will the authorized be bumped to 114,000,000, has it already been bumped to 114,000,000
According to the 10K, 114M authorized.
Long Term Compensation
-----------------------------------------------------
Awards Payouts
------------------------------------ ----------------
(a) (b) (f) (g) (h) (i)
Name Year Restricted
and Ended Stock Shares LTIP All Other
Principal December Award(s) Underlying Payouts Compensation
Position 31 ($) Options ($) ($)
- - ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Robert P. Gordon, 1998 1,250,000 (n1) 16,809,122 (n2) -0- -0-
Chairman, CEO, Director 1997 -0- 15,000,000 -0- -0-
1996 -0- 2,220,000 -0- -0-
(n1) On December 4 ,1998, Mr. Gordon was issued 5,000,000 shares
of restricted common stock as long-term compensation. The shares are
considered fully-vested and would be eligible to receive dividends, if
any. Although the shares are restricted from resale, the dollar value
of this restricted stock award is required to be calculated for
purposes of this table by multiplying the closing market price of the
Company's unrestricted stock on the date of grant by the number of
shares awarded. Using the same formula, the value of the 5,000,000
restricted shares at year end was $2,187,500.
(n2) 1998 total includes 7,000,000 options granted in 1998, and a
total of 9,809,122 options originally granted in 1997 that were
repriced in 1998. Repricing details are as follows:
o 7,000,000 options originally granted on December 8, 1997,
with an original exercise price of $.30 per share, were repriced to
$.20 on January 27, 1998, and were further repriced to $.15 on April
20, 1998.
o 2,809,122 options originally granted on September 22, 1997,
with an original exercise price of $2.00 per share, were repriced to
$.30 on December 30, 1997 and further repriced to $.20 on January 27,
1998. |
