From: Jerome Pella [JeromeP@orbitexdataservices.com]
Sent: Wednesday, October 30, 2002 4:23 PM
To: rule-comments@sec.gov
Subject: Stock Options Rule. (sr-nyse-2002-46)


I am not so sure this proposal will work.  For one thing the limit is too high 
at 20%.  For another, its' too complicated.  If Joe Six pac gets a letter from 
a company asking him to vote one way or the other first off he won't understand 
the verbiage, second off he'll throw it in the trash.  A better solution may be 
to eliminate stock options from a companies source of funds for employees.  If 
the honest board decides a CEO is worth a bonus, they buy the options and award 
them at that time.  The board of directors is supposed to be liable to the 
shareholders, correct? So why all the obfuscation? 

Jerome Pella
JeromeP@orbitexdataservices.com