|
|
Post by rfogel on Nov 21, 2019 18:11:59 GMT -5
I can’t but help think this is Mike C just bringing on another one of his buddies to give them a million dollar salary to do literally nothing. You are confusing directors with executives. No non-execs are getting anywhere near that money. How much compensation does a board member collect? |
|
|
|
Post by lifebreath on Nov 21, 2019 18:24:21 GMT -5
Makes me think this new addition to BOD has something to do with what's going on with HFM Feeling a little pressure I suspect. This is a strategy by Kresa to nullify the influence of any new board members nominated and elected by the HFM movement. Kresa is shrewd when it comes to corporate battles. To bad he has been proven a complete moron when it came to the hiring of our CEO. Kresa’s inability to over see the development of a demand for Afrezza is equally pathetic. |
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Nov 21, 2019 21:51:31 GMT -5
So you praise Kressa and in the same sentence you say he's a moron???
|
|
|
|
Post by lifebreath on Nov 21, 2019 23:19:05 GMT -5
So you praise Kressa and in the same sentence you say he's a moron??? No |
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Nov 22, 2019 1:35:55 GMT -5
So you praise Kressa and in the same sentence you say he's a moron??? No Why do you think Mike is a horrible CEO? He's been CEO for 2.5 years and has built a good foundation. It's not his fault the FDA gave Afrezza a bad label which by the way he's trying to change. He picked a World Class Chief Medical Officer that will transform Afrezza unlike DR. URBANSKI who was literally WORTHLESS. He has built a salesforce which was not their original charter. MNKD is selling Afrezza in Brazil and has other WORLD Trials in progress. He has a NEW PARTNER (UTHR) with a very promising TreT Trial (In Progress) and working on a secret molecule. They have 9 candidates in their pipeline and I'm sure they are working on an EPI Partner which I believe is the next partnership. Now do you want me to go into the CFO's amazing accomplishments? Maybe another day. |
|
|
|
Post by castlerockchris on Nov 22, 2019 1:45:25 GMT -5
Here is the answer to how much is the board compensated. This information is contained in the annual Proxy Statement. In the case of 2018's it is found on page 22.
Non-Employee Director Compensation Program
Pursuant to our non-employee director compensation program (the “director compensation program”) in effect in 2018, each of our non-employee directors receives an annual retainer of $50,000 for service on the Board of Directors. Non-employee directors also receive fees for their service on our standing board committees. All Audit Committee members receive $10,000 per year; all Compensation Committee members, $7,500 per year; and all Nominating and Corporate Governance Committee members, $5,000 per year. The chairs of each of these committees receive additional fees as follows: the chair of the Audit Committee receives an additional fee of $15,000 per year; the chair of the Compensation Committee, $12,500 per year; and the chair of the Nominating and Corporate Governance Committee, $5,000 per year. As well, the Chairman receives an additional annual retainer of $32,500. As of a result of Mr. Kresa’s appointment to the position of Chairman of the Board in February 2016, we do not currently have a lead independent director and expect to keep the lead independent director position vacant for so long as the Chairman and Chief Executive Officer positions continue to be occupied by separate individuals.
The members of the Board of Directors are also eligible for reimbursement for their expenses incurred in attending Board of Directors meetings in accordance with Company policy. Other than the annual fees described above, our non-employee directors do not receive meeting fees or other compensation for their attendance at specific Board or committee meetings.
Our director compensation program specifies that each non-employee director of the Company is eligible to receive annual equity awards under the 2018 Plan. Specifically, each of our non-employee directors receives on the date of each of our annual stockholder meetings an RSU award determined by dividing $150,000 by the then- current price used for valuing employee equity awards, which in no event is less than the last reported closing price of the Company’s common stock reported on Nasdaq.
Each such annual RSU award vests immediately, but shares are not be distributed until the director separates from service to the board (i.e. retires or is removed) or dies. A non-employee director who does not serve as a non-employee director for the entire period measured from one annual stockholders meeting to the next annual stockholders meeting is entitled to an annual equity award that is reduced proportionately for the period during which such person did not serve as a non-employee director.
After November 2018, non-employee directors have an option to receive their annual $50,000 retainer in cash or common stock of the Company. If a non-employee director elects to receive his or her annual retainer in common stock, such director will be granted an RSU award consisting of that number of shares that equals 100% of the annual retainer, based on the 20-day trailing average closing price as of the trading day immediately preceding the date of the annual meeting. This award will vest immediately, but shares are not be distributed until the director separates from service to the board (i.e. retires or is removed) or dies. Non-employee directors who elect not to participate in this program will receive the full annual retainer shortly after the date of the stockholder meeting.
|
|
|
|
Post by mytakeonit on Nov 22, 2019 3:11:10 GMT -5
Okay ... as a future director ... I declare now that I will take the common stock option. Cash doesn't mean that much to me ... and the extra shares for my daughter sounds good.
HA HA HA ... oops!
But, that's mytakeonit
|
|
|
|
Post by dh4mizzou on Nov 22, 2019 7:40:08 GMT -5
You are confusing directors with executives. No non-execs are getting anywhere near that money. How much compensation does a board member collect?
Sorry. Missed the earlier post addressing this
|
|
|
|
Post by rfogel on Nov 22, 2019 8:12:29 GMT -5
Here is the answer to how much is the board compensated. This information is contained in the annual Proxy Statement. In the case of 2018's it is found on page 22. Non-Employee Director Compensation Program Pursuant to our non-employee director compensation program (the “director compensation program”) in effect in 2018, each of our non-employee directors receives an annual retainer of $50,000 for service on the Board of Directors. Non-employee directors also receive fees for their service on our standing board committees. All Audit Committee members receive $10,000 per year; all Compensation Committee members, $7,500 per year; and all Nominating and Corporate Governance Committee members, $5,000 per year. The chairs of each of these committees receive additional fees as follows: the chair of the Audit Committee receives an additional fee of $15,000 per year; the chair of the Compensation Committee, $12,500 per year; and the chair of the Nominating and Corporate Governance Committee, $5,000 per year. As well, the Chairman receives an additional annual retainer of $32,500. As of a result of Mr. Kresa’s appointment to the position of Chairman of the Board in February 2016, we do not currently have a lead independent director and expect to keep the lead independent director position vacant for so long as the Chairman and Chief Executive Officer positions continue to be occupied by separate individuals. The members of the Board of Directors are also eligible for reimbursement for their expenses incurred in attending Board of Directors meetings in accordance with Company policy. Other than the annual fees described above, our non-employee directors do not receive meeting fees or other compensation for their attendance at specific Board or committee meetings. Our director compensation program specifies that each non-employee director of the Company is eligible to receive annual equity awards under the 2018 Plan. Specifically, each of our non-employee directors receives on the date of each of our annual stockholder meetings an RSU award determined by dividing $150,000 by the then- current price used for valuing employee equity awards, which in no event is less than the last reported closing price of the Company’s common stock reported on Nasdaq. Each such annual RSU award vests immediately, but shares are not be distributed until the director separates from service to the board (i.e. retires or is removed) or dies. A non-employee director who does not serve as a non-employee director for the entire period measured from one annual stockholders meeting to the next annual stockholders meeting is entitled to an annual equity award that is reduced proportionately for the period during which such person did not serve as a non-employee director. After November 2018, non-employee directors have an option to receive their annual $50,000 retainer in cash or common stock of the Company. If a non-employee director elects to receive his or her annual retainer in common stock, such director will be granted an RSU award consisting of that number of shares that equals 100% of the annual retainer, based on the 20-day trailing average closing price as of the trading day immediately preceding the date of the annual meeting. This award will vest immediately, but shares are not be distributed until the director separates from service to the board (i.e. retires or is removed) or dies. Non-employee directors who elect not to participate in this program will receive the full annual retainer shortly after the date of the stockholder meeting. So the least a director gets is $150,000 in stock plus $50,000 in cash or stock? That seems like a lot. How does it compare to other small biotechs? |
|
|
|
Post by matt on Nov 22, 2019 8:54:51 GMT -5
So the least a director gets is $150,000 in stock plus $50,000 in cash or stock? That seems like a lot. How does it compare to other small biotechs? The cash retainer is about average, the committee fees are average to slightly higher than average, but there are no meeting fees so on balance I would say the total cash compensation is pretty typical. I normally expect to see a board cash compensation package for a small cap NASDAQ stock that runs about $75,000 per year when everything is included. MNKD is squarely in the ballpark for cash compensation when committee fees are considered. The stock-based compensation is a lot higher than average. Most companies offer options and/or discounted stock purchase programs but $150,000 worth of restricted stock seems way over the top for a company this size. Combined with the cash compensation, even if the stock does not increase a penny the directors are certain to make around $225,000 per year. That is a lot of money for service on the board of a smallish pharma company, especially one that is not performing well in the market. |
|
|
|
Post by agedhippie on Nov 22, 2019 9:29:18 GMT -5
Why do you think Mike is a horrible CEO? He's been CEO for 2.5 years and has built a good foundation. It's not his fault the FDA gave Afrezza a bad label which by the way he's trying to change. He picked a World Class Chief Medical Officer that will transform Afrezza unlike DR. URBANSKI who was literally WORTHLESS. He has built a salesforce which was not their original charter. MNKD is selling Afrezza in Brazil and has other WORLD Trials in progress. He has a NEW PARTNER (UTHR) with a very promising TreT Trial (In Progress) and working on a secret molecule. They have 9 candidates in their pipeline and I'm sure they are working on an EPI Partner which I believe is the next partnership. Now do you want me to go into the CFO's amazing accomplishments? Maybe another day. This is the benefit of hindsight. Mannkind was built with a particular operating model and expectations. The idea was that Al was the visionary, this was largely his money, and that he wanted a board and execs that would execute and not question. The expectation was that diabetics would flood to the needle-free option of inhaled insulin, and in fairness Sanofi bought into that idea as well. What became clear was that this was not going to work which prompted Sanofi's exit. Mannkind now needed to change it's business plan in flight and unfortunately Al Mann died. This left a board and execs, who in my opinion where selected almost entirely for their ability not to get in Al's way, to plan a major sea change which was not something they were fitted to do. For the existing structure to continue to work it required a seasoned veteran CEO to provide that same strong lead that Al had. DeSisto would have been ideal, but that went nowhere. I suspect that he and Al may have had differences on proposed direction so they turned to the safe choice which was Matt. Replacing him with Mike turns out to have been a huge mistake (although I thought it was the right thing at the time as well) as one rookie CEO was swapped for another. Worse, Mike lacked the institutional knowledge of Matt. Mannkind is sitting on a great asset in the form of Technosphere and it desperately needs someone who can exploit that - that is not going to be a big pharma middle manager like Mike. The board needs to wake up from their coma, and insist on a strategy with clear measurable deliverables from the execs (all of them, not just Mike). At the moment that is entirely lacking. |
|
|
|
Post by sportsrancho on Nov 22, 2019 10:33:48 GMT -5
👍🏻👍🏻👍🏻
|
|
|
|
Post by sportsrancho on Nov 22, 2019 10:42:46 GMT -5
Kevinmik
$MNKD Tony Hooper will be serving on Mannkind's Board of Directors effective January 1, 2020 and will basically have 4 months to show what impact if any, he will have on Mannkind's strategy over the 4 months before he goes up for re-election in May 2020, during Mannkind's Annual Shareholder Meeting.
|
|
|
|
Post by akemp3000 on Nov 22, 2019 10:54:26 GMT -5
Someone please let Kevinmik know that Tony Hooper will be sitting on Mannkind's board long after four months as will all of the other current board members. Even though the company and Afrezza aren't yet where we want them to be, each of the past several years has shown significant overall improvement.
|
|
|
|
Post by markado on Nov 22, 2019 11:19:36 GMT -5
And, I've never seen a board member tapped to become a company's new CEO. This may be a pressure play from Kent, relative to Mike's performance, or it could be aligning a better board member with more relevant experience to help take MNKD to the next level(s). Or, it could be all of the above. We definitely need help getting through/over some hurdles, and Tony Hooper looks/appears to be relevantly qualified.
|
|
