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To: scottocs who wrote (36906)8/11/2000 2:05:31 PM
From: James Simonick  Read Replies (1) of 40688
 
Q & A to Glenn

Concerning questions of interpretation dealing with the 8K statement (on page 3) concerning the option pool valuation, regarding the price dates,

the "Exercise Price") equal to the lesser of (a) the closing price of the Company Stock on the date preceding the execution of the Agreement and (b) the sixty day trailing average of the closing price of the Company Stock on the date preceding the execution of the Agreement.

Glenn has confirmed that the 60 day trailing average price period for setting the option exercise price has ended as of the contract date, 8-8-00. So the 60 day period is prior to the contract date, and therefore, management is rightly positioned and motivated to increase the stock price per share. However pervasive this misunderstanding could be, it should be understood correctly now. If in doubt about this, contact PNL.
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