Wave Systems Corp. (fka WAVXQ)

[UncleverName]

24601, [edited]

Okay, I see why I ignore this: You have 58,351 for SKS and 45,265 for Feeney in their employee stock plan.

I can never get the numbers to tie out in these reports from year to year.

For example in 2006 this number for SKS was 57,110... so he purchased 1,241 shares this past year? Wow. Hope he didn't hurt himself.

I think what is really happening, but need an SEC saavy filer to explain, is that the "shares" are really exercisable options or some such. Not what I think of as a bonafide SHARE.

I have SKS controlling 915,115 Class A and 14,034 Class B, with 846,221 of those being exercisable options... so I consider him to have 82,928 shares. In 1997, the first report after going public, he had 89,356 shares.

The 2006 report holds 41,604 in as employee stock for Feeney... an increase this year by 3,661 shares. With a $270,000 year salary, that must have hurt. Such confidence! He must have spent 2.5 to 3.0 percent of his $270,000 salary.

I have Feeney controlling 469,494 Class A with 404,499 of those being exercisable options... so I consider him to have 64,995 shares.

Btw, in 2000 Feeney exercised 200,000 PREsplit shares... 66,667 POST. He sold 33,333 in 2003. So there are 33,333 left from that exercise.

I think this Employee Stock Thang is a kludge. Just saying. Appears to me, until someone corrects me, that it's all Employee Stock Plan.

Unc