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ValueVision Media, AŞ Message Board

  • EuclidAve EuclidAve Mar 24, 1998 3:54 AM Flag

    Veratti'e Stock Options

    The following is an excerpt from the Joint Proxy. Am I reading this wrong or does Mr. Veratti (who is currently NM�s CEO who is stepping down after the merger is complete) receive 700,000 vested stock options with a strike price of 1 penny?

    Proxy Excerpt

    Mr. Verratti presently holds 700,000 options which, following consummation of the Merger, will be exercisable at the lower of (a) $4.75 per share or (b) the closing price of National Media Common Stock upon consummation of the Merger, less $4.00 per share, but in no event less than $.01 per share.
    The estimated value of Mr. Verratti's stock options is based on the difference between $3.125 (the closing price of National Media Common Stock on December 31, 1997) and $.01.

    Perhaps some NM stockholder can tell us about all the wonderful things this man has done to justify such a fine reward?
    Well, he did line up the Cayman Island money and when that was not enough he did line up our money. Hell, let's give him a pat on the butt too.