Panera Bread 2003 Annual Report Download - page 52

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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
Treasury Stock
In the third quarter of 2000, the Company repurchased 109,000 shares of Class A Common Stock at an
average cost of $8.25 per share.
14. Stock-Based Compensation
The Company's equity compensation plans consist of the 1992 Equity Incentive Plan, the Formula Stock
Option Plan for Independent Directors, and the 2001 Employee, Director, and Consultant Stock Option Plan.
1992 Equity Incentive Plan
In May 1992, the Company adopted its Equity Incentive Plan (""Equity Plan'') to replace its Non-
QualiÑed Incentive Stock Option Plan. Under the Equity Plan, a total of 1,900,000 shares of Class A
Common Stock were initially reserved for awards under the Equity Plan. The Equity Plan was subsequently
amended by the Board of Directors and the stockholders to increase the number of shares available thereunder
from 1,900,000 to 8,600,000. Awards under the Equity Plan can be in the form of stock options (both qualiÑed
and non-qualiÑed), stock appreciation rights, performance shares, restricted stock, or stock units.
Formula Stock Option Plan for Independent Directors
On January 27, 1994, the Company's Board of Directors authorized the Formula Stock Option Plan for
Independent Directors, as deÑned in the related agreement. This plan authorized a total of 300,000 shares and
was adopted by stockholders on May 25, 1994. The plan authorized a one-time grant of an option to purchase
20,000 shares of the Company's Class A Common Stock at its closing price on January 26, 1994 to each
independent director. Each independent director who is Ñrst elected as such after the eÅective date of the
Directors' Plan shall receive, as of the date he or she is so elected, a one-time grant of an option to purchase
10,000 shares of Class A Common Stock at a price per share equal to the closing price of the Class A
Common Stock as reported by the NASDAQ/National Market System for the trading day immediately
preceding the date of the person's election to the board. In addition, annually all independent directors serving
in such capacity as of the last day of each Ñscal year receive an option to purchase up to 10,000 shares of
Class A Common Stock at the closing price for the day prior to the close of the Ñscal year. Each option
granted to the independent directors is fully vested at the grant date, and is exercisable, either in whole or in
part, for 10 years following the grant date.
2001 Employee, Director, and Consultant Stock Option Plan
At the annual meeting of stockholders on June 12, 2001, the Company's 2001 Employee, Director, and
Consultant Stock Option Plan was approved. Under the Company's 2001 Employee, Director, and Consultant
Stock Option Plan, a total of 2,000,000 shares of Class A Common Stock were authorized for issuance.
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