Avid Bioservices Inc (CDMO)

[jakedogman1]

"As a non-employee director, Mr. Bamforth will receive compensation under the Company’s non-employee director compensation program, which was recently amended by the Compensation Committee of the Board, and consists of an annual cash retainer, paid in monthly installments, of $55,000 per year and a separate annual cash retainer of $15,000 per each committee of the Board on which a non-employee director serves. At the time of the filing, the Board had not yet determined the committee(s) of the Board on which Mr. Bamforth would serve. In addition, under the compensation program, Mr. Bamforth is eligible to receive a cash fee of $2,000 per day for each Board of Directors meeting attended, whether in-person or telephonically, and is entitled to receive a cash fee of $2,000 for each additional Company meeting attended in excess of four hours in length. The Compensation Committee expects that existing non-employee directors will transition to the new non-employee director compensation program over a period of time."

So in other words, the $400k for a director with zero biotech exp is a complete joke but we have to wean ourselves off the excessive pay. And if we reduced it now, we would be admitting to shareholders that we have been ripping them off. Besides, if we can drag this out, we can get more money until we get kicked out.

Another reason the bums need to go. The good news is it will make voting for the ronin card a slam dunk.