Ascolese stock options (again) represent NO DILUTION:
As we all know (or should know) Mark Ascolese was granted 1,600,000 PIOE stock options (as noted in the section below copied from the bankruptcy settlement plan). If he intends to settle those options, P10 can settle them for cash rather than issuing him PIOE shares (as noted in the BOLD section below). This is fine as it avoids any further dilution of P10 stock.
Mark Ascolese has agreed that (x) he will accept 1,600,000 in new stock options with respect to the Debtor’s common stock to be conferred on him on the Plan Effective Date in full satisfaction, settlement, and release of any and all claims he holds, or will hold, against the Debtor for unpaid compensation or restricted stock units through the Plan Effective Date, and (y) the 1,600,000 in new stock options will have an exercise price of the higher of either (i) $0.215 cents or (ii) the average share price of the Debtor’s common stock over the first five (5) stock trading days after the Plan Effective Date, provided however that Mark Ascolese must provide the Debtor’s board with notice of his intent to exercise any of the new stock options and the Debtor shall have the option, in its sole and absolute discretion, to settle the new stock options for cash in lieu of issuing stock
Also, earlier comments I made about wanting to keep the stock price of P10 down were totally WRONG. In fact, Ascolese would want as high a price as possible to get the most cash for settling his 1,600,000 stock options. So it will be either the $.30/share average from the first 5 days of grey market trading OR the $.424/share average from the first 5 days of trading on the OTC pink sheets. Therefore, its either $480,000 or $678,400 that P10 will have to fork over to Ascolese for those stock options, but NO DILUTION.
