Anyone else notice this tidbit from the April 2, 1999 SEC filing:
"2. To approve an amendment to the Company's 1995 Stock Option Plan which
would (i) increase the number of shares issuable under such plan by an
additional 3,500,000 shares of the Company's common stock and (ii)
implement an automatic share increase feature pursuant to which the
share reserve under the Option Plan would be increased on the first
trading day in January each calendar year, beginning with calendar year
2002, by an amount equal to four and thirty-six hundredths percent
(4.36%) of the total number of shares of the Company's common stock
outstanding on the last trading day in December in the immediately
preceding calendar year, but not more than a specified maximum number
of shares per annual increase.
3. To approve a series of amendments to the 1995 Non-Employee Directors
Stock Option Plan, including (i) a 200,000-share increase to the number
of shares of the Company's common stock reserved for issuance under
that plan, (ii) the implementation of an automatic share increase
feature pursuant to which the share reserve under the Directors Plan
would be increased on the first trading day in January each calendar
year, beginning with calendar year 2002, by an amount equal to two
tenths of one percent (0.2%) of the total number of shares of the
Company's common stock outstanding on the last trading day in December
in the immediately preceding calendar year, but not more than a
specified maximum number of shares per annual increase, and (iii) an
increase in the number of shares of common stock for which stock
options are to be granted to newly-elected non-employee Board members
at the time of their election to the Board and an increase in the
number of shares of common stock for which continuing non-employee
Board members are to be granted stock options on an annual basis under
the plan.
4. To approve an amendment to the Company's Employee Stock Purchase Plan
which would (i) increase the number of shares issuable under such plan
by an additional 300,000 shares of the Company's common stock and (ii)
implement an automatic share increase feature pursuant to which the
share reserve under the Purchase Plan would be increased on the first
trading day in January each calendar year, beginning with calendar year
2002, by an amount equal to forty-three hundredths percent (0.43%) of
the total number of shares of the Company's common stock outstanding on
the last trading day in December in the immediately preceding calendar
year, but not more than a specified maximum number of shares per annual
increase."
Sounds to me like the possibility of an additional 4 million shares can be issued - not all at once but they are looking to authorize it. How does that compare on a percentage basis to current outstanding shares after the last offering? Anyone know?
MAGLAW |
