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heir liquidation preference. Based on discussions with management, all preferred shares shall accrue non-cumulative dividends as and if declared by the Board of Directors on an annual basis. If declared, all preferred shareholders (i.e. Series 5, 4, 3, 2,1-A, and i-C) shall be entitled to receive dividends at the rat
n restricted stock studies that have been published since 1991. These studies include the following: RESTRICTED STOCK STUDIES PUBLISHED SINCE 1991 William L. Silber 1981 — 1988 69 33.8% Management Planning , Inc. 1980 -1996 49 27.7% AMY (two-year holding period transactions) 1980 -1997 243 22.3% Hertzel
heir liquidation preference. Based on discussions with management, all preferred shares shall accrue non-cumulative dividends as and if declared by the Board of Directors on an annual basis. If declared, all preferred shareholders (i.e. Series 5, 4, 3, 2,1-A, and i-C) shall be entitled to receive dividends at the rat
n restricted stock studies that have been published since 1991. These studies include the following: RESTRICTED STOCK STUDIES PUBLISHED SINCE 1991 William L. Silber 1981 — 1988 69 33.8% Management Planning , Inc. 1980 -1996 49 27.7% AMY (two-year holding period transactions) 1980 -1997 243 22.3% Hertzel
heir liquidation preference. Based on discussions with management, all preferred shares shall accrue non-cumulative dividends as and if declared by the Board of Directors on an annual basis. If declared, all preferred shareholders (i.e. Series 5, 4, 3, 2,1-A, and i-C) shall be entitled to receive dividends at the rat
n restricted stock studies that have been published since 1991. These studies include the following: RESTRICTED STOCK STUDIES PUBLISHED SINCE 1991 William L. Silber 1981 — 1988 69 33.8% Management Planning , Inc. 1980 -1996 49 27.7% AMY (two-year holding period transactions) 1980 -1997 243 22.3% Hertzel
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