Wednesday, January 28, 2015
Ok, let me get this straight. Vivus shares dropped from $9.41 to $3.06, a decline of 67%, and the leadership team received millions in cash and stock bonuses? That would deserve the BiotechInvestor WTF!!!! I had shares but now plan to sell them based on that impressive display of corporate governance by the board of directors. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Cash Bonus Payments, Stock Option Awards and Restricted Stock Unit Awards for Named Executive Officers On January 23, 2015, the Compensation Committee of the Board of Directors, or the Compensation Committee, of VIVUS, Inc., or the Company, authorized and approved cash bonus payments pursuant to the Company's employee annual bonus plan for fiscal year 2014 adopted on the same date, or the Annual Bonus Plan, and stock option awards and restricted stock unit awards under the Company's 2010 Equity Incentive Plan to certain of the Company's employees, including named executive officers Seth H. Z. Fischer, Chief Executive Officer, Svai S. Sanford, Chief Financial Officer and Chief Accounting Officer, John L. Slebir, Senior Vice President, Business Development and General Counsel and Secretary, Wesley W. Day, Ph.D., Vice President, Clinical Development and Guy P. Marsh, Vice President, U.S. Operations and General Manager. The following table sets forth the specific cash bonus payments under the Annual Bonus Plan, stock option awards and restricted stock unit awards authorized and approved for each of Messrs. Fischer, Sanford, Slebir and Marsh and Dr. Day: Cash Bonus Restricted Stock Named Executive Officers (1) Payments Stock Option Awards (2) Unit Awards (3) Seth H. Z. Fischer $ 416,000 628,600 66,000 Svai S. Sanford $ 112,000 240,300 25,300 John L. Slebir $ 170,000 246,400 25,900 Wesley W. Day, Ph.D. $ 138,300 232,900 24,500 Guy P. Marsh $ 95,000 105,100 11,000
This is from today's 8k filing... On January 9, 2015, in order to induce MD Anderson to enter into the License on an accelerated schedule, the Company and Intrexon entered into a letter agreement, or the Letter Agreement, pursuant to which MD Anderson shall receive consideration of $7.5 million in shares of the Company's common stock (or 1,597,602 shares), and $7.5 million in shares of Intrexon's common stock (or 278,218 shares) in each case based on a trailing 20 day volume weighted average of the closing price of the Company's and Intrexon's common stock ending on the date prior to the Letter Agreement, collectively referred to as the Incentive Shares, in the event that the License was entered into on or prior to 8:00 am pacific time, on January 14, 2015, referred to as the Accelerated Closing Deadline. The Incentive Shares will be issued to MD Anderson within sixty days of the date of the License pursuant to the terms of the Incentive Shares Securities Issuance Agreement described below. You are going to pay someone $15 million to hurry up to sign an agreement so you can present it at an investor conference? Pretty good use of resources.....WTF?