Wave Systems Corp. (fka WAVXQ)

[scorpio_esq]

These fees refer to what is paid by the customers in two different sets of circumstances, which I will try to differentiate -- without getting overly complicated, when an enterprise has its own internal network which is thevsitus of the TPM-equipped PCs, it will want, presumably to itself handle the trusted PC management functions internally, by its on IT staff, on its own enterprise servers. For this, it will get a license from Wave, and fork up the $10. For the trusted TPM-equipped PCs that are not managed by an enterprise customer, and have to be managed by Wave, the $30 per seat per year fee applies. The real, and only relevent question is predicting the breakdown among total managed trusted PCs between those managed by enterprise customers (the GMs and Merrill Lynches of the world, hopefully), and those not a part of any enterprise's internally managed network.