Unfortunately, I spoke with none of the directors except Dale. It is clear to me that they have had a huge influence on SRDX. In fact I've never felt a board to be as important to a company I was trying to understand as this one has been. Usually past presidents who go on the board continue to affect the companie's culture, but I've felt the rest of the board has been largely honorary in most other companies. Not so at SRDX.
Your opinion and the way you analyze our company has been very important to me as you've done thoughtful analyses which I mean to do, but haven't gotten around to. Your thoughts on the compensation package are most welcome as one of the few dangers I felt in the recent quarterly conference call had to do with $2mm of option expense for the quarter. I mentally divided by 100 employees and thought it a danger sign. The first thing I've learned is that 100 employees is no longer nearly enough. I think there are 9 or 10 at BioFX, 80 at Brookwood, a few in California, and well over 100 in Eden Prairie. I also appreciate that you can correctly spell tenacle (gg). I remember being very impressed by the pay which Dale received and then even more by how much of the company's stock he owned. There was never any doubt that he was contributing more than he received in pay.
Ken Melrose has written a book? That's interesting. He is not a dynamic speaker though quite adequate from my experience yesterday. Certainly looks competent and decisive from 100 feet though. Apparently he is reflective if he's written a book on management and one more superlative is added to my thoughts about this company.
Mostly I wanted to thank you for doing so well what needs to be done in terms of analysis and memory. My own has become so short and unpredictable that I'm either going to have to change my analysis methods or surrender completely to evaluating the character of various others like you, and take your words for it. And thanks to this extraordinary board also.
Now to step back into the shadows so as not to lower the standard of quality here.
Best, Lance
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