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Gold/Mining/Energy : PYNG Technologies -- Ignore unavailable to you. Want to Upgrade?

To: James R Webber who wrote (4343)	8/16/1999 11:35:00 AM
From: Jack Rayfield	Respond to of 8117

Flo, I am glad that you found someone to make your post. I am sure you are not the only investor in Pyng that is willing to have patience and overlook what some would call deceptive promotion and decisions that are contrary to the general shareholders best interest for personal gain. And I am afraid that you are right, repricing of options is probably very common on the VSE. But the fact that it is common does not make it right. As for your statement "Do you expect the employee's to work for nothing?" I think repricing the options of the average employee at Pyng is not what infuriates most of us as they have virtually no control over what Pyng publishes in PRs or the strategic decisions made that effect the price. Yes, I think that Senior Management at Pyng's total compensation should be effected by the performance of the company on the one true measure that is truely independent- the share price. Mr. Jacobs claim of receiving no compensation is misleading in my opinion. Pyng Technologies is not the only company that he is associated with and it appears he receives some rent payments for Pyng facilities. Mr. Jacobs has made the decision to base his compensation on the rewards he thinks that Pyng stock will provide. No one asked for this arrangement as it is risky but since he holds the controlling interest in the company he could have structured the deal anyway he wanted without opposition. My point is stock options are not meant to provide base compensation so I think the argument of below market pay is a mute one. If people leave because they did not receive the expected reward from stock options issued them. In the senior managment ranks it is a direct reflection on strategic decisions that they have participated in making and is only fair. There should be consequences associated with not acheiving the stated goals of the company. I do expect Mr. Jacobs and Pyng's senior management to have the integrity to take the risk associated with their direct efforts in bringing the company's product to market that is inherent in the potential substantial rewards that the stock options issued to them represent. I have no problem with them being paid a base salary that reasonable and also receiving stock options that are priced so they will reward them in line with the rewards received by the general shareholders who have also taken a risk.