On January 1, 2003, Gel Inc. granted a maximum of 900 stock options to selected employees. The options are exercisable

On January 1, 2003, Gel Inc. granted a maximum of 900 stock options to selected employees. The options are exercisable beginning in 2007. The fair value of one option is estimated to be $2. The options vest based on the extent to which Gel’s sales increases from its 2002 base level:

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