Sorrento Starts Stock Program

Sorrento Networks announces employee stock option exchange program

April 4, 2002

1 Min Read

SAN DIEGO -- Sorrento Networks (Nasdaq:FIBR - news), a leading supplier of end-to-end, intelligent optical networking solutions for metro and regional applications, today announced that its Board of Directors has approved an employees' stock options exchange program. Options held by the company's executives and officers are not included in the exchange program. "Sorrento Networks employee stock options were granted to provide performance-based recognition and incentives to dedicated employees," said Phil Arneson, Sorrento's chairman, CEO and president. "The present economic environment has severely diminished the intent and impact of these stock option grants. Our employees are extremely dedicated and deserve the opportunity to participate in the future success of the company." Under the program, employees holding options to purchase Sorrento Networks Corp. common stock will be given the opportunity to exchange certain of their existing options, those with exercise prices above $7.50 per share, for new options to purchase an equal number of shares of Sorrento common stock. The new options will be granted six months and one day after the cancellation of the old options. The exercise price of the new options will be the last reported trading price of Sorrento common stock on their grant date. Options for approximately 1.4 million shares of Sorrento Networks Corp. common stock are eligible for participation in the program. Sorrento Networks Corp.

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