New options & share purchase incentive plan Usually, I don't read the incentive/ bonus/ option plan revisions.
As I said , who cares?
Being asked to read the document, I invested the time to do so.
general read....They are modifying the existing options/ bonus plans to allow larger % and/ or number of " options" to be offered to qualified employees, directors etc.
A few simole cavets, the B.O.D will set strike price & option times.
Not to exceed ten years.
Also they hired a legal firm to give opinion of the legality & apprriate sensibilities of the revision.
They did offer approval.
All, standard legal jargons.
The corporate power of attorney!,,?.?
very very strange.
I was on a B.O.D. And the CFO ( Kirk look) typically has/ is the legal representative of the corporation.
A CFO is responsible for the filings, reportings, & as such would have or be granted Power of attorney/ support of the board in advsnce.
Meaning internal financial decisions need not go before the board, With ample exceptions.
in example, Kirk loook signs tge docs without having to have the whole board sign individually.
again, standard stuff.
What is extreamly strange, is the reserection of Brad Tompson.
For those too new, Mr Tompson was CEO , prior to Dr Matt Coffee.
He left & was replaced by Dr. Matt.
Some say fired due to mishandling of trial parameters etc.
That reason was never disclosed.
im kind, maintain he retired.
He also held a monster pile of ONC shares.
I can't quote any numbers but it was more than Dr Matt., who back then had just over 1 million shares.
now = 100k + due to R/S.
so....the revised incentive plans? Imho who cares.
Options come & go. Usually needing an increase in SP ( good for sharholders), to be exercised.
Nice way to give $$ incentive with non-cash outlay.
What, is extremely interesting is Bradly Tompson being back into the story.
Could he be our mystery notable?
Could we be on the edge of?
1. Senior mangement realignment?
2. private pool takeover aka Brad Tompson using his shares as weight to gain control?
Imho, nothing about having Brad Tompson as alternative power of attorney makes sense.
i dont mean that as a slight against him. Just why name a previous president as signing authority?
Could be an internal conflict, finding a loop hole to bypass Dr. Matt.
or.....all conspiracies Asside.
could be very simple.
assuming Kirk look was unavailable, who could take his place as signing authority?
Detaching from that...
This whole thing could be meaningless.
We do know there are a lot if balls in the air right now.
1. FDA meeting request, for modified MBc phase 3.
2. Details of Roche/ Gobblet/ Onc/ CGAR , pancreatic cancer phase 3 detsils.
3. first patient enrolment of the first patient in the additional pancreatic cancer arm, using FOLFIRINOX, as granted $5 million from PanCan.
4. Final .OS. Numbers from Bracelet.
All of which are due to be announced in this quarter...aka, next few weeks.
BTW , anyone of which will be good corporate news & progress.
like I said, very very interesting.
stay tuned....