Wave Systems Corp. (fka WAVXQ)

[goin fishn]

Options-too much, too soon, too open ended

I vote no, unless there is a restructuring of the proposal. I can see the need for options to attract more good employees, but the plan as it is currently structured is potentially too dilutive to the loyal shareholders. Some of you have waited 10 years or more and suffrered through huge dilution and a reverse split. I don't blame you for your opposition to the plan.

We need a limited options plan, until break even is achieved. Until then, we just don't know how many PPs will be needed, and how much more dilution will occur from them. To ask for this much more potential dilution on top of that which we have suffered in the last couple of years is too much right now. We could attract enough new talent with just a couple of million shares in the plan, until we are assured that the PPs are a thing of the past.

Why not cut it to just what we need for recruiting for the next two years, then come back to us at that time?

Management has had a shot at options, they chose to exercise and sell, while we were left with dilution and the RS. We should be next in the reward line right now.