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Technology Stocks : CYPRESS Semiconductor (CY) -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (2265)	8/17/1999 2:07:00 PM
From: larry pollock	Respond to of 2694

I do not know the answer to that question If you look at the proxy statements for 1998 and 1997, you will note that CY's senior officers received a higher number of options in 1998 when compared to 1997. I do not know how to rationalize the increased options payout in 1998 given CY's operating blunder during the fourth quarter of 1998. As to your specific question, I encourage you to ask J. Daniel MCCranie on CY's investor forum.

To: BWAC who wrote (2265)	8/18/1999 3:39:00 PM
From: larry pollock	Read Replies (1) \| Respond to of 2694

Here is the answer to your question about options repricing. On page 34 of the 1998 annual report: "In January 1998, substantially all outstanding stock options with an exercise price in excess of $9.75 per share were cancelled and replaced with new options having an exercise price of $9.75 per share, the fair market value on the date that the employees accepted the repricing. A total of 10,464,000 shares were repriced. This repricing excluded the Board of Directors, the Chief Executive Officer and the Executive staff of Cypress." In addition, there was a similar repricing in January 1996, and the specifics are stipulated on the same page. Also, please read "Stock Based Compensation" on page 19 of the same annual report. Probably a lot of new BMW's and Mercedes' can be found in the Cypress parking lot. Or are those just lobsters crawling around (I hope no one is allergic to seafood).