I just reviewed the CYDY draft proxy statement. It
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Posted On: 09/24/2021 8:52:54 PM
I just reviewed the CYDY draft proxy statement. It is a great read. Need to print it and review it more carefully, but I was glad to see it and it was a week earlier than expected.
I agree with others that the three new nominees are solid and could easily stack up with and be considered equal or superior to some of the members to the Activist Slate.
I'm not sure what happens now that CYDY wants six board members and the Activists nominated five. If the judge (Oct 6) allows the Activist members, then perhaps we will get to choose the top six out of what could be 11 nominees. I think that would be really cool. Can any of our lawyers confirm this might be a possibility? (Jake...where are you?)
I would prefer not to "pick a slate", but instead, let's have a real election. Resume vs. Resume.
As you all know, I'm still a skeptic, so will just point out this information.
1. The new director (Gardiner) that joined July 1, is not nominated this time. He is out.
2. The two recent independent directors (in the last couple of years) are both resigning as of the upcoming meeting.
3. The three directors that are continuing are: NP, SK and Naydenov. Naydenov has been a director since 2009. We don't hear much from him, but he has a ton of stock and may truly be the man behind the curtain. (Positive or negative.....you choose).
To me, it isn't a good sign the three most recent directors are all leaving.
Other observations:
1. The compensation consultant has had an impact, including amending or reversing some prior decisions of the compensation committee.
2. NP's salary for the coming year will be $665,000. This is a reduction of 33%. In other words, it was almost $1 million.
3. SK is also taking a salary reduction to about $580k. From memory, this is a modest reduction, mainly to bring him below NP.
4. On a review of the team's performance, it was determined that they earned bonuses at these levels: NP earned 20% of the max. SK earned 31%. Nithya Ray earned 35%. Interesting. From an independent consultant.
For some strange reason, they had to make a comment about Chris Lonsford to state that he was not authorized to solicity proxies. This is just about the last line in the entire filing. Do a search for Lonsford. Just seemed odd. Someone else can try to interpret or research that one.
I agree with others that the three new nominees are solid and could easily stack up with and be considered equal or superior to some of the members to the Activist Slate.
I'm not sure what happens now that CYDY wants six board members and the Activists nominated five. If the judge (Oct 6) allows the Activist members, then perhaps we will get to choose the top six out of what could be 11 nominees. I think that would be really cool. Can any of our lawyers confirm this might be a possibility? (Jake...where are you?)
I would prefer not to "pick a slate", but instead, let's have a real election. Resume vs. Resume.
As you all know, I'm still a skeptic, so will just point out this information.
1. The new director (Gardiner) that joined July 1, is not nominated this time. He is out.
2. The two recent independent directors (in the last couple of years) are both resigning as of the upcoming meeting.
3. The three directors that are continuing are: NP, SK and Naydenov. Naydenov has been a director since 2009. We don't hear much from him, but he has a ton of stock and may truly be the man behind the curtain. (Positive or negative.....you choose).
To me, it isn't a good sign the three most recent directors are all leaving.
Other observations:
1. The compensation consultant has had an impact, including amending or reversing some prior decisions of the compensation committee.
2. NP's salary for the coming year will be $665,000. This is a reduction of 33%. In other words, it was almost $1 million.
3. SK is also taking a salary reduction to about $580k. From memory, this is a modest reduction, mainly to bring him below NP.
4. On a review of the team's performance, it was determined that they earned bonuses at these levels: NP earned 20% of the max. SK earned 31%. Nithya Ray earned 35%. Interesting. From an independent consultant.
For some strange reason, they had to make a comment about Chris Lonsford to state that he was not authorized to solicity proxies. This is just about the last line in the entire filing. Do a search for Lonsford. Just seemed odd. Someone else can try to interpret or research that one.
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