Friday, May 14, 2004 12:15:59 PM
This was the stock option plan that was approved by the shareholders not too long ago, so it isn't really anything new. Perhaps the reality is just now sinking in about the potential future dilution. One thing to note from the filing is the possible additional dilution is not 45 million. This plan replaces previous plans which were already accounted for. Here is the quote:
the maximum aggregate number of Shares that may be issued under the Plan is seventeen million, four hundred thousand (17.4 million) Shares plus: (i) the number of shares of Common Stock reserved under the Company’s the 1995 Stock Plan of NexGen, Inc., 1996 Stock Incentive Plan, the 1998 Stock Incentive Plan and the 2000 Stock Incentive Plan (the “ Prior Plans ”) that are not subject to outstanding awards under the Prior Plans on the date this Plan is first approved by the Company’s stockholders (the “ Effective Date ”), and (ii) the number of shares of Common Stock that are released from, or reacquired by the Company from, awards outstanding under the Prior Plans at the Effective Date.
So it looks to me like 17.4 million more shares could be granted than before, bringing the total to 45 million. I don't think any of the 45 million total is counted until the shares are actually granted to employees, so this dilution will happen over a period of several years as they give out incentives to employees.
HailMary
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