On March 15, 2013, Jill M. Broadfoot notified us that she was resigning as the Company's Senior Vice President, Chief Financial Officer and Secretary. On the same date, we entered into a separation agreement with Ms. Broadfoot. Pursuant to the terms of the separation agreement, Ms. Broadfoot's last day of employment will be April 1, 2013 and she will be entitled to receive severance benefits consisting of continued base salary payments and the payment of health insurance premiums for a period of 12 months, plus a payment equal to her cash bonus paid in the previous year. Ms. Broadfoot will also receive accelerated vesting on all her unvested stock awards as if she had remained employed by the Company for 12 months from the date of termination. In addition, the post termination exercise period for Ms. Broadfoot's stock options will be extended to 12 months. In exchange for the severance benefits, Ms. Broadfoot provided the Company with a general waiver and release of claims. The Company's obligation to pay the severance benefits will also be subject to certain confidentiality, non-solicit and non-competition obligations.
Not sure about these fillings is this good or bad?
Since this came out "after hours" Friday, I expect a formal PR early in the week, prior to the Conference event on Tuesday. Hopefully there's a positive PR coming that helps explain this surprise 8K filing.
I agree with the consensus of the message board.
You quit and they throw a BIG PHARMA severance package your way.
Our CFO had to be asked to resign to accept such a sweet separation package.
If there was a job performance issue you fire.
Has VJ gone nuts!
Paying such a BIG NUT t to someone who's leaving on her own accord.
This makes it two weekends in a row our shorts are going to spend worrying
about there "short positions".
1st-Last weeks $1.01 up move.
Only 26 cent given back a 75 gain sticks in 10 trading days.
2nd-Now our shorts have to worry about what all these personal change mean.
Serving bbq SHORTribs for dinner Monday night.
As people have stated, the only reason to offer her all this is because she is being asked to leave through no fault of hers. There doesn't seem to be any reason other than they're making room for a "BIG PHARMA" caliber CFO.
Ms Broadfoot. 51 , served the company well. Has 250k shares , never sold one. I'm sure she'll be "set" in about 6 months. The stock won't care about this news as much as LAcy. However with the recent Board seat to Morrow the Brain Trust is increasing in stature. Officers come and Go but the stock may pop if the next CFO is a Big-pharm, bio-tech big wig. Good luck to you Ms Broadfoot.