ARNA
Se convoca la junta general de accionistas: lunes, 10 de junio, 2013, at 9:00 a.m. (Pacific Time). El punto fuerte del orden del día es un plan de incentivos para los jefes a base de acciones. Me lo he leído en diagonal, pero no me gusta un pelo.
http://invest.arenapharm.com/secfiling.cfm?filingid=1193125-13-181345
To approve the Arena Pharmaceuticals, Inc., 2013 Long-Term Incentive Plan;
Subject to adjustment as provided in Section 12.2, a total of 30 million Shares shall be authorized for Awards granted under the Plan, as increased if applicable under this Section
La justificación: ¿una burda excusa?
We expect that the FDA approval, as well as the US commercialization of BELVIQ, the potential regulatory approval and commercialization of BELVIQ in additional territories around the world, and the advancement of our other programs, will bring uncertainty during this transition, and uncertainty brings risk that we will not be able to attract, retain and motivate personnel to execute on our long-term business plan. Our pay philosophy helps to mitigate this risk by using equity as an important component of our employees’ compensation. Along with incentivizing employees to increase stockholder value, vesting conditions, which generally occur over four years, have retentive value. As such, we believe that having stock available for grant is critical to our continuing development and success by helping to keep our employees focused on executing on our long-term business plan. We do not view the number of shares remaining available for grant under our current long-term incentive plan (the 2012 Long-Term Incentive Plan, or 2012 LTIP) as sufficient to allow us to execute on our long-term business plan, and an aggregate share reserve of 30 million shares under the 2013 LTIP was chosen to have shares available for grant for several years as we transition to a commercial-stage entity.
Otro párrafo interesante:
We Manage Our Award Use Carefully and Our Dilution is Reasonable. We seek to balance the need to attract and retain talented employees, as well as directors, consultants and advisors, in a highly competitive business with efforts to monitor our award “burn rate” each year. Our gross burn rate for the last three years is included in the below table, and we project that our gross burn rate for 2013 will be approximately 2.06%, which is the equivalent of approximately 4.5 million shares. Assuming that our expected gross burn rate for 2013 continues going forward, we estimate that the remaining shares under the 2012 LTIP would last for approximately two years after the end of 2013, as compared to approximately five years with respect to the shares under the 2013 LTIP. However, we do not as a matter of course make public forecasts as to our total shares outstanding and utilization of equity awards due to the unpredictability of the underlying assumptions and estimates. In particular, forecasts include assumptions regarding changes in the number and level of our employees, the type of equity awards we make, our potential growth and activities, changes in the granting of awards, the financial impact of grants and other factors, such as industry performance and general business, economic, regulatory, market and financial conditions, as well as factors specific to our business, all of which are difficult to predict and many of which are beyond our control.
«Después de nada, o después de todo/ supe que todo no era más que nada.»
