Shares of Common Stock Purchased In The Open Market
Virginia G. Breen 2001 0
Francis J. Jules 2003 950
Michael J. Mardy 2003 10,000
Thomas H. Johnson 2006 5,000
Edward E. Lucente 2006 18,000
Joseph M. O'Donnell 2010 0
Jeffrey J. Fenton 2010 14,400
PEERLESS OWNERSHIP 1,059,528
The seven independent directors of ModusLink over a very long period of time have collectively purchased only 48,350 shares of ModusLink common stock, representing just 0.1% of the total outstanding shares.
What is absolutely remarkable is that Francis Jules, ModusLink's Chairman of the Board, who has been a director since 2003, has only bought 950 shares of common stock during the past nine years, while Virginia Breen who has been a Board member since 2001 has yet to buy a single share of ModusLink common stock. Peerless finds this revealing especially in light of the Board's continuous enthusiasm surrounding the Company's year after year promises and strategic plans to increase stockholder value. Stockholders of ModusLink should be wary of chronic promises with no results. Peerless would have expected the independent Board, if they really believed in their turnaround plans, to have increased their ModusLink common stock ownership commensurate with their purported level of optimism, in order to participate in the potential upside at the Company that they are now touting, again, to their stockholders.
Peerless continues to question the Board's confidence in, and commitment to, ModusLink's future prospects, due to their virtually nonexistent personal financial stake in the Company. Unlike Peerless and our fellow stockholders, who have risked their own money to purchase shares of ModusLink common stock, the independent Board has no "skin in the game." In comparison, Peerless owns 1,059,528 shares of ModusLink common stock, which is twenty times the amount of ModusLink common stock that the independent Board members in the aggregate have purchased.