NeoMedia Technologies, Inc (NEOM)

[jonesieatl]

YJ, I think that's probably the case.

I am still trying to figure out how Chip had 20MM options TO do ANYthing with.

The answer to that can perhaps be found in the below from his employment contract , but I'm not sure because non of those terms would seem to add up to Chip having control over 20MM options in June of 2008.

The first case would seem to add up to 40MM , and the second would add up to perhaps 10MM. Ah, wait, he probably already got 5MM options from both (b) and (c) at the end of 2007 , for a total of 10MM. Then per (c) he would have "one half (½) of any remaining portion of the Unvested Initial Option to immediately become vested and exercisable".

The only problem there is, if he already got 5MM of those , one half of the remaining 15MM would only be 7.5MM.

Oh well, the elusive 2.5MM? lol , no biggie I suppose.

We've seen 'expired options' before and typically the form says 'expired'. So perhaps that leaves a little wiggle room as to what that filing is really about. Why would these options expire? Because it wouldn't make sense to exercise them at the current PPS?

http://www.sec.gov/Archives/edgar/data/1022701/000114420407030465/v077660_ex10-1.htm

(b) Terminations by the Executive For Good Reason. If the Executive terminates his employment for Good Reason pursuant to Section 5(d) hereof, the Company shall, promptly pay the Executive in a single lump sum an amount equal to eighteen (18) months of the salary payable to the Executive pursuant to and in accordance with Section 4(a) hereof. In addition, in the event of the Executive’s termination of employment for Good Reason, the Company shall cause the Initial Option and Performance Options to immediately become vested and exercisable. Finally, the Company shall also promptly pay to the Executive the amounts described in Section 6(a) as if the Executive’s employment had terminated for reasons other than by the Executive for Good Reason.

(c) Termination by the Company Without Cause. If the Company shall terminate the Executive’s employment without Cause pursuant to Section 5(c) hereof, the Company shall promptly pay the Executive in a single lump sum an amount equal to eighteen (18) months of the salary payable to the Executive pursuant to and in accordance with Section 4(a) hereof. In addition, the Company shall cause one half (½) of any remaining portion of the Unvested Initial Option to immediately become vested and exercisable.

Later!

jonesie