The Company leases office and laboratory premises and equipment pursuant to operating leases expiring at various dates through 2003. The leases contain various renewal options. Certain other leases provide for escalation for increases in real estate taxes and certain operating expenses, as well as various renewal terms. The Company made no contributions to the plan for the year ended December 31, 1994. The vesting period of the options is determined by the Board of Directors and is generally five years.
Outstanding options expire after ten years.
The exercise price of options granted under the plan may not be less than the market price on the date of grant. In May 1996, an amendment was approved to increase the number of shares available for issuance from 950,000 options to 2,450,000 options. The vesting period of the options is determined by the Board of Directors and is generally five years. Outstanding options expire after ten years. The Company provides for income taxes using the liability method.