Under the terms of the plans, Mr. Krell can exercise options on up to 400,000 shares and sell the shares over a ten month period beginning on March 23, 2006. This would represent less than 21% of his current ISE holdings. In addition, he plans to donate charitable gifts of 40,000 shares during this period. Mr. Katz can exercise options on up to 236,000 shares and sell the shares over an eight month period beginning on March 23, 2006. In total, this would represent less than 19% of his current ISE holdings. Mr. Katz plans to donate a charitable gift of 7,000 shares on March 20, 2006.
Each of these plans was adopted during an authorized trading period when the individuals were not in possession of material, non-public information. Once the plans are executed, Mr. Krell and Mr. Katz will not retain any discretion over the shares traded as the broker administering the plan is authorized to trade the securities in volumes and at prices determined independently by the broker subject to the limitations set forth in the plan.
