 ,
 Several employees have asked about the exercise policy on stock options.  
Specifically, they want to know what the exercise policy is on i) termination 
eg as a result of the prc process, ii) voluntary departure, iii) retirement, 
or iv)resignation; and to what extent do the rules vary across plans: i) 
AESOP, LTIP, deferred bonus etc.  The main focus is on the length of time to 
exercise.  I am concerned that there may be some odd incentives in the 
structure -- eg are severed employees allowed more time to exercise than 
employees who just leave voluntarily ( ie if you want to have a full three 
years to exercise options are you better off becoming a performance issue and 
getting severed than you would be if you simply left the company?
cynthia.barrow@enron.com