There is no IRS requirement that the option exercise price has to be the market value on the day of grant. The only tax requirement is that incentive options (which the Castellini options are not ) must have an exercise price at least equal to market value.All options, incentive and nonqualified, can be granted with an exercise price higher than current market value. This however is not the point to quibble about. The outrage is the fact that Castellini was granted 100,000 shares in Nov. at all. Grants are made once annually and he had already gotten a grant of 195,000 shares in Jan. As said earlier and your message agrees withs this, why is he staying as Chairman? From a substantive as well as a cosmetic standpoint,this is a major negative for BD and is one of the points that should be made by shareholders at the Feb. 8th annual meeting.