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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: Benkea who wrote (2177)	10/13/1998 7:37:00 PM
From: jjs_ynot	Read Replies (1) \| Respond to of 3627

And therefore Mr. Silverman was handed a gift of about $250 Million for running the stock price into the ground. Nice work if you can get it.

To: Benkea who wrote (2177)	10/13/1998 8:18:00 PM
From: Thomas George Warner	Read Replies (2) \| Respond to of 3627

Lets tell a little bit more of the story, taken directly from the shareholders report. At FY end he had 46,300,002 options/SARS of which all were exercisable (page 18 of the shareholders report). On September 23,1998 the Compensation committee restructured approximately 25.8 options as follows 1) 33% will be cancelled 2) 33% will be reset at an exercise 50% above the new price but in no case less than $20 per share and 3) 33% will be reset at the new price. although all of Mr. Silvermans options were vested, the 17.2 million options that will be repriced will now become unexercisable and will vest at 25% per year over the next four years. END OF TEXT You seem to be mixing his shares obtained from HFS with those he has got since the merger. Not the same. Hope this clears up the matter.