Replies to post #33925 on Marker Therapeutics Inc (MRKR)

[Phantom Lord]

#1 Being that we just had a company vote on 6-6-23, and as I suspect that something did NOT just come up out of the blue that caused this CAO replacement, why not just do this before the 6-6 vote and avoid the "Annual Performance Bonus" as it would not have applied being it would have been less than 6 months of calendar year service?

The vote on 6/6 was not to approve annual performance bonuses. Either way, if they do pay a pro rata bonus to Loiacono it will be roughly $48k at the most. Sure, they could have canned him prior to that to save a measly $48k but after serving with the company for ~7 years they obviously didn't want to shaft him. This isn't anything shareholders should be worrying about as the company should absolutely treat their executives and employees fairly.

#2 The new Interim CAO Eliot M. Lurier "receives no compensation directly from the Company" so he gets paid through the "Danforth Consulting Agreement". I am trying to figure out IF and how much money this will save us, if any. So, does anybody know the yearly cost of the "Danforth Consulting Agreement" versus the yearly cost of salary and compensations for the departing CAO? Also, is the "Danforth Consulting Agreement" also taking over the duties of the departed CFO Anthony Kim? And if so, the question would be the yearly cost of the "Danforth Consulting Agreement" versus the yearly costs of salaries and compensations for BOTH the departing CAO and CFO.

The agreement between Marker and Danforth is probably not something we are going to be made privy to. Ultimately Lurier will be acting as interim CFO but is employed by Danforth. Kim was making $380k/year as CFO but given he was already gone this agreement won't save any money there other than not needing to hire a full time CFO. Loiacono was making $275k/yr so as long as Marker is paying less than that per year to Danforth then they are ultimately saving money. We most likely will not ever know the exact amount. Additionally, given the Lurier is not employed with Marker I'm assuming they are also saving on employee benefits that were given to Loiacono.

#3 Can anybody direct me as to where I can read the "Danforth Consulting Agreement" to see the costs, entailed responsibilities and obligations?

Probably not something you will ever get to see.

I would like to believe that this CAO replacement will be addressed by Juan Vera as part of his upcoming Strategic Review. Is that a fair assumption or too much to ask?

Probably. My understanding is the strategic review will be focusing on the clinical side of things, not the business management side of things. Either way, the replacement of a full time CAO/Interim CFO is more than likely just a cost saving measure. With the focus now on pushing the trials through there isn't much of a need to employ these full time executives. Note also that the newly appointed CMO (HERE is the PR) is technically not full time either as she "joins Marker Therapeutics as a consultant." As time goes on and the trials progress I would assume Dr. Stuart will move to being the full time CMO and they will look for a full time CFO. As things stand now the focus is clearly on just getting the data we have been promised for so long.