Adobe 2007 Annual Report Download - page 92

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92
Information regarding the stock options outstanding at November 30, 2007, December 1, 2006 and December 2, 2005 is
summarized below.
Number
of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value*
(millions)
As of November 30, 2007
Shares outstanding.......................... 47,742 $ 28.47 4.36 years $ 654.2
Shares vested and expected to vest. 43,067 $ 27.68 4.19 years $ 623.8
Shares exercisable .......................... 29,387 $ 23.77 3.38 years $ 539.8
As of December 1, 2006
Shares outstanding.......................... 61,731 $ 24.19 4.44 years $ 936.8
Shares vested and expected to vest. 58,713 $ 23.82 3.80 years $ 912.7
Shares exercisable .......................... 38,944 $ 20.58 3.39 years $ 731.0
As of December 2, 2005
Shares outstanding.......................... 65,251 $ 21.76 4.18 years $ 862.1
Shares vested and expected to vest. 62,650 $ 21.51 3.41 years $ 843.6
Shares exercisable .......................... 42,099 $ 19.32 2.77 years $ 659.9
*The intrinsic value is calculated as the difference between the market value as of end of the fiscal year and the exercise price of
the shares. As reported by the NASDAQ Global Select Market, the market values as of November 30, 2007, December 1, 2006
and December 2, 2005 were $42.14, $39.35 and $34.97, respectively.
All stock options granted to current executive officers are made after a review by and with the approval of the Executive
Compensation Committee of the Board of Directors. All members of the Executive Compensation Committee are
independent directors, as defined in the rules applicable to issuers traded on the NASDAQ Global Select Market.
The Directors Plan provides for the granting of nonqualified stock options to non-employee directors. Option grants are
limited to 25,000 shares per person in each fiscal year, except for a new non-employee director to whom 50,000 shares are
granted upon election as a director. Options granted under the Directors Plan have a ten-year term. Options granted prior to
March 28, 2006 are exercisable and vest over three years: 25% on the day preceding each of our next two annual meetings of
stockholders and 50% on the day preceding our third annual meeting of stockholders after the grant of the option. Options
granted on or after March 28, 2006 vest over four years: 25% on the day preceding each of our next four annual meetings.
The exercise price of the options that are issued is equal to the fair market value of our common stock on the date of grant.
Options granted to directors for fiscal 2007, 2006 and 2005 are as follows:
2007 2006 2005
Options granted to existing directors 250 200 400
Exercise price.................................. $ 42.61 $ 35.95 $ 29.74
Options granted to new directors .... — 50 50
Exercise price.................................. — $ 35.25 $ 26.83
The weighted average fair value of employee stock purchase shares granted during fiscal 2007, 2006 and 2005 was
$12.03, $8.09 and $9.08, respectively.