Biotech Values

[DewDiligence]

How MNTA Executed Against Its 2010 Internal Goals

These are the numbers used by the BoD’s compensation committee
to determine the 2010 bonuses for MNTA’s executive officers. Based
on the a priori goals, the bottom-line weighted performance would
have been 85%; however, a 25% post hoc adjustment was added,
bringing the bottom-line figure to 110%. I would characterize this
post hoc arithmetic as small-scale corporate malfeasance, but I
suppose MNTA deserves some credit for disclosing it.

 
                                      Weighting    Actual Level     Weighted    
 Corporate Goal                        of Goal    of Achievement   Achievement 
   
 Enabling manufacture of enoxaparin .  . 10%          130%           13.0%  
  
 Advancement of M356—regulatory  . . . . 15%           70%           10.5%  
  
 Advancement of M356—development . . . . 10%          100%           10.0%  
  
 Advancement of FoB program .. . . . . . 15%          100%           15.0%  
  
 Advancement of M402 program . . . . . . 10%           70%            7.0%  
  
 Business development (partnerships) . . 15%            0%            0.0% 
  
 Advancement of “corporate strategy” . . 15%          130%           19.5%  
  
 “Financial discipline”  . . . . . . . . 10%          100%           10.0%    
                                        ====                        ======    
 SUBTOTAL                               100%                         85.0%  
  
 *Bonus points                           25%          100%           25.0% 
                                        ====                        ====== 
 TOTAL                                  125%                        110.0%

*Consists of the following items:

• Successfully managing FDA inspections of Chinese heparin suppliers;
• Maintaining sole approval of enoxaparin;
• Manufacturing for the enoxaparin program exceeding the 130% goal;
• Successful management of enoxaparin-related litigation; and
• Additional achievements in the M356 and FoB programs.

Source: http://sec.gov/Archives/edgar/data/1235010/000104746911004077/a2203592zdef14a.htm#toc_dz73701_1