Thank you.
I too wanted to comment on the comments of Mr. Davies. It's quite a remarkable paper, and I'm sorry you have to condense a lifetime of thinking into five minutes. I'd like to spend more time with it and get back to you rather than take the committee's time at this point.
In the brief time we have, I would like to ask Mr. McNaney about the stock option program and the reasons for the current taxation, as opposed to what you propose.
Do I take it this is an opportunity for employees, under the current structure, to purchase shares with after-tax dollars, or is it income? Are the shares they receive part of their remuneration, or is it both?