Albertsons 2005 Annual Report Download - page 74

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
STOCK OPTION PLANS
The company’s 2002 Stock Plan and the SUPERVALU/Richfood Stock Incentive Plan allow the granting of
non-qualified stock options and incentive stock options to purchase shares of the company’s common stock, to
salaried employees at prices not less than 100 percent of their fair market value, determined based on the average
of the opening and closing sale price of a share on the date of grant. The company’s 1997 stock plan allows only
the granting of non-qualified stock options to purchase common shares to salaried employees at fair market value
determined on the same basis. In April 2002, the Board of Directors reserved an additional 3.8 million shares for
issuance under the 1997 plan. The company also has options outstanding under its 1983 and 1993 plans, but no
further options may be granted under these plans. The plans provide that the Board of Directors or the Executive
Personnel and Compensation Committee of the Board (the “Committee”) may determine at the time of granting
whether each option granted, except those granted under the 1997 plan, will be a non-qualified or incentive stock
option under the Internal Revenue Code. The terms of each option will be determined by the Board of Directors
or the Committee, but shall not be for more than ten years from the date of grant, generally with a vesting period
of zero to four years. Options may be exercised in installments or otherwise, as the Board of Directors or the
Committee, may determine.
Changes in the options granted, exercised and outstanding under such plans are as follows:
Shares
Weighted Average
Price per Share
(In thousands)
Outstanding, February 23, 2002 13,167 $20.69
Granted 2,885 28.27
Exercised (2,896) 17.44
Canceled and forfeited (151) 20.84
Outstanding, February 22, 2003 13,005 $23.10
Granted 2,716 17.70
Exercised (2,103) 17.36
Canceled and forfeited (1,779) 36.18
Outstanding, February 28, 2004 11,839 $20.92
Granted 3,154 30.37
Exercised (3,550) 19.68
Canceled and forfeited (139) 25.57
Outstanding, February 26, 2005 11,304 $23.88
F-28