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Still, Simon Property's 1998 incentive plan states that the board can amend it without shareholder approval only if such a vote is not required "by law, regulation or listing requirement".
One reason is the requirement that compensation committees consist entirely of independent directors, introduced as a listing requirement by the New York Stock Exchange in the wake of the corporate scandals at the start of the decade.
Three weeks later, with shares at $1.15, Excite's SEC filing of the second-quarter financials again detailed the brutal facts, accented with the unequivocal: "We do not currently meet the Nasdaq's continued listing requirement".
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"The disclosure became worthless," says Mr Clapman.The new listing requirements of the NYSE and the Nasdaq require firms to get shareholder approval for all stock-option plans.
The Open Market's listing requirements are light touch.
This "second board" will have looser listing requirements, enabling smaller, younger companies to raise capital.
Both companies trade on the over-the-counter bulletin board, which has no listing requirements.
Investors are also expecting the company to issue new shares to meet FTSE listing requirements.
Listing requirements and the trading system are similar to those of the London Stock Exchange.
This equity reduction was necessary for Oracle Japan to comply with the listing requirements of the Tokyo Stock Exchange.
Some of the firms listing in London and Hong Kong were unable or unwilling to meet the listing requirements of American exchanges.
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CEO of Professional Science Editing for Scientists @ prosciediting.com