Subject: Belden and Swerzbin
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Tue, 11 Jul 2000 03:56:00 -0700 (PDT)

John,

See below. 
---------------------- Forwarded by David Oxley/HOU/ECT on 07/11/2000 10:55 
AM ---------------------------
From: Sheila Knudsen@ENRON on 07/11/2000 10:43 AM
To: David Oxley/HOU/ECT@ECT
cc: Jeanette Salinas/HOU/ECT@ECT 
Subject: Re: July 5 Grant Awards  

David -

Jeannette is out this week.  I confirmed with Corp. Compensation the 
following:

July grants were priced on July 5 - grant price of $66.4375

Belden and Swerzbin are each receiving 20,000 options ($400,000 value @ $20 
Black-Scholes for 5-year options).

Let me know if you have any other questions.

Sheila

David Oxley@ECT
07/10/2000 08:02 AM
To: Jeanette Salinas/HOU/ECT@ECT
cc: Sheila Knudsen/Corp/Enron@ENRON 

Subject: Re: July 5 Grant Awards  

Jeannette,

Two things:

1 - I was told comp committe met Friday 7th so I guess I just want to be sure 
about July 5 strike price
2 - Belden and Swerzbin had 5 year options what were their scholes and 
exactly how many were they granted?

Thanks

David

Jeanette Salinas
07/07/2000 11:52 AM
To: Cindy Skinner/HOU/ECT@ECT, Robert Jones/Corp/Enron@ENRON, Sheila 
Walton/HOU/ECT@ECT, Gary Buck/HOU/ECT@ECT, Kim Melodick/HOU/ECT@ECT, Brad 
McSherry/HOU/ECT@ECT, Norma Villarreal/HOU/ECT@ECT, Hector 
McLoughlin/Corp/Enron@Enron, Teresa Bien/Corp/Enron@Enron, Philip 
Conn/Corp/Enron@ENRON, Fran L Mayes/HOU/ECT@ECT, Dawn Doucet/CAL/ECT@ECT, 
Ryan Seleznov/Corp/Enron@Enron, Ted C Bland/HOU/ECT@ECT, Edward 
Anderson/Corp/Enron@ENRON, Mark Broadfoot/HOU/ECT@ECT, Jennifer 
Cronin/Corp/Enron@ENRON, Amanda Curless/Corp/Enron@ENRON, Becky 
Quintana/Corp/Enron@ENRON, Jennifer Richard/HOU/ECT@ECT, Debi 
Vanwey/HOU/ECT@ECT, Tony Vasut/HOU/ECT@ECT, Chris Williams/HOU/ECT@ECT, 
Elspeth Inglis/Corp/Enron@Enron, Valeria A Hope/HOU/ECT@ECT, Jane 
Allen/HOU/ECT@ECT, Toni Graham/Corp/Enron@Enron, Shanna 
Funkhouser/Corp/Enron@ENRON, Neil Davies/Corp/Enron@ENRON, Chris 
Williams/HOU/ECT@ECT, Dave Hill/Corp/Enron@Enron, Amy FitzPatrick/PDX/ECT@ECT
cc: Yvonne Laing/HOU/ECT@ECT, Kari Oquinn/HOU/ECT@ECT, Sheila 
Knudsen/Corp/Enron@ENRON, Donna Salazar/Corp/Enron@ENRON, Cynthia 
Gonzalez/Corp/Enron@Enron, Janet De La Paz/HR/Corp/Enron@ENRON, Irma 
Alvarez/HOU/ECT@ECT, David Oxley/HOU/ECT@ECT, Ramona 
Perkins/Corp/Enron@Enron, Cynthia Ramirez/HOU/ECT@ECT, Simone Scott 
Walker/Corp/Enron@ENRON, Marlow Anderson/Corp/Enron@Enron, Todd 
Burke/NA/Enron@ENRON, Rhonna Palmer/HOU/ECT@ECT 
Subject: July 5 Grant Awards

To All:

Per Corporate Compensation, all miscellaneous stock awards (June submission 
-July Grant Awards) have been approved with a grant date of July 5.  These 
awards were approved at the closing price on July 5 - $66.4375, and at a 
Black - Scholes value of $25 for a 7 -  year term and $28 for a 10 - year 
term. 

The ratio for a 7-year option remains at  .365.  This ratio  will be reviewed 
and updated as needed and is subject to change. Please encourage the focus on 
the dollar value the equity grant is intened to deliver vs. how many options 
will be awarded.  With the volatility of Enron stock, the BSV can change from 
time to time, which could effect the number of options awarded.

Regards,
Jeanette

I