eli74,
Re.: "...Joe Horning..."
If you refer to last week's Proxy Statement (1/28/2000), you will see who Joe Horning is and why he is filing. Note the stock options he has been accumulating as VP of Engineering and Standards. He should have been working hard with OEM's is qualifying VLNC batteries so that VLNC holders can be rich. Ram
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DEF 14A DEFINITIVE PROXY STATEMENT - NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
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COMPENSATION
ANNUAL COMPENSATION OTHER AWARDS
---------------------------- ANNUAL -------------- ALL OTHER
COMPEN- OPTIONS COMPEN-
NAME AND PRINCIPAL POSITION FISCAL YEAR SALARY($) BONUS($) SATION($) (1)(#) SATION($)
--------------------------------------- --------------- -------------- ----------- ------------ --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lev M. Dawson.......................... 1999 274,208 - - - 31(2)
Chairman of the Board, Chief Executive 1998 82,923 - - 1,000,000 9,762(3)
Officer and President 1997 - - - - -
Joseph P. Hendrickson (4).............. 1999 186,717 - - 90,000 -
Former Senior Vice President 1998 37,019 - - 150,000 -
Operations 1997 - - - - -
R. Joseph Horning...................... 1999 156,872 - - 52,818 -
Vice President, Engineering & 1998 145,600 - - 44,762 42(2)
Standards 1997 145,600 - - 44,442 -
George W. Adamson...................... 1999 114,691 - - 98,215 50(2)
Vice President, Process Engineering 1998 78,884 - - 40,500 50(2)
& Development 1997 16,154 - - 4,500 -
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BENEFICIAL OWNERSHIP(1)
-------------------------
NUMBER OF PERCENT OF
BENEFICIAL OWNER SHARES TOTAL
----------------------------------------------------- ----------- ------------
<S> <C> <C>
Carl E. Berg (2)
10050 Bandley Drive, Cupertino, CA 95014.... 4,393,265 12.7%
Lev M. Dawson (3)
301 Conestoga Way, Henderson, NV 89015...... 2,009,002 5.8
Alan F. Shugart (4)......................... 381,488 1.1
R. Joseph Horning (5)....................... 210,284 *
George W. Adamson (5)....................... 81,909 *
Bert C. Roberts, Jr. (6).................... 90,000 *
All directors and executive officers as a group (9
persons) (7)................................ 7,311,782 21.14%
<FN>
---------------------
* Less than one percent (1%)
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OPTION GRANTS IN LAST FISCAL YEAR
INDIVIDUAL GRANTS
----------------------------------------
POTENTIAL REALIZABLE VALUE
PERCENT OF TOTAL AT ASSUMED ANNUAL RATES
OPTIONS OPTIONS GRANTED OF STOCK PRICE APPRECIATION
GRANTED TO EMPLOYEES IN EXERCISE EXPIRATION FOR OPTION TERM(3)
NAME (#) (1) FISCAL YEAR (2) PRICE ($/SH) DATE ----------------------------------
--------------------------- 5% ($) 10% ($)
<S> <C> <C> <C> <C> <C> <C>
Lev M. Dawson - - - - - -
Joseph P. Hendrickson 90,000 4.4% 4.94 05/07/08 279,465 708,219
R. Joseph Horning 15,529 0.8% 4.81 03/30/08 46,999 119,106
9,155 0.4% 5.75 06/29/08 33,106 83,897
20,000 1.0% 3.75 09/11/08 47,167 119,531
8,134 0.4% 6.31 12/28/08 32,291 81,832
George W. Adamson 35,000 1.7% 4.94 05/07/08 108,681 275,419
30,000 1.5% 5.69 06/30/08 107,305 271,932
20,000 1.0% 3.75 09/11/08 47,167 119,531
2,474 0.1% 4.13 09/28/08 6,418 6,265
10,741 0.5% 6.31 12/28/08 42,641 108,060
<FN>
----------------------------
(1) Options granted in fiscal 1999 generally vest over four years, with 1/16
of the shares vesting each quarter and with full vesting occurring on the
fourth anniversary date. See "Executive Compensation" on page 14 of this
report for a description of severance agreements and how they affect the
vesting of options for Mr. Hendrickson.
(2) Based on an aggregate of 2,066,632 options granted to employees, including
the Named Executive Officers, in fiscal year 1999.
(3) The potential realizable value is calculated based on the term of the
option at its time of grant, 10 years, compounded annually. It is
calculated by assuming that the stock price on the date of grant
appreciates at the indicated annual rate, compounded annually for the
entire term of the option and that the option is exercised and sold on the
last day of its term for the appreciated stock price.
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AGGREGATED OPTION EXERCISES IN
LAST FISCAL YEAR, AND FY-END OPTION VALUES
<CAPTION>
SHARES NUMBER OF VALUE OF UNEXERCISED
ACQUIRED UNEXERCISED OPTIONS IN-THE-MONEY OPTIONS
ON VALUE AT FY-END (#) AT FY-END ($)(1)
EXERCISE REALIZED ------------------------- --------------------------
NAME (#) ($) EXERCISABLE UNEXERCISABLE EXERCISABLE UNEXERCISABLE
----------------- --------- ------- ------------ ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Lev M. Dawson.... ......... 0 0 19,753 19,753 35,852 35,852
Joseph P. Hendrickson...... 0 0 147,500 0 238,906 0
R. Joseph Horning ......... 0 0 159,118 103,904 415,033 155,212
George W. Adamson ......... 0 0 34,937 108,278 70,737 202,765
<FN>
-------------
(1) Based on the fair market value of the Company's Common Stock as of March 28,
1999 ($6.875) minus the exercise price of the options multiplied by the
number of shares underlying the option.
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