PSIVIDA VOTES ON 258% DIRECTORS’ PAY HIKE
October 20th 2008 00:39
Friday October 17, 2008
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PSIVIDA
Psivida shareholders will vote on the increase in the directors’ remuneration pool from $A280,000 to $US500,000 ($A721,400) along with the grant of 620,000 directors’ options.
According to Psivida’s US Schedule 14A form the company proposes to increase chairman David Mazzo’s fees from $US35,000 a year to $US55,000 a year with other directors’ pay increasing from $US30,000 to $US35,000 a year.
The meeting will vote on the granting of 280,000 options to managing director Dr Paul Ashton with 120,000 options for Mr Mazzo, 100,000 options for Michael Rogers, and 60,000 options each to Paul Hopper and Peter Savas.
Psivida said the options would vest in a variety of tranches but no exercise price was cited for any of the option grants.
Psivida’s annual general meeting will vote on the re-election of directors Dr Ashton, Mr Mazzo, Mr Hopper, Mr Rogers and Mr Savas.
In the 12 months to September 30, 2008, Psivida’s market capitalization fell from $80 million to $21 million.
The meeting will be held at the Sofital Wentworth Hotel, 61 Phillip Street, Sydney on November 19, 2008 at 11am.
Psivida fell one cent or 0.76 percent to $1.31.
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