Galectin Therapeutics Inc. (GALT)

[thefamilyman]

I don't like it. These two are insiders. They know the whole story. If things are going well why are we concerned that they may bail on us? And why is the "bonus" paid in cash instead of stock options? If they had taken stock options that would have sent the message that they have confidence in the company and its future. But they apparently prefer cash...

From today's 8-K - (The COO Harold Shlevin got a similiar letter.)

June 15, 2016
Jack Callicutt
CFO, Galectin Therapeutics
Dear Jack,
The future of the Galectin Therapeutics, Inc. and the investment of its shareholders are dependent upon the successful completion of the company’s ongoing clinical trials over the next few months. We are proud of the talented management team that we have assembled, and the Company has determined that it is in its best interest to assure that the team remains in place and working on the important matters before us at least through March 1, 2017.
To this end, this letter, if accepted below by you, confirms the agreement of Galectin Therapeutics, Inc. to pay you a retention bonus of $50,000 on March 1, 2017 provided that you remain an employee of the company on that date. The bonus will also be paid if in advance of that date, your employment is terminated by the company without “Cause” or if you terminate your employment for “Good Reason”, as those terms on defined on Exhibit A attached. The bonus payment will be subject to normal payroll taxes and withholdings.
Thank you for your continued service to Galectin Therapeutics, and I appreciate your commitment to the important work in which we are engaged.
All the best,
/s/ Peter G. Traber, MD
Peter G. Traber, MD
CEO, Galectin Therapeutics
I agree to the terms of this retention bonus:
/s/ Jack Callicutt