Message to Naish from the post(er) down the back paddock....
"The purpose of this supplementary is to remind you that our 2014 Annual Meeting of stockholders will be held on November 13, 2014 at 4.00pm."
Seems clear to me...but just in case....further clarity...
1. Unilife has built a high-performance team with deep technical capabilities and broad industry expertise.
2. Many of these employees are attracted from incumbent companies within the industry that are currently larger and better capitalised. (Begs the question, for how much longer?
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3. Many of these employees are developing innovative technologies that are expected to create additional long-term shareholder value.
4. Equity awards are a central component of the compensation program to attract and retain such employees.
5. Equity awards as a proportion of total compensation help preserve cash resources.
6. To remain competitive in the area of compensation for key employees we must from time to time replenish the pool of stock available in the 2009 Stock Incentive Plan.
7. To retain and recruit talent critical to our success, it is necessary to replenish the pool now.
8. The Pool of shares for employee grants has not been replenished since 2011.
9. If not replenished now, the Pool will be exhausted in the current fiscal year.
10. If replenished now, the Pool will be sufficient for the foreseeable future.
As much as you are trying to make this as being all about Alan, it is not. It is abundantly clear from the above that the Supplementary is about multiple key employees of Unilife, industry leaders in their fields of expertise, who have been attracted to Unilife for the very good reason that they see a very bright future, and want to participate in that future by way of an equity component in their overall compensation package. Standard industry practice.
Given that the Pool hasn't been replenished for three years and is about to empty, what is wrong with replenishing the resource for the overall health and success of the company going forward? Moreover, given that the current Pool will exhaust prior to the next AGM, it MUST be replenished now.
No conspiracy there, no begging or pleading, simply taking care of business.
Who in their right mind would not want to see Unilife retain the ability to continue to attract and retain the highest level of talent and expertise in the medical devices industry, thus helping ensure our continued success in the future?
Certainly Sanofi see Alan and many others as key employees and critical to the future success of Unilife. I imagine various of the Institutional holders are of the same opinion.
That is what the Supplementary is all about. It is a timely, necessary and prudent shareholder communication concerning the continued success of Unilife in the future.
Baaaa
