Wave Systems Corp. (fka WAVXQ)

[rachelelise]

Cygnuscap

At first glance, I also would want to know a lot more about why the stock pool and stock grant guidelines should be tripled following the 3 to 1 reverse split. I assume there will be information provided to explain why this is being recommended by the Board. (And this is not a set up to say that they just want more).

As for your other comments, do you have some benchmarks as to Director pay (in its various forms) to support your comments. I don't dispute them since I don't have benchmark data but it is also not clear that they are way above market.

As for bonuses, I only thought that part of the bonus was essentially "non performance" and is in essence deferred pay (presumably not guaranteed). Clealry there is a better way to characterize it.