From the Olaregen filing “On December 15, 20
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Posted On: 03/22/2019 10:57:58 PM
From the Olaregen filing
“On December 15, 2018 the Company entered into an amended employment agreement with its Chief Executive Officer. The CEO annual salary will be $260,000 beginning December 15, 2018. In addition, he is eligible for a performance bonus of 33% of his annual salary. In February 2019, the CEP employment agreement was amended to increase his salary to $340,000 beginning March 2019. The CEO was also paid a bonus of $40,000 in February. The CEO owns 324,904 shares of common stock that are subjected to a claw back if he leaves before thirty-six months starting June 1, 2018. If the CEO leaves before the thirty-six months, then the Company will repurchase the unvested shares at $0.001 per share.
On December 15, 2018 the Company entered into an amended employment agreement with its Chief Operating Officer. The COO annual salary will be $225,000 beginning December 15, 2018. In addition, he is eligible for a performance bonus of 40% of his annual salary. In addition, the COO is entitled to a sign on bonus of $40,000 payable in February 2019. The COO owns 250,000 shares of common stock that are subjected to a clawback if he leaves before thirty-six months starting June 1, 2018. If the COO leaves before the thirty-six months, then the Company will repurchase the unvested shares at $0.001 per share.”
I think that’s all glutinous for Olaregen execs and they’ve yet to prove their worth. Increasing their salaries just as Gnbt was acquiring is ridiculous.
Hey Olaregen, your revenue for your fda approved Excellagen is $0. Our shares just got diluted to give the company funding for business development, not to overly fatten your wallet. Prove yourself to Gnbt shareholders. I hope you do, but as a Gnbt shareholder I don’t feel you deserve any raise or bonus until you prove your worth.
“On December 15, 2018 the Company entered into an amended employment agreement with its Chief Executive Officer. The CEO annual salary will be $260,000 beginning December 15, 2018. In addition, he is eligible for a performance bonus of 33% of his annual salary. In February 2019, the CEP employment agreement was amended to increase his salary to $340,000 beginning March 2019. The CEO was also paid a bonus of $40,000 in February. The CEO owns 324,904 shares of common stock that are subjected to a claw back if he leaves before thirty-six months starting June 1, 2018. If the CEO leaves before the thirty-six months, then the Company will repurchase the unvested shares at $0.001 per share.
On December 15, 2018 the Company entered into an amended employment agreement with its Chief Operating Officer. The COO annual salary will be $225,000 beginning December 15, 2018. In addition, he is eligible for a performance bonus of 40% of his annual salary. In addition, the COO is entitled to a sign on bonus of $40,000 payable in February 2019. The COO owns 250,000 shares of common stock that are subjected to a clawback if he leaves before thirty-six months starting June 1, 2018. If the COO leaves before the thirty-six months, then the Company will repurchase the unvested shares at $0.001 per share.”
I think that’s all glutinous for Olaregen execs and they’ve yet to prove their worth. Increasing their salaries just as Gnbt was acquiring is ridiculous.
Hey Olaregen, your revenue for your fda approved Excellagen is $0. Our shares just got diluted to give the company funding for business development, not to overly fatten your wallet. Prove yourself to Gnbt shareholders. I hope you do, but as a Gnbt shareholder I don’t feel you deserve any raise or bonus until you prove your worth.
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