This plan was adopted to ensure that all shareholders of the Company receive fair value for their common stock in the event of any proposed takeover of the Company and to guard against coercive tactics to gain control of the Company without offering fair value to the Company's shareholders. The Company currently has three stock option plans. The Company grants nonstatutory options to virtually all employees and restricted stock purchase rights to selective management. Nonstatutory options are granted at the fair market value of the Company's common stock at the date of grant, vest over a four-year period, are exercisable upon vesting and expire ten years from the date of grant. The Company has reserved 80,278,305 shares of common stock for issuance under the 1991 Plan.
All options expire ten years from the date of grant.
The options were granted at fair market value, vest over five years and expire ten years from grant. The Company reserved 1,250,000 shares of common stock for issuance under the 1997 Stock Plan. There are 781,000 shares of outstanding common stock subject to repurchase. The Company's 1986 Stock Option Plan and assumed plans due to acquisitions have terminated, and no further options may be granted under these plans. Options previously granted under these plans will continue to be administered under such plans, and any portions that expire or become unexercisable for any reason shall cancel and be unavailable for future issuance.