Several awarded option were filed today:
Manuso must of felt guilty and they awarded him options @ $5.06. These options only vested, but not excercized. The rest got a deal @ 2.35....now maybe they will work hard to capitalize on them.
Management can buy from 1 to 10% of their salary in stock options. They do not need to report until end of year per IR.
I have a copy of the employee purchase agreement if anyone is interested, I could post.
With the salaries these guy's are making off this deal they can afford some shares. Today's SEC filing:
This clause was added to each of their compensation packages:
In addition, the Board of Directors approved amendments to all option grants previously made to Mr. Molkentin and Dr. Berk, to provide for acceleration of vesting in the event of involuntary termination of service following a change of control transaction, as well as an extension of time to exercise such grants following such involuntary termination, to the sooner of twelve months from such termination or the expiration date of the option grant. The option grants made on March 13, 2008, and all future stock option grants made to Mr. Molkentin and Dr. Berk, will contain these provisions.
I had a lengthy conversation with IR and asked about options and when they would be granted. They did not know and have promised to get back to me.
I explained to IR the investors were unhappy with the CEO bonus given current stock performance.
They became defensive about the bonus saying M@@@@ is being paid in line with other CEO's of small biotechs.
The Supergen board looking out for our interests did not include a share price target but did include company profitability. Company profitability must not be in 2008 objectives!!!
I asked for M@@@@ goals for this year and I was promised I would get them. IR did not have or know them. IR was surprised stock price was not part of 2007 objectives.
When I get this information I will pass it on.
IR defended M@@@@@ saying revenue and EU approval is out of their hands. I explained to IR that management made the contract with MGI and they have no one to blame but themselfs if they lost control. They were in the drivers seat at the time. I asked why the milestone payment for EU was not projected in this years earnings? Again, the response was it is out of their control. Whose fault is that!
IR said it will take some time to answers back to me. I will post when I get them. It has been a week.
Thanks for the update Mero. What you've said about IR doesn't suprise me because of all this crony capitalism at SUPG - everybody covers everybodies arse. Furthermore, I think Dr. M. is a total dumbshi_ and the most incompetent CEO in the biotech sector, but we must remember that the SUPG Board of Directors approved Dr. M's $350,000 annual performance bonus. Let's face it, the Board doesn't care about share holder value, and Dr. M doesn't give a crap about shareholder value either because he has had over four years to prove himself. This has been a total mismanaged organization from the get go, and Big Jim is sitting back laughing all the way to Bank of America with his million dollar package. I think the joke is on all of us...