By Paul Hodgson – CCO and Senior Research Associate
Another doc for the “Rewarded for Doing Their Job” file
Events Analyst Dovid Muyderman found this bonus award in a February 27th 8-K from Medicines Company. Keep reading, it’s in the second paragraph.
Medicines Company (The) (MDCO) On February 21, 2012, the Compensation Committee of the Board of Directors of the Company established the following 2012 base salaries for the Company’s named executive officers, effective as of January 1, 2012, and awarded the following annual cash bonus payments to the following named executive officers of the Company for 2011. The bonus payments were paid in February 2012. Clive A. Meanwell, Chief Executive Officer, 2012 Annual Base Salary- $748,370.
On February 21, 2012, the Compensation Committee of the Board of Directors of the Company recommended, and the Board of Directors approved, special cash bonuses for Clive A. Meanwell, Glenn P. Sblendorio and Paul M. Antinori in recognition of their extraordinary efforts and significant accomplishments related to the Angiomax patent term extension matter. The special cash bonuses were awarded in the following amounts: Dr. Meanwell – $950,000; Mr. Sblendorio – $100,000; and Mr. Antinori – $500,000. The special cash bonus awards are contingent upon the Company receiving a certificate of extension from the U.S. Patent and Trademark Office that extends the term of U.S. Patent No. 5,196,404, the principal U.S. patent covering Angiomax, to December 15, 2014. The Company expects to receive a certificate of extension shortly.
Yeah, you’re right, that’s their job isn’t it?
Dovid also found this in a March 1st 8-K from Gulf Island Fabrications.
On February 24, 2012, the Board of Directors of Company, following the recommendation of the Compensation Committee, approved an executive safety incentive bonus (“Safety Bonus”) for the Chief Executive Officer of the Company, the President of the Company and the president of each of the Company’s subsidiaries for fiscal year 2012. The Safety Bonus is based on the safety performance of the Company, with 50% of the Safety Bonus based on the level of lost time accidents and the other 50% based on the Company’s total recordable incident rate. Pursuant to the Safety Bonus, each of the officers listed above is eligible for a potential bonus of 20% of the officer’s annual base salary. In the event of a fatality, no Safety Bonus will be paid for such fiscal year. The Safety Bonus is in addition to the existing executive annual incentive compensation program available to the Company’s officers, which is based on the Company’s consolidated income before taxes.
Really, it takes health and safety to new heights. Talk about SRI targets.
Overstock rebranding goes awry
And in a first entry from our COO, Shauna Morrison, more excuses for Overstock’s appalling performance listed by Seeking Alpha.
8:37 AM More on Overstock.com (OSTK) (previous): The company says that Q4 revenues were adversely impacted by both a search engine ranking “penalty” from Google that dropped its ranking in organic search results significantly and from a rebranding plan that went awry by confusing customers. Separately, it discloses in a 10-K filed with the SEC that it faces a patent infringement lawsuit in Texas from H-W Technology over Internet Protocol Phone technology. Shares have resumed trading off a trading halt, down 11.5% premarket.
We’ve written about Overstock before, as Shauna comments: “I recognize the Google penalty. I just wanted to point out the new wrinkle which made me laugh—the rebranding plan that went awry. I can’t imagine what might have happened.”
Daydream Believer Drills in Gulf of Mexico
Events Team Leader Mark Magee found this in an 8-K from Freeport McMoRan. Just read it and then we’ll chat.
Everywhere I go people want to know about Davy Jones – people I know casually or even people I have never met before. Everyone asks, “How is Davy Jones?” I am happy to report to you today that the flow test is imminent. It has been two years of anticipation, so I thought I would share my thoughts with you.
I share these thoughts with you because when people ask, “How is Davy Jones?” I say, “We are making progress.” I wish I could guarantee the outcome, but because McMoRan is “pioneering” this sub-salt play in the shallow waters of the Gulf of Mexico, we all have to wait to find out what Mother Nature has in store for us. Remember — McMoRan has also announced discoveries at Davy Jones Offset, Blackbeard West, Blackbeard East and Lafitte, which are just as exciting as Davy Jones.
I tell you, you have to read to the end of that one to even begin to guess what this guy – CEO Jim Bob Moffett (great name for a mining CEO, Jim Bob) – is talking about. At first, you’re like, what planet is he on? What has the late, dearly beloved Monkees lead singer got to do with Freeport McMoRan? And it’s only when you get to the Blackbeard references that you realize he’s not talking about that Davy Jones at all, but him of the eponymous locker. Hey, let’s hope Disney didn’t take out franchise copyright on these names because of Pirates of the Caribbean.
But really, can you actually imagine total strangers going up to Jim Bob and pop that question about Davy Jones?