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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 2
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 2000
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________________ to ____________________
Commission file number 00-26363
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INTERNET PICTURES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 52-2213841
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State or other jurisdiction (IRS Employer
incorporation or organization Identification No.)
1009 Commerce Park Drive Oak Ridge, Tennessee 37830
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (865) 482-3000
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Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.001 par value
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(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The aggregate market value of the voting stock held by non-affiliates of the
registrant as of March 1, 2001 was $39,397,685 (based on the average bid and ask
price of $0.609).
The number of shares outstanding of the registrant's common stock, $.001 par
value, as of March 1, 2001 was 65,952,645.
EXPLANATORY NOTE: THIS FORM 10-K/A AMENDMENT NO. 2 IS BEING FILED IN ORDER TO
AMEND INFORMATION PREVIOUSLY PROVIDED IN THE EXECUTIVE COMPENSATION TABLE
LOCATED IN PART III, ITEM 11.
PART III
ITEM 11. EXECUTIVE COMPENSATION
The table below sets forth summary compensation information for each of
the last two fiscal years with regard to our chief executive officer and our
four other most highly compensated executive officers who are referred to as
named officers.
Executive Compensation Table
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ANNUAL COMPENSATION
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LONG-TERM
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COMPENSATION
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RESTRICTED SECURITIES
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FISCAL YEAR STOCK UNDERLYING ALL OTHER
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NAME AND PRINCIPAL POSITION SALARY BONUS AWARDS OPTIONS COMPENSATION
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James M. Phillips (1) 2000 $424,992 $250,000 $ -- -- $ 22,487(2)
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Former Chairman and Chief 1999 393,044 550,000 -- -- 338,010(3)
Executive Officer
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Donald W. Strickland (4) 2000 194,385(5) -- -- -- --
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President and Chief Executive 1999 -- -- -- -- --
Officer
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John J. Kalec (6) 2000 239,747 75,000 -- -- --
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Former Chief Financial Officer 1999 176,532 200,000 -- -- --
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Steve Hicks (7) 2000 220,357 25,000 -- -- --
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1999 -- -- -- -- --
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Matthew S. Heiter 2000 244,794 -- -- -- --
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1999 -- -- -- -- --
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Jeffrey D. Peters (8) 2000 292,624 75,000 -- -- --
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1999 302,626 200,000 -- -- 18,442(9)
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Mark R. Searle (10) 2000 115,558 -- -- -- --
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1999 137,500 -- -- -- --
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(1) Mr. Phillips resigned as our chairman and chief executive officer on
May 25, 2001, but continues to serve as a consultant.
(2) This amount primarily consists of life insurance premiums we paid on
behalf of Mr. Phillips.
(3) This amount represents a relocation expense of $190,794 and life
insurance premiums of $24,195 we paid on behalf of Mr. Phillips.
(4) Mr. Strickland was named our chief executive officer effective as of
May 25, 2001.
(5) Mr. Strickland joined us in April 2000.
(6) Mr. Kalec resigned as our chief financial officer effective as of
May 31, 2001.
(7) Mr. Hicks served as our chief administrative officer from February
2000 to May 2001.
(8) Mr. Peters resigned as our president and chief operating officer in
September, 2000, but continues to serve as a consultant.
(9) This amount represents a relocation expense we paid on behalf of Mr.
Peters.
(10) Mr. Searle resigned as our chief operating officer in May 2000.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
INTERNET PICTURES CORPORATION
By: /s/ Donald W. Strickland
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Donald W. Strickland
President and Chief Executive Officer
Date: June 1, 2001
Pursuant to the requirements of the Securities and Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
SIGNATURE TITLE DATE
/s/ * Chairman of the Board and Chief June 1, 2001
-------------------------- Executive Officer ------------
James M. Phillips
/s/ Donald W. Strickland President and Chief Operating Officer June 1, 2001
-------------------------- ------------
Donald W. Strickland
/s/ * Chief Financial Officer (Chief June 1, 2001
-------------------------- Accounting Officer) ------------
John J. Kalec
/s/ * Director June 1, 2001
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Michael D. Easterly
/s/ * Director June 1, 2001
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John S. Hendricks
/s/ * Director June 1, 2001
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Laban P. Jackson, Jr.
/s/ * Director June 1, 2001
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John Moragne
/s/ * Director June 1, 2001
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John H. Trezevant
*By: /s/ Donald W. Strickland
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Donald W. Strickland
Power of Attorney
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