Re: Options the real story
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Message: Re: Options the real story
Based on the March 31, 2010 10-K, Page 31 and adding in the June 30, 2010 new options I calculate the outstanding exercisable options to be as follows: Below is the data show on page 31 and a summary I constructed adding in the current options
Outstanding Equity Awards at Fiscal Year-End
|
Name |
|
Number of Securities Underlying Unexercised Options Exercisable |
|
|
Number of Securities Underlying Unexercised Options Unexercisable |
|
|
Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options |
|
|
Option Exercise Price |
|
Option Expiration Date |
|
||||
|
Alfred H. Falk |
500,000 |
- |
- |
$ |
0.155 |
12/8/13 |
||||||||||||
|
Robert Putnam |
250,000 |
- |
- |
$ |
0.155 |
12/8/13 |
Employment Agreements, Termination of Employment and Change in Control Arrangements
Mr. Putnam and Mr. Falk have no employment letter or agreement.
Director Compensation
Our directors are reimbursed for reasonable out-of-pocket expenses incurred in attending meetings of the board of directors and committee meetings. Employee directors do not receive any cash compensation for services as directors and have not received any equity compensation grants designated for such services. In addition, members of the board of directors who are not employees receive equity compensation grants as consideration for board and committee service from time to time. There is no established policy as to frequency or amount of equity compensation grants for non-employee directors.
The following table sets forth the compensation paid to our non-employee directors in 2010.
|
Name |
|
Fee Earned or Paid in Cash |
|
|
Option Awards (1) |
|
|
All Other Compensation |
|
|
Total |
|
||||
|
Allen Cocumelli(2) |
— |
$ |
16,637 |
— |
$ |
16,637 |
||||||||||
|
Renee Warden (3) |
— |
$ |
16,637 |
— |
$ |
16,637 |
||||||||||
|
Eric M. Polis (4) |
— |
$ |
16,637 |
— |
$ |
16,637 |
|
(1) |
The value listed in the above table represents the fair value of options on 250,000 shares granted to each person during the year and valued under ASC 718. Fair value is calculated as of the grant date using a Black-Scholes option-pricing model. The determination of the fair value of share-based payment awards made on the date of grant is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. Our assumptions in determining fair value are described in our audited consolidated financial statements for the year ended March 31, 2010, included in our Annual Report on Form 10-K. |
|
(2) |
At March 31, 2010 Mr. Cocumelli had option awards outstanding exercisable into 500,000 shares of common stock that were vested and exercisable. |
|
(3) |
During fiscal 2010 Ms. Warden provided accounting services unrelated to her role as a director or audit committee member and earned compensation of $2,625 not included above. At March 31, 2010 Ms. Warden had option awards outstanding exercisable into 500,000 shares of common stockof that were vested and exercisable. |
|
(4) |
At March 31, 2010 Mr. Polis had option awards outstanding exercisable into 550,000 shares of common stockof which 475,000 were vested and exercisable. |
Compensation Committee Interlocks and Insider Participation
The Compensation Committee of ourCompany’s Board of Directors was formed in June 2000 and is currently comprised of Directors, Allen Cocumelli and Eric Polis. None of these individuals was at any time during the fiscal year 2010, or at any time, an employee or officer of the Company. No executive officer of the Company serves as a member of the board of directors or compensation committee of any other entity that has one or more executive officers serving as a member of ourCompany’s Board of Directors or Compensation Committee.
CurrentPrior
06/30/1003/31/10Total
COCUMELLI ALLEN400,000
500,000
Total900,000
FALK ALFRED500,000
500,000
Total1,000,000
Polis Eric M50,000
550,000
Total600,000
WARDEN RENEE300,000
500,000
Total800,000
PUTNAM ROBERT325,000
250,000
Total575,000
_____________________
Total1,575,0002,300,0003,875,000
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