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To: Kenith Lee who wrote (5890)	4/30/1998 12:30:00 PM
From: Kevin K. Spurway	Read Replies (3) \| Respond to of 6843

Kenith, Exactly. Even if the options do expire after five years, it simply means that Intel executives are exercising in the money calls by BUYING stock from Intel. If they were required to sell the stock right after they bought it (which they clearly aren't), that would defeat the whole purpose of the employee stock option plan (providing performance incentives). So, I think its safe to conclude that this has nothing to do with option expiration. On the other hand, executives at successful companies sell off portions of their holdings all the time. It's not uncommon, and as we all no there is no proven correlation between insider sells and stock price declines. For these execs, selling a portion of their holdings is smart, too--you don't want to keep all your eggs in one basket, after all. In a company like Intel where there are lots of high level managers with lots of in the money options, you can expect to see insider selling ALL the time. It would be significant only if the insiders were selling all or most of their positions (including options) in Intel. Kevin

To: Kenith Lee who wrote (5890)	4/30/1998 10:54:00 PM
From: Elmer	Respond to of 6843

<Does it occur to you that some Intel insiders knew the expiry and carefully institutes the buyback(s) to line their pockets? Don't you think Andy has lots to do with this (announce step down and buyback together)?> Of course it occured to me, but I prefer to look a little deeper. EP

To: Kenith Lee who wrote (5890)	4/30/1998 11:28:00 PM
From: Paul Engel	Read Replies (1) \| Respond to of 6843

Kenny - Re: " I am disappointed that the Intellopers kept so quiet on this while bashing on Jerry's opinion deal. Double standard? " Intel management, by selling their stock, gets to participate in the same financial success that their hard work has provided for Intel investors. Intel has made profits of over $1 Billion/quarter for the past 6 quarters. Assuming these options were granted 4 or 5 years ago (typical vesting times for employee stock options), Intel's stock has risen from $18 in 1994 to $80 today. That is a 444% RETURN on these insiders' hard and successful work. We shareholders have enjoyed the fruits of their labor...and now these Intel insiders are doing the same. You probably feel the same way about the hard work and great financial gain that AMD insiders have provided investors over the same time period. You might want to check AMD's stock price in April 1994 to see how well Sanders and AMD employees have done for EXTERNAL shareholders. Paul