Qualcomm 2005 Annual Report Download - page 38
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an exercise price of not less than fair market value of the stock at
the date of grant, vesting over periods not exceeding fi ve years and
exercisable for up to 10 years from the grant date. The Board of
Directors may terminate the 2001 Plan and/or the 2001 Directors’
Plan at any time though it must, nevertheless, honor any stock
options previously granted pursuant to the plans.
Additional information regarding our stock option plans and plan
activity for fi scal 2005, 2004 and 2003 is provided in our consoli-
dated fi nancial statements in this Annual Report in “Notes to
Consolidated Financial Statements, Note 8—Employee Benefi t
Plans” and in our 2006 Proxy Statement under the heading “Equity
Compensation Plan Information.”
Issuer Purchases of Equity Securities
On March 8, 2005, we authorized the repurchase of up to $2 billion of
the Company’s common stock with no expiration date. During fi scal
2005, we repurchased and retired 27,083,000 shares of our common
stock for $953 million. In connection with this stock repurchase pro-
gram, we have two put options outstanding at September 25, 2005,
with expiration dates of December 7, 2005 and March 21, 2006, that
may require us to repurchase 11,500,000 shares for $411 million
(net of the option premiums received). At September 25, 2005,
$636 million remained authorized for repurchases under our stock
repurchase program.