Adobe 2008 Annual Report Download - page 96

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96
Information regarding the stock options outstanding at November 28, 2008, November 30, 2007 and December 1, 2006
is summarized below.
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value*
(millions)
As of November 28, 2008
Shares outstanding .............
40,704
$
29.67
4.00 years
$
76.1
Shares vested and expected to
vest .........................
38,975
$
29.36
3.87 years
$
76.1
Shares exercisable .............
28,034
$
26.61
3.28 years
$
76.1
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
* 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 28, 2008, November 30, 2007
and December 1, 2006 were $23.16, $42.14 and $39.35, 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.
The Directors Plan (and starting in fiscal 2008, the 2003 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 2008, 2007 and 2006 are as follows:
2008 2007 2006
Options granted to existing directors ..........
250
250
200
Exercise price ............................
$
37.09
$
42.61
$
35.95
Options granted to new directors .............
—
—
50
Exercise price ............................
$
—
$
—
$
35.25
Summary of Employee Stock Purchase Shares
The weighted average fair value of employee stock purchase shares granted during fiscal 2008, 2007 and 2006 was
$9.56, $12.03 and $8.09, respectively. Employees purchased 2.4 million shares, 2.6 million shares and 2.1 million shares,