Plan. If you take the time to read the filing essentailly all it does is goes back and lowers the price that employees paid for the company's stock in 2004 to a new price which reflects the decline in the share price. Essentially the company is saying that we will replace $10.00 stock with $3.54 dollar stock. No shares are being bought or sold here. It's a paper change. Act accordingly.
There's nothing to load up on. It replaces existing higher price shares with lower priced shares. Also it says that the company's management considers the stock to be worth $3.54/share or less. Wouldn't you had rather seen a $5.50 price on the stock? Why cap it at such a low price if it's worth more?