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The Exodus Procedures and Guidelines Governing Securities
Trades by Company Personnel (Exodus Procedures) states in
pertinent part:
It is illegal for any Director, officer or employee of
Exodus communications, Inc. (the “Company”), to trade
in the securities of the Company while in the
possession of material nonpublic information about the
Company. * * *
* * * * * * *
Violation of this policy or federal or state insider
trading or tipping laws by any Director, officer or
employee may subject a Director to dismissal
proceedings and an officer or employee to disciplinary
action by [Exodus] up to and including termination for
cause.
The Exodus Procedures contain no requirement that petitioner
return the stock to Exodus if he attempted to sell his stock in
violation of its insider trading policy.
On August 28, 2000, petitioner and Exodus entered into a
Settlement Agreement and General Release, effective as of August
4, 2000, under which petitioner ceased to hold the position of
Vice President, Marketing of Exodus. On December 21, 2000,
petitioner exercised his ISO to purchase 46,125 shares of Exodus
common stock. Petitioner’s employment with Exodus terminated on
December 31, 2000.
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Last modified: May 25, 2011