Replies to post #142336 on Wave Systems Corp. (fka WAVXQ)

[UncleverName]

keV, absolutely no apologies called for. I missed the clause, and thinking it was the director clause.

Just to round this out, here are some numbers I have on this.

When I look at the numbers from 1994 – when the company went public - forward, and tally the options granted, exercised, cancelled, and the current balance, this is what I have:

Split adjusted – these numbers are from the 10Ks:

Granted                9,364,610 
 Exercised Class A      1,749,213 
 Exercised Class B        230,677 
 Expired or Forfeited   3,160,395 
 Balance                4,825,928

So far, in part because the company has had tough times, 32% of the grants have expired. The numbers don't tie out, because there were some grants, about 600K, before the company went public included here in exercised or expired.

The reason I use 1994 forward is that clearly there were more grants than the 6,833,333 options allowed. That is because the clause you were looking at allows them to recycle those options – but they must be reissued at the current criteria for the grant.

I haven't read all of today's posts, so this most likely was addressed, but to mymoneybgone, this clause was in there in 2004, it is not new language, and you are welcome to read all the iterations of the 1994 ESOP, I'll take a pass.

Unclever