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GeoCities CEO granted 1.6 million options

GeoCities, a provider of free Web pages, gave its chief executive options to buy 1.6 million shares last year, its most recent filing with the Securities Exchange Commission shows.

GeoCities, a provider of free Web pages, gave its chief executive options to buy 1.6 million shares last year, its most recent filing with the Securities Exchange Commission shows.

Thomas R. Evans, named GeoCities chief executive last April, received $132,000 in base salary plus 1.6 million options at an exercise price of $2.28 last year as it completed its initial public offering, according to the SEC filing. Net proceeds from the offering totaled about $86.4 million, GeoCities said.

The options were worth $171 million based on yesterday's closing price of 109.5625.

Seattle-based GeoCities shares have more than tripled this year, partly on No. 1 Internet search directory Yahoo's agreement to buy the company at a 66-percent premium when the transaction was announced in January.

Chief Operating Officer Stephen L. Hansen received $200,000 in base pay plus 600,000 options in 1998, an increase from $33,000 and 450,000 options the previous year.

Michael G. Barrett, a senior vice president, received $450,000 in base pay plus 330,000 options in 1998.

GeoCities also said it restated its earnings for 1997 and 1996 to reflect the accretion on its mandatory redeemable convertible preferred stock.

The change increased the historical net loss for 1997 to $3.72 a share from $3.40, and to $1.19 from $1.15 for 1996. The change had no effect on the previously reported net loss in the company's statements of operations and cash flows, it said. It also had no effect on its pro-forma net earnings per share for those years.

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