITDA
Percentage
	 
	 	 	 	(See Page 4 of 6)






	 	•	 	This portion of the award will be paid in Stock on a date determined
by the Committee after the Vesting Date.
	 
	 	•	 	The Nominating and Compensation Committee may, at any time, exercise
its discretion to delay vesting of an award for one or more vesting
dates specified for such award.





Administration Guidelines




Time-Lapsed Restricted Shares & Performance Based Restricted Units Vesting





	 	•	 	The Time-Lapsed Restricted Shares and Performance Based Restricted
Units grants will vest three years after the grant date on May 20, 2007,
assuming the Nominating and Compensation Committee has not exercised its
discretion to delay.
	 
	 	•	 	Any restricted shares that have vested can be sold during open
windows subject to the prior approval of the Nominating and Compensation
Committee.
	 
	 	•	 	You will be taxed on your vested distribution amount. Your vested
distribution amount is your vested number of shares multiplied by the
NYSE closing price on vesting date. You will be notified by the Legal
department the total number of shares due to you, the total value of
those shares and the related tax liability. You may either pay the
taxes by submitting a check made payable to Beverly Enterprises, Inc.
for the taxes due, or you may swap shares for the amount of your tax
liability. CEO approval is also needed if you are swapping shares to
pay for your tax liability.





   Examples:





	 	 	 	Time-Lapsed Restricted Shares
	 
	 	 	 	You receive an initial restricted share distribution of 4,103 shares. On
May 20, 2007, these shares will vest. If the share price is $11.00 on May
20, 2007 — you will owe taxes on the $45,133 value.





			
	 	 	 
	
	 	Page 2 of 6







 









 











INTEROFFICE MEMO





	 	 	 	Performance Based Restricted Units
	 
	 	 	 	The final and approved Cumulative EBITDA Margin Payout equals 8.00 and
Cumulative EBITDA Payout equals $525 MM. The Performance Bonus Restricted
award would equal $33,598 ($31,998* 50% * 100% — from chart) + ($31,998 *
50%* 110% — from chart). If the share price is $11.00 on May 20, 2007 -
you will receive 3,054 shares and owe taxes on this value.





Performance Based Cash Award Vesting





	 	•	 	The Performance based cash award vests on December 31, 2006 and
awards will be paid in cash upon approval of the Nominating and
Compensation Committee.
	 
	 	•	 	You will be taxed on your vested distribution amount. Tax treatment
is the same as with ordinary income.





Other conditions to the 2004 Long-Term Incentive Program





	 	•	 	Voluntary resignation of employment, lay-off, termination for cause,
or other termination shall result in forfeiture of any unvested
restricted shares and any unpaid cash award.
	 
	 	•	 	A participant who retires on or after attaining normal retirement
age, or takes disability retirement from the Company within the
Company’s long-term disability rules, shall vest in the restricted
shares and cash bonus for the year in which he retires as if the
Participant remained an employee through the end of the applicable
vesting periods.
	 
	 	•	 	Beverly Enterprises, Inc. reserves the right to amend, modify or
terminate these plans at any time without prior notice. Beverly
Enterprises, Inc. reserves the right to make all decisions and
interpretations with respect to these plans and their applications, and
the decision of Beverly Enterprises, Inc. shall be final and binding
upon all eligible associates. All statements set forth in these
materials are intended as a mater of information, and Beverly
Enterprises, Inc. always reserves the right to make final decisions over
any interpretation or application of the Plan. Nothing in these
materials shall constitute a promise or contract between Beverly
Enterprises, Inc. and its associates.





Also included in this package is your Time-Lapse Restricted Unit Award
agreement. Please sign both of the copies, keeping the one for your records
and return the other to Mona Brannon in the Legal department in Fort Smith.




If you have any questions regarding this program or would like to receive a
full copy of the governing plan document, please contact myself at 479-201-5262
or Michael Karicher at 479-201-3438.




	 	 	 
	CC:

	 	Doug Babb
	

	 	John Fowler — Chairman, Nominating and Compensation Committee







			
	 	 	 
	
	 	Page 3 of 6







 









 











INTEROFFICE MEMO




2004 Long-Term Incentive Program




Performance Based Cash, Performance Based Restricted Units Measures and Modifier




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUMULATIVE EBITDA MARGIN %
	 	CUMULATIVE EBITDA $(MM)*
	 	SHARE PRICE GAIN from $7.02**

	From
	 	To
	 	 	 	 	 	Equals Payout
	 	From
	 	To
	 	 	 	 	 	Equals Payout
	 	From
	 	To
	 	Modifier

	7.00
	 	 	7.07	 	 	 	=	 	 	 	50	%	 	$	458	 	 	$	462	 	 	 	=	 	 	 	50	%	 	$	2.69	 	 	$	2.81	 	 	 	0.10	 
	7.08
	 	 	7.22	 	 	 	=	 	 	 	55	%	 	$	463	 	 	$	467	 	 	 	=	 	 	 	55	%	 	$	2.82	 	 	$	2.94	 	 	 	0.20	 
	7.23
	 	 	7.35	 	 	 	=	 	 	 	60	%	 	$	468	 	 	$	472	 	 	 	=	 	 	 	60	%	 	$	2.95	 	 	$	3.06	 	 	 	0.30	 
	7.36
	 	 	7.47	 	 	 	=	 	 	 	65	%	 	$	473	 	 	$	477	 	 	 	=	 	 	 	65	%	 	$	3.07	 	 	$	3.19	 	 	 	0.40	 
	7.48
	 	 	7.57	 	 	 	=	 	 	 	70	%	 	$	478	 	 	$	482	 	 	 	=	 	 	 	70	%	 	$	3.20	 	 	$	3.31	 	 	 	0.50	 
	7.58
	 	 	7.67	 	 	 	=	 	 	 	75	%	 	$	483	 	 	$	487	 	 	 	=	 	 	 	75	%	 	$	3.32	 	 	$	3.44	 	 	 	0.60	 
	7.68
	 	 	7.74	 	 	 	=	 	 	 	80	%	 	$	488	 	 	$	492	 	 	 	=	 	 	 	80	%	 	$	3.45	 	 	$	3.56	 	 	 	0.70	 
	7.75
	 	 	7.81	 	 	 	=	 	 	 	85	%	 	$	493	 	 	$	498	 	 	 	=	 	 	 	85	%	 	$	3.57	 	 	$	3.69	 	 	 	0.80	 
	7.82
	 	 	7.85	 	 	 	=	 	 	 	90	%	 	$	499	 	 	$	503	 	 	 	=	 	 	 	90	%	 	$	3.70	 	 	$	3.81	 	 	 	0.90	 
	7.86
	 	 	7.88	 	 	 	=	 	 	 	95	%	 	$	504	 	 	$	508	 	 	 	=	 	 	 	95	%	 	$	3.82	 	 	$	3.94	 	 	 	0.95	 
	7.89
	 	 	8.00	 	 	 	=	 	 	 	100	%	 	$	509	 	 	$	513	 	 	 	=	 	 	 	100	%	 	$	3.95	 	 	$	4.06	 	 	 	1.00	 
	8.01
	 	 	8.05	 	 	 	=	 	 	 	105	%	 	$	514	 	 	$	524	 	 	 	=	 	 	 	105	%	 	$	4.07	 	 	$	4.19	 	 	 	1.01	 
	8.06
	 	 	8.10	 	 	 	=	 	 	 	110	%	 	$	525	 	 	$	534	 	 	 	=	 	 	 	110	%	 	$	4.20	 	 	$	4.32	 	 	 	1.02	 
	8.11
	 	 	8.20	 	 	 	=	 	 	 	115	%	 	$	535	 	 	$	544	 	 	 	=	 	 	 	115	%	 	$	4.33	 	 	$	4.45	 	 	 	1.03	 
	8.21
	 	 	8.30	 	 	 	=	 	 	 	120	%	 	$	545	 	 	$	554	 	 	 	=	 	 	 	120	%	 	$	4.46	 	 	$	4.58	 	 	 	1.04	 
	8.31
	 	 	8.40	 	 	 	=	 	 	 	125	%	 	$	555	 	 	$	564	 	 	 	=	 	 	 	125	%	 	$	4.59	 	 	$	4.71	 	 	 	1.05	 
	8.41
	 	 	8.50	 	 	 	=	 	 	 	130	%	 	$	565	 	 	$	575	 	 	 	=	 	 	 	130	%	 	$	4.72	 	 	$	4.84	 	 	 	1.06	 
	8.51
	 	 	8.60	 	 	 	=	 	 	 	135	%	 	$	576	 	 	$	585	 	 	 	=	 	 	 	135	%	 	$	4.85	 	 	$	4.97	 	 	 	1.07	 
	8.61
	 	 	8.70	 	 	 	=	 	 	 	140	%	 	$	586	 	 	$	595	 	 	 	=	 	 	 	140	%	 	$	4.98	 	 	$	5.08	 	 	 	1.08	 
	8.71
	 	 	8.80	 	 	 	=	 	 	 	145	%	 	$	596	 	 	$	606	 	 	 	=	 	 	 	145	%	 	$	5.09	 	 	$	5.21	 	 	 	1.09	 
	8.81
	 	 	8.90	 	 	 	=	 	 	 	150	%	 	$	607	 	 	$	616	 	 	 	=	 	 	 	150	%	 	$	5.22	 	 	and above	 	 	1.10	 
	8.91
	 	 	9.00	 	 	 	=	 	 	 	155	%	 	$	617	 	 	$	626	 	 	 	=	 	 	 	155	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.01
	 	 	9.10	 	 	 	=	 	 	 	160	%	 	$	627	 	 	$	636	 	 	 	=	 	 	 	160	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.11
	 	 	9.20	 	 	 	=	 	 	 	165	%	 	$	637	 	 	$	646	 	 	 	=	 	 	 	165	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.21
	 	 	9.30	 	 	 	=	 	 	 	170	%	 	$	647	 	 	$	657	 	 	 	=	 	 	 	170	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.31
	 	 	9.40	 	 	 	=	 	 	 	175	%	 	$	658	 	 	$	667	 	 	 	=	 	 	 	175	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.41
	 	 	9.50	 	 	 	=	 	 	 	180	%	 	$	668	 	 	$	677	 	 	 	=	 	 	 	180	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.51
	 	 	9.60	 	 	 	=	 	 	 	185	%	 	$	678	 	 	$	687	 	 	 	=	 	 	 	185	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.61
	 	 	9.70	 	 	 	=	 	 	 	190	%	 	$	688	 	 	$	698	 	 	 	=	 	 	 	190	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.71
	 	 	9.80	 	 	 	=	 	 	 	195	%	 	$	699	 	 	$	708	 	 	 	=	 	 	 	195	%	 	 	 	 	 	 	 	 	 	 	 	 
	9.81
	 	and above	 	 	=	 	 	 	200	%	 	$	709	 	 	and above	 	 	=	 	 	 	200	%	 	 	 	 	 	 	 	 	 	 	 	 







* - In $Millions




** - $7.02 is average close price from October 3, 2003 through December 31,
2003 – The 90 day period preceding the beginning of the performance period (see
Page 6 of 6).




			
	 	 	 
	
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INTEROFFICE MEMO




Questions and Answers





1. Did everyone in my Pay Band receive the grant?




No. Management decided to award the “best athletes” with grants. Assessment
on performance and potential were conducted.




2. Will the value of my restricted shares change?




Your distribution value will be the number of shares vested times NYSE
closing price on vesting date. At any time prior to each vesting date, you
can place an estimated value on your grant by multiplying the Beverly Common
Stock price times the number of shares you were granted.




3. Once a share is vested, what can I do?




Once a share is vested you can hold it or sell it. If you sell it (exercise)
you must do so during the Company’s open window period and you must obtain
prior written approval from the CEO.




4. Can I exercise only a portion of my vested awards?




Yes. Once the award is vested, you may exercise all or a portion of your
grant. If you hold the share for at least one year after vesting, the
incremental gain in share price will be taxed as a long-term capital gain.




5. When do I pay taxes on the grant?




You pay taxes on the grant (restricted shares, performance units and cash
awards) at the time these awards vest.




6. Does my grant count as part of pay for other compensation or benefit
calculations?




The cash bonus paid shall only be considered as compensation under the
employee benefit plans of the company as determined and provided under the
provisions of such plans. The restricted shares are not benefits bearing.




7. Do I have shareholder rights on the Restricted Shares granted?




You have rights as a shareholder of Beverly stock.




8. What happens if I leave the Company?




If you voluntarily resign, are terminated for cause, laid off, or other
termination occurs, the unpaid cash award and unvested restricted shares are
forfeited.



			
	 	 	 
	
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INTEROFFICE MEMO




Beverly Enterprises, Inc.

NYSE Closing Prices

October 3 2003 — December 31 2003



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date	 	Open	 	High	 	Low	 	Close	 	Volume	 	Adj. Close
	31-Dec-03
	 	$	8.37	 	 	$	8.60	 	 	$	8.22	 	 	$	8.59	 	 	 	1,077,200	 	 	$	8.59	 
	30-Dec-03
	 	$	8.27	 	 	$	8.45	 	 	$	8.27	 	 	$	8.41	 	 	 	577,500	 	 	$	8.41	 
	29-Dec-03
	 	$	8.25	 	 	$	8.34	 	 	$	8.22	 	 	$	8.30	 	 	 	458,100	 	 	$	8.30	 
	26-Dec-03
	 	$	8.22	 	 	$	8.30	 	 	$	8.18	 	 	$	8.24	 	 	 	121,800	 	 	$	8.24	 
	24-Dec-03
	 	$	8.15	 	 	$	8.25	 	 	$	8.12	 	 	$	8.24	 	 	 	156,000	 	 	$	8.24	 
	23-Dec-03
	 	$	8.25	 	 	$	8.33	 	 	$	8.11	 	 	$	8.23	 	 	 	266,200	 	 	$	8.23	 
	22-Dec-03
	 	$	8.23	 	 	$	8.25	 	 	$	8.08	 	 	$	8.25	 	 	 	301,100	 	 	$	8.25	 
	19-Dec-03
	 	$	8.20	 	 	$	8.24	 	 	$	8.06	 	 	$	8.23	 	 	 	496,500	 	 	$	8.23	 
	18-Dec-03
	 	$	8.10	 	 	$	8.24	 	 	$	8.03	 	 	$	8.19	 	 	 	580,400	 	 	$	8.19	 
	17-Dec-03
	 	$	8.13	 	 	$	8.15	 	 	$	7.95	 	 	$	8.08	 	 	 	431,300	 	 	$	8.08	 
	16-Dec-03
	 	$	7.99	 	 	$	8.24	 	 	$	7.70	 	 	$	8.23	 	 	 	1,016,500	 	 	$	8.23	 
	15-Dec-03
	 	$	8.49	 	 	$	8.53	 	 	$	7.96	 	 	$	8.00	 	 	 	880,500	 	 	$	8.00	 
	12-Dec-03
	 	$	8.45	 	 	$	8.45	 	 	$	8.05	 	 	$	8.39	 	 	 	679,300	 	 	$	8.39	 
	11-Dec-03
	 	$	7.70	 	 	$	8.50	 	 	$	7.70	 	 	$	8.44	 	 	 	1,461,200	 	 	$	8.44	 
	10-Dec-03
	 	$	7.97	 	 	$	7.97	 	 	$	7.46	 	 	$	7.75	 	 	 	1,521,300	 	 	$	7.75	 
	9-Dec-03
	 	$	8.20	 	 	$	8.25	 	 	$	7.99	 	 	$	8.10	 	 	 	1,344,500	 	 	$	8.10	 
	8-Dec-03
	 	$	8.20	 	 	$	8.40	 	 	$	8.20	 	 	$	8.25	 	 	 	785,400	 	 	$	8.25	 
	5-Dec-03
	 	$	8.40	 	 	$	8.40	 	 	$	8.17	 	 	$	8.30	 	 	 	1,412,300	 	 	$	8.30	 
	4-Dec-03
	 	$	8.40	 	 	$	8.48	 	 	$	8.35	 	 	$	8.45	 	 	 	1,637,700	 	 	$	8.45	 
	3-Dec-03
	 	$	8.45	 	 	$	8.60	 	 	$	8.20	 	 	$	8.35	 	 	 	3,501,100	 	 	$	8.35	 
	2-Dec-03
	 	$	7.92	 	 	$	8.50	 	 	$	7.91	 	 	$	8.45	 	 	 	3,025,700	 	 	$	8.45	 
	1-Dec-03
	 	$	7.92	 	 	$	8.00	 	 	$	7.86	 	 	$	7.92	 	 	 	1,151,000	 	 	$	7.92	 
	28-Nov-03
	 	$	7.80	 	 	$	7.93	 	 	$	7.77	 	 	$	7.83	 	 	 	485,600	 	 	$	7.83	 
	26-Nov-03
	 	$	7.83	 	 	$	7.89	 	 	$	7.63	 	 	$	7.82	 	 	 	797,400	 	 	$	7.82	 
	25-Nov-03
	 	$	7.65	 	 	$	7.89	 	 	$	7.64	 	 	$	7.81	 	 	 	891,900	 	 	$	7.81	 
	24-Nov-03
	 	$	7.51	 	 	$	7.65	 	 	$	7.50	 	 	$	7.63	 	 	 	878,300	 	 	$	7.63	 
	21-Nov-03
	 	$	7.70	 	 	$	7.70	 	 	$	7.45	 	 	$	7.49	 	 	 	989,900	 	 	$	7.49	 
	20-Nov-03
	 	$	7.42	 	 	$	7.85	 	 	$	7.39	 	 	$	7.65	 	 	 	1,660,900	 	 	$	7.65	 
	19-Nov-03
	 	$	7.40	 	 	$	7.60	 	 	$	7.23	 	 	$	7.52	 	 	 	1,481,800	 	 	$	7.52	 
	18-Nov-03
	 	$	7.10	 	 	$	7.48	 	 	$	7.09	 	 	$	7.35	 	 	 	1,539,200	 	 	$	7.35	 
	17-Nov-03
	 	$	7.10	 	 	$	7.20	 	 	$	6.93	 	 	$	7.06	 	 	 	1,531,500	 	 	$	7.06	 
	14-Nov-03
	 	$	7.55	 	 	$	7.83	 	 	$	7.12	 	 	$	7.25	 	 	 	2,743,500	 	 	$	7.25	 
	13-Nov-03
	 	$	7.00	 	 	$	7.63	 	 	$	6.99	 	 	$	7.55	 	 	 	4,554,000	 	 	$	7.55	 
	12-Nov-03
	 	$	6.60	 	 	$	7.00	 	 	$	6.53	 	 	$	7.00	 	 	 	3,622,500	 	 	$	7.00	 
	11-Nov-03
	 	$	6.80	 	 	$	6.90	 	 	$	6.19	 	 	$	6.30	 	 	 	3,064,200	 	 	$	6.30	 
	10-Nov-03
	 	$	6.75	 	 	$	6.76	 	 	$	6.66	 	 	$	6.66	 	 	 	965,400	 	 	$	6.66	 
	7-Nov-03
	 	$	6.54	 	 	$	6.78	 	 	$	6.50	 	 	$	6.74	 	 	 	1,976,100	 	 	$	6.74	 
	6-Nov-03
	 	$	6.40	 	 	$	6.65	 	 	$	6.31	 	 	$	6.64	 	 	 	2,027,100	 	 	$	6.64	 
	5-Nov-03
	 	$	6.70	 	 	$	6.74	 	 	$	6.25	 	 	$	6.35	 	 	 	2,507,800	 	 	$	6.35	 
	4-Nov-03
	 	$	6.40	 	 	$	6.40	 	 	$	6.19	 	 	$	6.21	 	 	 	682,700	 	 	$	6.21	 
	3-Nov-03
	 	$	6.09	 	 	$	6.40	 	 	$	6.03	 	 	$	6.35	 	 	 	2,849,100	 	 	$	6.35	 
	31-Oct-03
	 	$	5.76	 	 	$	6.09	 	 	$	5.70	 	 	$	6.07	 	 	 	1,528,700	 	 	$	6.07	 
	30-Oct-03
	 	$	5.73	 	 	$	5.85	 	 	$	5.65	 	 	$	5.69	 	 	 	909,400	 	 	$	5.69	 
	29-Oct-03
	 	$	5.53	 	 	$	5.71	 	 	$	5.52	 	 	$	5.71	 	 	 	1,029,500	 	 	$	5.71	 
	28-Oct-03
	 	$	5.47	 	 	$	5.58	 	 	$	5.45	 	 	$	5.58	 	 	 	1,066,800	 	 	$	5.58	 
	27-Oct-03
	 	$	5.44	 	 	$	5.57	 	 	$	5.40	 	 	$	5.49	 	 	 	411,800	 	 	$	5.49	 
	24-Oct-03
	 	$	5.41	 	 	$	5.47	 	 	$	5.35	 	 	$	5.39	 	 	 	531,900	 	 	$	5.39	 
	23-Oct-03
	 	$	5.43	 	 	$	5.53	 	 	$	5.42	 	 	$	5.46	 	 	 	1,329,000	 	 	$	5.46	 
	22-Oct-03
	 	$	5.52	 	 	$	5.58	 	 	$	5.45	 	 	$	5.49	 	 	 	1,032,600	 	 	$	5.49	 
	21-Oct-03
	 	$	5.35	 	 	$	5.60	 	 	$	5.35	 	 	$	5.58	 	 	 	810,700	 	 	$	5.58	 
	20-Oct-03
	 	$	5.46	 	 	$	5.46	 	 	$	5.23	 	 	$	5.45	 	 	 	1,737,900	 	 	$	5.45	 
	17-Oct-03
	 	$	5.52	 	 	$	5.53	 	 	$	5.44	 	 	$	5.48	 	 	 	2,320,200	 	 	$	5.48	 
	16-Oct-03
	 	$	5.40	 	 	$	5.58	 	 	$	5.35	 	 	$	5.52	 	 	 	3,969,500	 	 	$	5.52	 
	15-Oct-03
	 	$	5.47	 	 	$	5.51	 	 	$	5.28	 	 	$	5.40	 	 	 	3,758,100	 	 	$	5.40	 
	14-Oct-03
	 	$	5.28	 	 	$	5.71	 	 	$	5.06	 	 	$	5.42	 	 	 	5,342,500	 	 	$	5.42	 
	13-Oct-03
	 	$	5.39	 	 	$	5.75	 	 	$	5.37	 	 	$	5.70	 	 	 	636,500	 	 	$	5.70	 
	10-Oct-03
	 	$	5.69	 	 	$	5.70	 	 	$	5.35	 	 	$	5.38	 	 	 	1,190,900	 	 	$	5.38	 
	9-Oct-03
	 	$	5.91	 	 	$	5.96	 	 	$	5.75	 	 	$	5.77	 	 	 	637,000	 	 	$	5.77	 
	8-Oct-03
	 	$	6.00	 	 	$	6.02	 	 	$	5.77	 	 	$	5.89	 	 	 	419,600	 	 	$	5.89	 
	7-Oct-03
	 	$	5.99	 	 	$	6.01	 	 	$	5.94	 	 	$	6.00	 	 	 	508,900	 	 	$	6.00	 
	6-Oct-03
	 	$	6.05	 	 	$	6.20	 	 	$	5.90	 	 	$	6.09	 	 	 	477,100	 	 	$	6.09	 
	3-Oct-03
	 	$	6.31	 	 	$	6.39	 	 	$	5.97	 	 	$	6.09	 	 	 	592,600	 	 	$	6.09	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	$	435.25	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	62	 	 	Trading Days	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	$	7.0202	 	 	Avg Stock Price	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 







			
	 	 	 
	
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