Replies to post #9595 on GTC Biotherapeutics (fka GTCB)

[croumagnon]

Re: Current Insider Shareholdings and Options

The amount of options held by the officers is impressive, especially for Cox. You point out that most of these options are exercisable at a price greater than $1, which is nice to know at this stage...

Regarding that however, what would be required for them to reprice the exercise price of these options downwards? Would they need shareholder approval? Is it easier for them to do so by asking for a Reverse Stock Split and adjusting the option exercise price more radically than the Reverse Stock Split ratio?

[DewDiligence]

Exercise Prices of Executive Options

Below are all options held by executive officers
according to Form DEF14a for the 2007 annual
meeting and subsequent Form-4 filings. To compute
the diluted share count for valuation purposes
(#msg-27519023), I include only options exercisable
at <=$3 Not shown below are options held by GTC’s
non-executive directors and options held by Dick
Scotland, SVP Regulatory Affairs (because these
were not contained in Form DEF14a); however, the
total options held by these individuals are shown in
#msg-28111868.

 
 Geoffrey Cox, CEO           75K @0.63 
                             90K @1.03 
                             88K @1.04 
                             22K @1.18 
                            125K @1.45 
                             75K @1.71 
                             15K @1.89 
                              1K @2.25 
                            125K @3.80 
                             75K @3.96 
                            285K @8.00 
                             15K @8.81 
                            ==== 
                            991K 
   
   
 John Green, CFO             25K @0.63 
                             35K @1.03 
                             23K @1.04 
                             22K @1.18 
                             50K @1.45 
                             39K @1.71 
                              1K @2.25 
                             50K @3.80 
                             25K @3.96 
                             26K @4.56 
                             35K @5.03 
                             25K @7.38 
                             25K @9.13 
                             33K@17.31 
                            ==== 
                            414K 
   
   
 Harry Meade, SVP Research   25K @0.63 
                             50K @1.03 
                             45K @1.04 
                             45K @1.45 
                             39K @1.71 
                              1K @2.25 
                             50K @3.80 
                             25K @3.96 
                             21K @4.56 
                             20K @5.03 
                              5K @7.38 
                             24K @9.13 
                             33K@17.31 
                            ==== 
                            383K 
   
   
 Greg Liposky, SVP Oprtns    25K @0.63 
                             50K @1.03 
                             45K @1.04 
                             45K @1.45 
                             55K @1.71 
                              1K @2.25 
                             50K @3.80 
                             35K @3.96 
                             25K @5.03 
                             12K @6.13 
                             13K@17.31 
                             13K@31.06 
                            ==== 
                            371K 
   
   
 Dan Woloshen, Gen. Counsel  35K @0.63 
                             25K @1.03 
                             35K @1.04 
                             45K @1.45 
                             27K @1.71 
                              1K @2.25 
                             35K @3.80 
                             25K @3.96 
                             18K @5.03 
                             15K @5.56 
                             13K@17.31 
                             13K@31.06 
                            ==== 
                            287K

[DewDiligence]

Current Insider Shareholdings and Options

[Updated for 10K/A filing on 4/25/08. Other than the options
granted with an exercise price of 0.63 on 3/7/08 (#msg-27509339),
all options have an exercise price greater than 1.00. Please
see #msg-28527550 for actual exercise prices.]

 
  
 Executive Officers  
 Geoffrey Cox, CEO          450K shares   991K options 
 John Green, CFO            157K shares   414K options 
 Harry Meade, SVP Research  165K shares   383K options 
 Greg Liposky, SVP Oprtns    76K shares   371K options 
 Dan Woloshen, Gen. Counsel 109K shares   287K options 
 Dick Scotland, SVP Regltry  98K shares  *267K options 
 -- 
 Six executive officers   1,055K shares 2,713K options

 
 Non-executive directors  
 Robert Baldridge             5K shares   105K options 
 Kenneth Bauer                 0 shares    53K options 
 Christian Béchon            28K shares    38k options 
 Francis Bullock             14K shares   143K options 
 James Geraghty              93K shares   163K options 
 Mary Ann Gray               11K shares    15K options 
 Michael Landine               0 shares    68K options 
 Pamela McNamara             10K shares    68K options 
 Marvin Miller               10K shares    68K options 
 Alan Tuck                   16K shares    73K options 
 -- 
 Ten non-executive directrs 187K shares   794K options

 
 All officers/directors   1,242K shares 3,507K options

*Because Scotland’s detailed options holdings are not shown in GTC’s SEC filings, the number of options shown above is an estimate.