Enron Corp. - University of California | Office of The President

Dollars per Share
Enron Corp.
Defendant L. Pai's Quarterly Shares Sold (Dollar Volume)
June 1996 - November 2001
$100
$80
$60
$40
$20
$0
(j) Defendant Lou L. Pai ("Pai") was Chairman and Chief Executive Officer of
Enron Accelerator, and prior to that Pai was a director of EES and was involved in setting up some
of the bad deals. During the Class Period, while in possession of adverse undisclosed information
about the Company, Pai sold 3,912,205 shares of his Enron stock for $270,276,065 in illegal insider
trading proceeds. Pai also transferred 57,756 shares of his Enron stock valued at $3,961,973 to the
Company to pay the exercise price of options he was exercising plus related tax withholding, such
that much of his insider trading proceeds went directly into his pocket. Pai also received bonus
payments of millions of dollars, in addition to his salary, for 97, 98, 99 and 00 based on Enron's false
financial reports and because Enron stock hit certain performance targets. This defendant's insider
selling before and during the Class Period is shown below:
Summary of Insider Sales:
Pre - Class Period Shares sold: 0
Proceeds from Sales: $0
Class Period Shares sold: 3,912,205
Proceeds from Sales: $270,276,065
% of holdings sold: 100%
Enron Stock Price
Insider Sales
J S D M J S D M J S D M J S D M J S D M J S D M
1996 1997 1998 1999 2000 2001
- 75 -
Class Period
10/19/98 - 11/27/01
$125
$100
$75
$50
$25
$0
Proceds (Millions)