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Biotech / Medical : CYPB - Cypress BioScience
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To: Jay Lowe who wrote (211)5/19/1998 9:24:00 AM
From: John S. Baker  Read Replies (2) of 586
 
What is Dr Kranzler's compensation?


I gravitate toward investing in companies which align management's interests with mine, and which leverage employee performance.


In the case of CYPB, I noticed a comment in the Cruttendon Roth research analysis (no date, but it coincides with their initiation of coverage).


"We believe that Dr. Kranzler has a significant vested interest in the success of Cypress given that he currently holds 4 million stock options as part of his long-term compensation."


A similar sentence refers to Dr. Blank's compensation:


"Like Dr. Kranzler, Dr. Blank has a notable vested interest in Cypress' success. She has approximately 2 million options for common stock in long-term compensation."


The current Proxy Statement filed with the SEC (at Edgar) provides additional details. As I read it Drs Kranzler and Blank signed 5-year employment agreements in December of 1995. Dr K gets a base salary of $240K per year with performance bonuses up to 25% of that amount each year plus the opportunity to purchase 3.0 million shares of the company at $1.50 per share. Some of this opportunity has vested, some has not yet.


I am less clear on the following. The Proxy Statement shows that during FY1997, Dr K received his anticipated $240K plus a bonus of $125K plus options on 277,440 shares exercisable at $1.625. I *believe* that these shares are granted under the "1996 Equity Inventive Plan" and are *in addition to* shares he received upon signing the employment agreement, but I am not certain of this.


Of interest is that some 61 employees of the company are eligible under that 1996 Plan.


Hope this helps.
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