Wave Systems Corp. (fka WAVXQ)

[rachelelise]

Ramsey

The company could have given employees restricted stock and they would be in the same boat as us. Many are doing that today since options need to be expensed now. Many tech companies needed to address options well out of the money and it is a legitimate issue. However one must realize that the options would have paid off if the company had succeeded. So I would not be in a rush to replace all those options with new ones (at a market strike price). Sort of defeats the intent. A number of companies who did reprice or egrant options did it thoughtfully such as converting into a smaller number or offering a strike price above the current market price. That would be a legitimate desing for current employees who may be getting relacements.

Finally take a look at the excercises in 2000. Whenn I realized that the big three got millions of dollars from excercising options, I lost a lot of sympathy as well.