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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: DKR who wrote (1981)	1/28/1998 4:41:00 PM
From: Larry Brubaker	Read Replies (1) \| Respond to of 27311

DKR: Just speculating here, but is it possible that CR and Masuda were given options as part of their severance package? If so, the motivation for selling stock could be to raise the money to excercise options at lower prices.

To: DKR who wrote (1981)	1/28/1998 6:33:00 PM
From: John Curtis	Read Replies (1) \| Respond to of 27311

Hmmmmm....I'm not sure how C.R. & Masuda's options are set up, but from personal experience options which have VESTED to you must be exercised within a proscribed period of time once you leave the company. If you don't exercise them, you lose 'em. The typical exercise window is 60 days from point of resignation. Now having said that I went and pulled out the 1997 annual report and what did I find? Page F-14, section 8 entitled Stockholder's Equity: Stock Options and Warrants. 1st paragraph, next to last sentence. "Vested options(which I assume CR/Masuda had vest over a period of time), not exercised within 90 days of termination, are also cancelled and returned to the Plan." Does this account for CR/Masuda selling? It could if their options are part of the annual reports criteria. Just some idle thoughts while we wait. John~