Upon joining Maple Tree Foods (MTF) on January 1, 2009, you were granted 3,200 nonqualified stock options under a 10-year plan with equal vesting over 4 years (i.e. 25% of the options vest every year). The stock price at the date of grant was $13.99. Table 1 below shows MTF stock prices on January 1, from 2009 to 2020.

Table 1 MTF Stock Price History January 1, 2009 to 2020 2009 2010 2011 2012 2013 2014 Jan. 1 $13.99 $10.90 $11.15 $11.45 $11.09 $12.83

2015 2016 2017 2018 2019 2020 Jan. 1 $15.75 $20.38 $22.82 $29.83 $34.85 $29.26

Questions:

1. How many options had become vested on January 1 of each of the following years: 2010, 2011, 2012 and 2013?
2. Could you and would you exercise 500 of your options on January 1, 2011? Why or why not?
3. What would have been your total gain:
   1. if you had exercised 500 options on January 1, 2016? and then
   2. if you had exercised all of the rest of your vested and unexercised options on January 1, 2018?
4. What happen if you hadn't exercise any of your options since you started with MTF and waited till January 1, 2019 to exercise all of your options?