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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: The Phoenix who wrote (41343)	10/23/2000 2:46:31 PM
From: GVTucker	Read Replies (1) \| Respond to of 77397

The employee stock purchase program has absolutely nothing to do with the employee stock options program. One (employee stock purchase program) involves the issuance of shares to employees at 85% of the current market price. The other (the employee stock options program) involves giving employees options as part of their compensation.

To: The Phoenix who wrote (41343)	10/23/2000 2:50:42 PM
From: GVTucker	Read Replies (1) \| Respond to of 77397

Wait a second. I misread your post post. The shares for the ESPP have indeed been reserved. This is rather minor in the grand scheme of things, and I basically ignore it. For the employee stock option plan, all of those shares are dilutive. It doesn't matter if Cisco purchases options to hedge this, even though there are significant restrictions for Cisco regarding repurchases because of their extreme use of poolings.