The Company generally considers grants to a broad group of executives and managers, including named executive officers, typically at regularly scheduled predetermined board meetings or at such other times as necessary for business purposes related to employee promotion, or retention, or new hires. The Company makes grants that are effective on or after the date when the “Administrator” (defined in the Plans as the Compensation Committee, or, for grants under a specified threshold made to certain employees, a committee of which the Chairman is the sole member) approves the grant. The Company does not time grants with respect to the release of positive or negative material information (“MNPI”), nor does the Company time disclosure of MNPI for the purpose of affecting the value of executive compensation.