Yes, but 18 million shares? Here's the option summary from the latest DEF14A:
sec.gov
OPTION GRANTS IN LAST FISCAL YEAR
The following table provides information regarding the grant of stock options
during the fiscal year 1997 to the named executive officers.
<TABLE>
<CAPTION>
POTENTIAL REALIZABLE VALUE AT
ASSUMED ANNUAL RATE OF STOCK
PRICE APPRECIATION FOR OPTION
INDIVIDUAL GRANTS TERM(2)
------------------------------------------------------- ------------------------------
NUMBER OF
SHARES % OF TOTAL OPTIONS
COVERED BY GRANTED TO EXERCISE
OPTION EMPLOYEES IN PRICE
NAME GRANT(1) FISCAL YEAR ($/SHARE) EXPIRATION DATE 5% 10%
---- ---------- ------------------ --------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Stephen M. Case......... 100,000 1.7% $26.25 10/24/06 $1,650,848 $4,183,574
Robert W. Pittman....... 400,000 6.9% $24.63 10/16/06 $6,113,167 $15,568,676
100,000 1.7% $70.00 10/24/06 $0 $0
Bruce Bond.............. 20,000 0.3% $26.25 10/24/06 $330,170 $836,715
Theodore J. Leonsis..... 50,000 0.9% $26.25 10/24/06 $825,424 $2,091,786
Lennert J. Leader....... 50,000 0.9% $26.25 10/24/06 $825,424 $2,091,787
And these all look like they were granted 10/96.
If the increase is from the sale of 18 million shares from previously granted options that would represent a ~75% decline in insider holdings. From the same filing:
Stephen M. Case(5)(6).................................. 2,359,695 2.3%
Frank J. Caufield(7)................................... 169,800 **
Robert J. Frankenberg(7)............................... 20,000 **
General Alexander M. Haig, Jr.(7)...................... 179,360 **
James V. Kimsey(6)..................................... 1,052,391 1.0%
William N. Melton(6)................................... 390,000 **
Dr. Thomas Middelhoff(8)............................... 0 **
Robert W. Pittman(7)................................... 20,000 **
Daniel F. Akerson...................................... 0 **
Named Executive Officers Who Are Not Directors:
Bruce R. Bond(7)....................................... 0 **
Lennert J. Leader(6)................................... 533,439 **
Theodore J. Leonsis(6)................................. 319,302 **
All executive officers and directors as a group (14
persons)(6)........................................... 5,301,639 5.1%
By the way, this stuff may not be well accounted for, but you can see traces in the cash flow statements. |
