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Technology Stocks : Ampex Corp: Digital Storage
AMPX 10.56-14.8%Feb 5 3:59 PM EST
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To: Stephen W. Leahy who wrote (506)11/6/1996 12:12:00 PM
From: Stephen W. Leahy   of 3256
 
And here's another interesting tidbit from the 3Q 10-Q:

In October 1996, the Company's Board of Directors approved the sale of
400,000 shares of common stock to the Company's Chairman and Chief Executive,
Edward J. Bramson, in order to provide him with an equity incentive for his
continued service to the Company. The purchase price for these shares was
$6.875 per share, which represented the fair market value of the shares on the
date the transaction was approved by the Board. Mr. Bramson acquired the shares
through a limited liability company formed and controlled by him, which
purchased the shares by paying $550,000 in cash and by issuing a five-year
promissory note for the balance. The promissory note bears interest at the
applicable federal rate, and is collateralized by the shares. The cash portion
of the purchase price was added to the Company's working capital in the fourth
quarter of 1996. A portion of the shares is subject to repurchase by the
Company in the event that Mr. Bramson ceases to serve as an officer and
director of the Company within certain periods expiring three years after the
date of sale.
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