On October 15, 2010, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2011, 20 million stock options were granted, exercisable for 20 million shares of Ensor's $1 par common stock. The options are exercisable between January 1, 2014, and December 31, 2016, at 81% of the quoted market price on January 1, 2011, which was $16. The fair value of the 20 million options, estimated by an appropriate option pricing model, is $6 per option.
Two million options were forfeited when an executive resigned in 2012. All other options were exercised on July 12, 2015, when the stock's price jumped unexpectedly to $20 per share.