What I am focusing on is the investor part where they are having discussions.
Employee compensation
During October and November, the Company has been in discussions with unrelated investors for a Series A Preferred Stock financing, which the Company expects to close shortly. The process has included discussions about employee equity compensation, and the fact that essentially no employee equity awards have been made in more than 5 years, except to the Company’s two senior scientific officers in June of this year, and as a result the Company management and employees have virtually no equity component to their compensation. Such a lack of equity incentive compensation is highly unusual in biotech and start-up companies. Meanwhile, Company employees have made extraordinary efforts in moving the clinical programs forward, successfully resolving all of the litigation cases, and addressing a host of challenges with liquidity, regulatory scrutiny and other matters.
Who are these investors that they need to get approval for Employee compensation. So Linda has partners and things need to be cleared by them. First time of heard of this?
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