Immunomedics (IMMU) - moderated Message Board

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Biotech / Medical : Immunomedics (IMMU) - moderated

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From: erickerickson	7/18/2024 8:40:47 AM
	4 Recommendations Read Replies (1) of 63324

IN RE CASSAVA SCIENCES INC. 2020 CASH INCENTIVE PLAN DERIVATIVE LITIGATION ------------- ...Under the Plan as adopted by the Board on August 26, 2020, Defendant Remi Barbier became entitled to a bonus of $74.9 million upon the Company achieving a $3 billion market capitalization for 20 consecutive trading days at the end of 2021.... ...The Settlement modifies Barbier’s bonus under the Plan as follows... First, with respect to the “sufficient cash on hand” payment condition, Barbier will not be paid any bonus under the Plan unless and until the U.S. Food and Drug Administration (“FDA”) has approved the Drug for any indication. Thus, even if the Board’s compensation committee should determine that the Company has sufficient cash on hand, Barbier will not receive any bonus under the Plan absent a “merger transaction” unless the Drug has been approved by the FDA... Second, with respect to the “merger transaction” payment condition, Barbier’s bonus will be recalculated.... -------------- Plus some other changes. I have to admit that I hadn't paid attention to this, but the notion that Barbier was entitled to $75m based on market cap is...egregiously bad. I think we're getting some clues as to why he's gone.

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