1 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 --------------------- 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 ------------ INTERNET PICTURES CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 52-2213841 ---------------------------------------- ----------------- State or other jurisdiction (IRS Employer incorporation or organization Identification No.) 1009 Commerce Park Drive Oak Ridge, Tennessee 37830 -------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (865) 482-3000 -------------- 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 ----------------------------- (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 [ ] 2 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 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ANNUAL COMPENSATION ----------------------------------------------------------------------------------------------------------- LONG-TERM ------------------------------------------------------------------------------------------------------------ COMPENSATION ------------------------------------------------------------------------------------------------------------ RESTRICTED SECURITIES ------------------------------------------------------------------------------------------------------------ FISCAL YEAR STOCK UNDERLYING ALL OTHER ------------------------------------------------------------------------------------------------------------ NAME AND PRINCIPAL POSITION SALARY BONUS AWARDS OPTIONS COMPENSATION ------------------------------------------------------------------------------------------------------------ James M. Phillips (1) 2000 $424,992 $250,000 $ -- -- $ 22,487(2) ------------------------------------------------------------------------------------------------------------- Former Chairman and Chief 1999 393,044 550,000 -- -- 338,010(3) Executive Officer ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Donald W. Strickland (4) 2000 194,385(5) -- -- -- -- ------------------------------------------------------------------------------------------------------------- President and Chief Executive 1999 -- -- -- -- -- Officer ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- John J. Kalec (6) 2000 239,747 75,000 -- -- -- ------------------------------------------------------------------------------------------------------------- Former Chief Financial Officer 1999 176,532 200,000 -- -- -- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Steve Hicks (7) 2000 220,357 25,000 -- -- -- ------------------------------------------------------------------------------------------------------------- 1999 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Matthew S. Heiter 2000 244,794 -- -- -- -- ------------------------------------------------------------------------------------------------------------- 1999 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Jeffrey D. Peters (8) 2000 292,624 75,000 -- -- -- ------------------------------------------------------------------------------------------------------------- 1999 302,626 200,000 -- -- 18,442(9) ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Mark R. Searle (10) 2000 115,558 -- -- -- -- ------------------------------------------------------------------------------------------------------------- 1999 137,500 -- -- -- -- ------------------------------------------------------------------------------------------------------------- 2 3 ---------- (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. 3 4 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 --------------------------------- 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 -------------------------- ------------ Michael D. Easterly /s/ * Director June 1, 2001 -------------------------- ------------ John S. Hendricks /s/ * Director June 1, 2001 -------------------------- ------------ Laban P. Jackson, Jr. /s/ * Director June 1, 2001 -------------------------- ------------ John Moragne /s/ * Director June 1, 2001 -------------------------- ------------ John H. Trezevant *By: /s/ Donald W. Strickland ------------------------- Donald W. Strickland Power of Attorney 4