Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

I don't know why the 500K cap has to be such a scary proposition, when it was always 500K going all the way back to before the RS when the float was less than what it is now. The comp committee has never approved a 500K grant.

It's true the 1-3 RS reduced the cap to 167K and that can be viewed as a valuation issue, but still a 40M float is a 40M float whether it was back in 1998 before the RS or now 2007 after the RS.

It's ludicrous to think management will unduly dilute us by issuing options, they never have before. We can always push for revisions later, now that management will listen. Timing is bad on this contraversy w/ the need to do another PP.

My vote is still YES.