| NOTE N - SUBSEQUENT EVENTS |
| [1] |
On
January 9, 2018, the Company sold its allowed general unsecured claim of $37,500,000 against Avaya, Inc. (see Note I[1] hereof)
for $6,320,000 to an unaffiliated third party. |
| [2] |
On
January 16, 2018, the Company revised and closed its settlement with defendant Juniper Networks, Inc. ("Juniper")
with respect to patent litigation in the United States District Court for the Eastern District of Texas (See Note I[1] hereof).
The Company agreed to revise the settlement to avoid the possibility of protracted litigation regarding enforcing the settlement.
Under the terms of the revised settlement, Juniper paid the Company $12,700,000 and received a fully-paid license to the Company's
Remote Power Patent (and certain other patents owned by the Company) for its full term, which will apply to its sales of PoE
products. |
| [3] |
On
February 9, 2018, the Board of Directors of the Company, pursuant to its dividend policy (see Note M above), declared a semi-annual
cash dividend of $0.05 per common share which is payable on March 24, 2018 to all common stockholders of record as of March
3, 2018. |
| [4] |
On
March 8, 2018, the Company issued 15,000 restricted stock units to each of its three non-management directors as a grant for
the year 2018. Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.
The restricted stock units vest in four equal quarterly amounts of 3,750 shares of common stock on March 15, 2018, June 15,
2018, September 15, 2018 and December 15, 2018, subject to continued service on the Board of Directors. |
|