What a (F******) screwed company!
<<...in order for the Company to continue to meet our objective of securing, motivating, and retaining qualified officers and employees, and of compensating non-employee directors. >>
What about DEVELOPMENT OBJECTIVE?
14A:
PROPOSAL NO. 3: AMENDMENT TO 2000 LONG-TERM INCENTIVE PLAN
On June 9, 2000, the Company’s shareholders adopted and approved the Company’s 2000 Long-Term Incentive Plan (the 2000 Plan) and 6,000,000 shares of Common Stock were reserved for issuance thereunder. An additional 5,000,000 shares were reserved under the 2000 Plan in June 2002. As of April 16, 2004 1,612,020 shares remained available for issuance under the 2000 Plan.
On April 2, 2004, the Board, at the recommendation of the Compensation Committee and subject to shareholder approval, adopted an amendment to the 2000 Plan to increase the maximum number of shares reserved for and available for issuance under the 2000 Plan to 18,500,000, of which 7,500,000 represent an increase over the number of shares previously reserved under the 2000 Plan. The purpose of this amendment is to replenish the number of shares available for grant as incentive awards in order for the Company to continue to meet our objective of securing, motivating, and retaining qualified officers and employees, and of compensating non-employee directors. |
