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Technology Stocks : Zygo Corporation (ZIGO) -- Ignore unavailable to you. Want to Upgrade?

To: SKIP PAUL who wrote (628)	10/10/1998 4:35:00 PM
From: John Wasikowski	Respond to of 722

Found the following on Zygo's proxy statement on AOL's Edgar... OPTION TERMINATION, NEW GRANT AND RE-PRICING On August 18, 1998, the Company's Compensation and Stock Option Plan Committee ("the Committee") took the following actions. First it determined to terminate options to purchase an aggregate of 120,000 shares of Common Stock previously authorized for issuance to officers, and subsequently grant options to purchase an aggregate of 48,000 shares of Common Stock to the officers priced at an exercise price of $10.813, the closing price of the Common Stock on the date of the grant. Second, it determined to reprice options to purchase an aggregate of 110,000 shares of Common Stock previously authorized for issuance the non-officer employees at an exercise price of $10.813. The Committee felt that these actions were advisable given that the stock price had declined substantially since the date of the grant of such options and the options had lost much of their intended value in providing incentive to employees to work toward increasing the price of the Common Stock.