Insmed
The company named Richard S. Kollender as a member of its board of directors. Kollender, 41, came to the Insmed board as a result of its acquisition of fellow pharmaceutical firm Transave. Kollender holds a B.A. from Franklin and Marshall College and an MBA from the University of Chicago and a certificate from the graduate program in Health Administration and Policy from the University of Chicago. Kollender has been serving as a non-voting observer on the Insmed board since Dec. 2.
The board approved annual bonuses for CEO Timothy Whitten and Chief Medical Officer Renu Gupta worth $112,500 and $107,800 respectively. Insmed said the bonuses were to award Whitten and Gupta for their work during 2010, which included the deal to merge with Transave.
Rewarding itself, the board also approved new compensation arrangements for its members. Each director will be paid an annual retainer fee of $25,000, with the exception of the chairman who will be paid an annual fee of $65,000. In addition, the chairman of the compensation, nominations and governance committees will be paid an annual fee of $10,000. The chairman of the audit committee will be paid an additional annual fee of $15,000. Each director will receive a general board meeting fee of either $1,000 (if attending by phone) or $2,000 (if attending in person) per meeting.
Each director will also receive an annual equity-based grant made up of restricted stock units. The chairman will receive an annual equity-based grant of $55,000. Other directors will get $35,000 worth of restricted stock. Those units will be payable in a lump sum cash payment in the form of RSU’s with a one year cliff vesting period, provided that the director attends at least 75% of the meetings of the Board.
Insmed also said it is asking shareholders to vote on a proposed a one for 10 reverse stock split. The split would help the company bring its stock back in compliance with NASDAQ valuation rules it violated after its stock traded well below $1 per share for too long. It has until June to regain compliance.
Massey Energy
As it considers potential takeover offers, more of Massey’s mines received imminent danger orders from the Federal Mine Safety and Health Administration. Massey subsidiary, Bandmill Coal Corp., which operates Rum Creek Preparation Plant, received an imminent danger order after a the emergency stop mechanism on a stockpile dozer malfunctioned. The company said no injuries resulted and the malfunctioning mechanism was replaced.
Its Martin County Coal Corp. subsidiary received an immanent danger order at its Voyager #7 mine structure elements of the special mine examiner’s travelway were not being maintained properly. Massey said no injuries resulted and the examiner’s travelway was rerouted and travel through the cited area was eliminated.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
Insmed
The company named Richard S. Kollender as a member of its board of directors. Kollender, 41, came to the Insmed board as a result of its acquisition of fellow pharmaceutical firm Transave. Kollender holds a B.A. from Franklin and Marshall College and an MBA from the University of Chicago and a certificate from the graduate program in Health Administration and Policy from the University of Chicago. Kollender has been serving as a non-voting observer on the Insmed board since Dec. 2.
The board approved annual bonuses for CEO Timothy Whitten and Chief Medical Officer Renu Gupta worth $112,500 and $107,800 respectively. Insmed said the bonuses were to award Whitten and Gupta for their work during 2010, which included the deal to merge with Transave.
Rewarding itself, the board also approved new compensation arrangements for its members. Each director will be paid an annual retainer fee of $25,000, with the exception of the chairman who will be paid an annual fee of $65,000. In addition, the chairman of the compensation, nominations and governance committees will be paid an annual fee of $10,000. The chairman of the audit committee will be paid an additional annual fee of $15,000. Each director will receive a general board meeting fee of either $1,000 (if attending by phone) or $2,000 (if attending in person) per meeting.
Each director will also receive an annual equity-based grant made up of restricted stock units. The chairman will receive an annual equity-based grant of $55,000. Other directors will get $35,000 worth of restricted stock. Those units will be payable in a lump sum cash payment in the form of RSU’s with a one year cliff vesting period, provided that the director attends at least 75% of the meetings of the Board.
Insmed also said it is asking shareholders to vote on a proposed a one for 10 reverse stock split. The split would help the company bring its stock back in compliance with NASDAQ valuation rules it violated after its stock traded well below $1 per share for too long. It has until June to regain compliance.
Massey Energy
As it considers potential takeover offers, more of Massey’s mines received imminent danger orders from the Federal Mine Safety and Health Administration. Massey subsidiary, Bandmill Coal Corp., which operates Rum Creek Preparation Plant, received an imminent danger order after a the emergency stop mechanism on a stockpile dozer malfunctioned. The company said no injuries resulted and the malfunctioning mechanism was replaced.
Its Martin County Coal Corp. subsidiary received an immanent danger order at its Voyager #7 mine structure elements of the special mine examiner’s travelway were not being maintained properly. Massey said no injuries resulted and the examiner’s travelway was rerouted and travel through the cited area was eliminated.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].