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Crying over spilt milk?

Tekelec (TKLC), which finally got around to reporting its results for the quarter ended March 31 late yesterday and whose stock is down about 10% so far today, had this interesting exhibit buried in the Q.

It seems that former CEO Fred Lax, who left the company on January 1 after receiving severance of $1.57 million, was unhappy about restrictions on another chunk of change he was due: nearly 150,000 options at $8.54 a share, which would have added roughly another $500K to the deal (even more if you go back a bit further). But because Tekelec had announced back in February that it was restating three years of earnings and taking a $51 million charge, there was a lock-down on executives exercising options, which according to the exhibit, prompted Lax to say he had "been deprived of a substantial benefit." The agreement extended Lax’s ability to exercise the options until July 1.

As for investors, who have watched the stock lose about 40% since last fall, there’s no such luck. Too bad we can’t say the same for the guy who was calling the shots when the company had to restate 3 years worth of earnings.