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This excerpt taken from the VOXW DEF 14A filed Oct 29, 2009. Introduction We are seeking stockholder approval of an amendment to our 2003 Plan to allow for a one-time option exchange program (“Option Exchange Program”) that would allow eligible employees and directors to exchange significantly “underwater” stock options for the issuance of new stock options exercisable for fewer shares of our common stock, with a lower exercise price that equals the fair market value of our common stock on the grant date. Underwater stock options have an exercise price which is greater than the market price of the underlying stock. We are proposing this program because we believe that it will provide a more cost-effective retention and incentive tool to our key contributors than issuing incremental equity or paying additional cash compensation to offset the adverse affect of these underwater stock options. |
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