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Deadline Accelerated for Electronic Filing

January 2, 2003

The Sarbanes-Oxley Act of 2002 requires that public company insiders report changes in beneficial ownership in electronic format via EDGAR and that companies post those filings on their corporate websites. The Act requires the switch from paper forms and website posting no later than July 30, 2003. While some companies have already changed to electronic filings for their officers and directors to facilitate meeting the new 2 business day timeframe for Form 4 filings, many companies have not yet switched format. On December 20, 2002, the Securities and Exchange Commission proposed new rules to implement the Act's requirements. In the proposal, the SEC announced its intention to "implement the statutory changes as soon as reasonably practicable" before the July 30th deadline. Many observers believe that the effective date will be accelerated to late spring 2003. In light of this accelerated deadline, the Boston Chapter of the National Association of Stock Plan Professionals has scheduled a seminar on EDGAR filing of beneficial ownership forms to be held at Palmer & Dodge's offices on Thursday, January 23, 2003.

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