You and blue need to rethink that notion because BOD can try to exempt derivatives and themselves from a r/s. I've seen it. To be accurate, the BOD exempted their existing derivatives and future award levels from the r/s in the proxy filing, buried in the footnotes. Once found out, a brouhaha ensued as you can imagine. Ultimately, they amended the filing and withdrew the exemptions, not because it was illegal, because it jeopardized the proxy. The r/s failed nonetheless, as investors saw the integrity of mgmt take a massive beatdown. Make no mistake, in general, spec bio mgmt is not here for the patients or the purity of the quest, so much as they are interested in protecting their jobs and compensation. Its the way of the world.
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