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Product Description
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SEC Filings
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Section 16 Filings Only
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OPTION GRANTS IN LAST FISCAL YEAR
The following table sets forth information with respect to the Named Executive Officers concerning grants of options during the fiscal year ended July 31, 2006:
|
Name |
Number of Securities Underlying Options Granted (a) |
% of Total Options Granted to Employees in Fiscal Year |
Exercise or Base Price ($/Sh) |
Expiration Date |
Grant Date Present Value (b) |
|
Jan H. Egberts, M.D. |
1,622,700 |
67% |
$1.70 |
9/26/2010 |
$1,441,000 |
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Gary A. Shangold, M.D. |
— |
— |
— |
— |
— |
|
Michael E. Spicer |
450,000 |
19% |
$1.65 |
4/18/2016 |
$491,000 |
|
Jean W. Frydman, Esq. |
— |
— |
— |
— |
— |
|
Barry C. Cohen |
— |
— |
— |
— |
— |
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Henry Kwan, Ph. D. |
— |
— |
— |
— |
— |
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(a) |
Options granted to Dr. Egberts and Mr. Spicer have an exercise price equal to the market price on the date of grant and a three-year vesting period with one-third of the option grant vesting on each annual anniversary of the grant date. Dr. Egberts’ and Mr. Spicer’s options have five-year and ten-year contractual terms, respectively. |
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(b) |
Options are valued using a Black-Scholes option pricing model that assumes the following: (i) For Dr. Egberts: expected volatility of 64%; dividend yield of 0%; expected term until exercise of 4 years; and a risk-free interest rate of 4.1% and (ii) For Mr. Spicer: expected volatility of 64%; dividend yield of 0%; expected term until exercise of 6.5 years; and a risk-free interest rate of 4.9%. |
AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR
AND FISCAL YEAR-END OPTION VALUES
The following table sets forth information with respect to the Named Executive Officers concerning the exercise of options during the fiscal year ended July 31, 2006 and the number and value of unexercised options held as of July 31, 2006.
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Name of Executive Officer
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Shares Acquired on Exercise (#)
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Value Realized ($)
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Number of Securities Underlying Unexercised Options at Fiscal Year End; (Exercisable/Unexercisable)
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Value of Unexercised In-the-Money Options at Fiscal Year End ($); (Exercisable/ Unexercisable) |
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Jan H. Egberts, M.D. |
— |
— |
0/1,622,700 |
0/0 |
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Gary A. Shangold, M.D. |
— |
— |
1,158,333/66,667 |
0/0 |
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Michael E. Spicer |
— |
— |
33,333/516,667 |
0/0 |
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Jean W. Frydman, Esq. |
— |
— |
33,333/0 |
0/0 |
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Barry C. Cohen |
— |
— |
166,666/33,334 |
0/0 |
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Henry Kwan, Ph. D. |
— |
— |
— |
— |
56
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