Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Cistron Biotechnology(CIST)$.30 -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (2171)	5/11/1999 11:07:00 AM
From: Steve Harmon	Respond to of 2742

Now everyone knows why no buyback was done since the IMNX settlement... Cistron's stock price would have been higher. All of those cheap warrants that were issued would have been issued at a higher price... SHAMEFUL!

To: scaram(o)uche who wrote (2171)	5/21/1999 7:44:00 PM
From: Steve Harmon	Read Replies (1) \| Respond to of 2742

Trying to figure out if Bruce "Enhanced" Galton was terminated or resigned. He had to be terminated to receive his golden parachute severance package>>>> On May 5, 1999, the Company announced that Bruce C. Galton and Thomas P. Carney, Ph.D., had resigned as directors of the Company, that two new directors, Isidore S. Edelman, M.D., the Company's co-founder, a former board member, and a principal shareholder of the Company, and Jonathan Rothschild, another shareholder of the Company, had been appointed to the Board and that Franklin J. Iris, a director of the Company, had been appointed Chairman of the Board of the Company and Chief Executive Officer- designate. Mr. Galton resigned as Chairman and a director but has agreed to remain as Chief Executive Officer until May 31, 1999. At that time, Mr. Iris will become the Company's Chief Executive Officer. Under Mr. Galton's Employment Agreement which had a term that expired April 30, 1999, in the event the Company refused to renew his Employment Agreement, then upon Mr. Galton's written request, the Company had agreed to (i) pay Mr. Galton an amount equal to six months of his current salary in equal monthly installments, commencing the month in which the termination occurs, (ii) enter into a consulting contract with Mr. Galton at full pay and benefits for a minimum of three months, and (iii) lend Mr. Galton such amount as may be required to exercise any stock options then exercisable by Mr. Galton to purchase shares of the Company's Common Stock. Mr. Galton and the Company entered into a Separation From Employment Agreement under which the Employment Agreement was amended to increase the severance payment to an amount equal to nine months base salary ($157,500), payable in nine consecutive monthly installments commencing June 15, 1999, and to eliminate any consulting agreement following the non-renewal of employment. These payments are subject to acceleration to one lump sum payment upon the first to occur of a sale or merger of the Company or its liquidation or dissolution. The Employment Agreement was also modified to modify the payment terms of the nonrecourse loan to require payment of the note to be paid upon on the earliest of three (3) years following the date of the loan, receipt of the proceeds of sale of shares securing the loan, upon the merger or sale of the Company or the liquidation or dissolution of the Company. The Company also agreed to pay Mr. Galton additional severance equal to three months base salary ($52,500), payable in three consecutive monthly installments commencing June 15, 1999, in consideration for his agreement to continue as Chief Executive Officer and Chief Financial Officer during May 1999 and for his release of claims against the Company. These payments are subject to acceleration to one lump sum payment upon the first to occur of a sale or merger of the Company or its liquidation or dissolution.