The annual performance-based cash bonus paid to our named executive officers is determined by the Compensation Committee based on the achievement of our corporate goals, weighted by importance, as well as individual goals applicable to the named executive officer’s position.
Our corporate goals consist of:
Progress on the clinical trials for our drug candidates,
Efforts to develop additional drug candidates,
Our ability to maintain our existing and secure additional collaborative relationships and
Our ability to control our operating costs and raise the financing necessary to support our operations.
The individual goals of our named executive officers are based on the executive’s job title and responsibilities. In addition, the Compensation Committee retains discretion to adjust the actual amount of the annual bonus based on our stock performance, our accomplishments determined on a qualitative basis, and the strength of our market position at the end of the fiscal year.
Based on its evaluation, the Compensation Committee awarded the named executive officers an average of 38% of their full target bonus amounts over the past two fiscal years.
Effective March 1, 2011, Mr. Pancoast’s base salary was increased from $385,000 to $410,000. Effective March 11, 2012, his base salary was increased to $422,300.
Amazing. Not a single objective met over the past two years and the board has awarded not only raises but bonuses as well. Looking forward to voting...
TO APPROVE AN AMENDMENT TO THE COMPANY’S ARTICLES OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK FROM 28,571,429 SHARES TO
100,000,000 MILLION SHARES.
If you're going to go, go big I guess. The company will now have 700 million shares authorized pre reverse split. I guess if your plan is to continue to issue shares at a huge discount to market on an ever declining stock price, your going to need a lot of them right?