Mr Camarda has been hired and according to today's 8-k "In addition, Mr. Camarda is eligible for inclusion in the Sipex Management Incentive Plan which could provide him with up to 80% of his base salary annually in bonus predicated upon his achievement of the pre-agreed upon goals and objectives for his position and the Company�s over-all performance."
So from these three documents we are led to believe that the company was still not profitable as of Ed Lam's hiring, however today they indicate that the management incentive plan is in effect for Mr Camarda's hiring. The plan is only to be reinstated upon the company's return to profitability.
Great News if the 8-k's are accurate as I read them.
I called Ray Wallin's office on Wednesday concerning the "management incentive plan". They refered me to HR to ask if it had been reinstated. After leaving a message and getting no reply, I called back today to speak with Kerry Phillips in HR. I no more than asked the question and the phone was slammed down with no response. I waited 15 minutes and called back. I left another message on the answering machine. If I get any further feedback I will post it here.
I'm not sure if being hung up on is NO or NO COMMENT.
Your 'reading of the tea leaves' is not something I would resonate with.
You overlook one important word in the sentence outlining Mr. Camarda's bonus relative to the Management Incentive Plan: 'could'
Taken in that context, his situation seems to me no different than Mr. Lam's.
My uninformed opinion, based on no facts whatsoever...
...and I'm still waiting for a SIPX corporate officer to clearly and publicly give the 'state of the union' so to speak...with the supporting financial restatements that WE'VE ALL BEEN PATIENTLY WAITING FOR....