Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

But nomad1, if they wanted they probably could have specified in the RS that the grant cap of 500K would not be reduced by the factor of the RS, but they did not, and it was reduced from 500K to 167K. Options held would have to be reduced by the factor of the RS, but not necessarily the grant cap. Just speculating, but it's logical.

Remember a prospective employee who his being offered an options package will look at the small float and realize that's to their advantage due to the potential for forward splits from a smaller float. They would care not about the RS.

My point remains. Forget about the factor of the RS. In 1998 the grant cap was 500K with a smaller float.