Replies to post #126 on Wave Systems Corp. (fka WAVXQ)

[HhH]

Snackman: Here is something substantive...

for your consideration:

In Quarter 1 of 2003, according to my calculations, which assume that the 2002 bonuses were paid in Q1, 2003 and that the "extraordinary" bonus to Mr. Feeney was also paid in that quarter, the total cash compensation paid to Mssrs. Sprague, Sprague, and Feeney amounted to eleven dollars short of $700,000. During that same quarter the company reported total revenues of $16,000. My calculator indicates, therefore, that the officers earned approximately $43.75 in CASH COMPENSATION for every dollar the company received in revenue. My own observation of this is perhaps a harsh one. I think it is a trifle much, given the situation the company finds itself in. But, of course, honorable men may differ in their opinions.

HhH