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Weighted average assumptions for the fiscal years ended October 31, 2008 and November 2, 2007 are as follows:
The table below shows the estimated effect of a 1% increase in health care cost trend rate on the following:
The table below shows the estimated effect of a 1% decrease in health care cost trend rate on the following:
The benefit obligation and funded status of this plan as of the fiscal year ended October 31, 2008 is as follows:
Expected payments for the postretirement benefits are as follows:
Stock Incentive Plan The Company’s 1999 Stock Incentive Plan (“the Plan”) was approved by the Board of Directors on January 11, 1999 and 275,000 options were granted on April 29, 1999. During fiscal year 2000, 25,000 options were canceled. Under the Plan, the maximum aggregate number of shares which may be optioned and sold is 900,000 shares of common stock, subject to adjustment upon changes in capitalization or merger. Generally, options granted under the plan vest in annual installments over four years following the date of grant (as determined by the Board of Directors) subject to the optionee’s continuous service. Options expire ten years from the date of grant with the exception of an incentive stock option granted to an optionee who owns stock representing more than 10% of the voting power of all classes of stock of the Company, in which case the term of the option is five years. Options generally terminate three months after termination of employment or one year after termination due to permanent disability or death. Options are granted at a fair market value determined by the Board of Directors subject to the following:
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