Wave Systems Corp. (fka WAVXQ)

[batmitzvahshiksa]

Yeah I can't figure it out.
I agree with you that he probably didn't exercise out of the money options. If he had, I think that would have showed up in a Form 4. Likewise, if he'd been granted additional options, it should have showed up in a filing. I can only think of 2 mechanisms: 1, which i mentioned previously, would be an ESPP buy, but by my estimation it would only account for about half the delta, and why would he hold onto those shares vs disposing of them immediately in July? 2) would be some kind of weird shares-in lieu-of salary, given Wave's cash constraints but, again, if I were being given shares, I would unload them as fast as I possibly could.

Maybe someone could ask Shephard to explain it on the Q3CC.