SYPR » Topics » Item 8.01. Other Events.

This excerpt taken from the SYPR 8-K filed May 2, 2005.

Item 8.01. Other Events.

        On April 26, 2005, the Company established certain post-employment “grace periods” for exercising vested stock options previously granted to David D. Johnson, effective as of April 25, 2005, resulting in an immaterial, non-cash expense for the period; also effective as of April 25, 2005, the Company acted to vest all “underwater” stock options held by executive officers and other employees in order to reduce compensation expenses in future years by amounts which in the aggregate are immaterial.


        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


May 2, 2005   /s/ John R. McGeeney                                                  
John R. McGeeney
Secretary/General Counsel
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