The option exchange described in this post has not launched. When the option exchange begins, Google will provide employees with written materials explaining the terms and timing. Eligible optionholders should read these materials carefully when they become available because they will contain important information about the option exchange. When the offer period begins, Google will file these materials with the Securities and Exchange Commission (SEC) as part of a tender offer statement. You will be able to obtain these written materials and other documents filed by Google with the SEC free of charge from the SEC's website at www.sec.gov . The $300 exchange price provided above is intended as an example only. We expect that the actual modification charge we take as a result of the option exchange will be determined based on the exercise price and number of options exchanged as well as the closing price of our stock on March 2, 2009, unless Google is required or opts to extend the offer period.