GRANT PAYMENTS

USING APPRECIATED STOCK

Basic Principles:

1.	Grant payments using appreciated stock will be recognized as a qualifying distribution up to the total amount of the approved grant award.

2.	Foundation will absorb commissions and fees.

3.	Foundation will absorb market risk if stock is sold the same day it is received.

4.	Measurement date

a.	Initial measurement date is the close of business on day prior to the day of the stock transfer.

b.	Final measurement date is the time of the sale of stock by the grantee. Grantee is required to sell stock on the same day such stock is received.