What difference does it make if it is "background" information, and in fact they absolutely say they are not going to get cash for their contracts effective starting January 1, 2012. It couldn't be any more clear. How could this be more clear?
in order to provide compensation to our chairman and chief executive officer for their ongoing services, in lieu of cash compensation required by their employment agreements, effective January 1, 2012. A little research would show that the terms of the preferred shares have changed since the Dec. 2011 meeting to accomodate the compensation of Chairman and CEO.
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