During the all hands meeting with Novartis last Wednesday a question was asked pertaining to Restricted Stock Units (RSUs) s to which the reply was that mgmt had no information as to how they would be treated. Interesting answer given that in the 8-K form filed with the SEC later that day (available under Investors on the Genoptix website) it says: “All restricted shares and restricted stock units outstanding at the Effective Time will be converted into restricted shares or restricted stock units, respectively, with respect to a number of shares of common stock of Novartis AG.” Not surprisingly the 8-K was dated 2 days earlier on the 24th -- So we were lied to as Genoptix Mgmt knew our RSUs would not vest. In the Equity Refresh email we received on December 29th we were told that the RSUs were meant to make up for the worthless stock option grants of the past several years. However, unless you are around with Novartis as the new Novartis RSUs vest over the next couple of years they are also worthless. Thanks Tina, Doug, and Sam for exchanging our worthless stock options for equally worthless RSUs. Hey, but as long as we are all in the same boat together…. But as expected Tina, Sam, Doug, and Chris made sure that all of their RSUs vested in the deal with Novartis. In the Genoptix SC 14D9 filed last Friday in response to Novartis’ TO (both available on our website under SEC filings in the Investor section) and it states: “Under the terms of each of the RSU award agreements between the Company and each executive officer, upon a change of control of the Company, fifty percent of each unvested RSU held by an executive officer will vest immediately and the remaining unvested RSUs will vest in six equal monthly installments during the six month period following the change of control. In addition, any unvested RSUs will vest if the executive officer's service is terminated by the Company without" cause" or by the executive officer for "good reason" (which is generally defined as a material adverse change in the executive officer's reporting level, a relocation by more than 60 miles or a material reduction in base salary) within 90 days prior to or within 13 months following a change in control.” The 14D9 also has other interesting reading including the severance packages that the Exec team has in place. So much for we expect to remain an independent company within Novartis – Yeah right. Genoptix is no different from any other greedy company where management gets rich and the average employee gets screwed. Thanks Tina, Sam, and Doug for allowing all of us to work hard and help make you rich while you forget about us in the sale to Novartis. Scum.
We are not worthy Yes, our Exec team only care about themselves -- cannot beleive that enough is never enough for these greedy bastards. For most of us the RSUs would have been able to put a couple of thousand dollars in our pocket. Tina will have $480,000 that vest on February 25 when the Genoptix offer is complete. Sam will have $224,000 Doug will have $163,000 Chris $82,000 All of those amounts pale in comparison to the total package they will receive according to the 14D9 form: Tina $9,613,224 -- almost 10 million dollars!! Sam $4,469,360 Doug $3,457,798 Chris $873,586 We are one big happy family for sure and I for one cannot wait to get away from these unappreciative assholes.
What happens to our stock options? Are they automatically vested and paid out or converted to Novartis stock? The SEC info was confusing
The stock options that have value aka below $25.00 will vest. For those folks that came on board in 2008 and 2009 you probably feel like: http://www.youtube.com/watch?v=D_QoDpd6sDQ after seeing how upper management ass raped you by giving you the RSUs that didn't vest like their's did. The last time GXDX was above $25 was on June 4th at $25.35. Tina announced that PeteBob was in Da House (and the company's expiration to shortly follow) on 8/8. On 8/9 the stock closed at $18.16 So for those schmucks that helped build the company your options are worthless but PeteBob and company should get close to $7 per share!!! From the bottom of my heart I would like to thank the Genoptix Senior Management Team and board of directors for making this possible: http://www.youtube.com/watch?v=pc0mxOXbWIU
What I don't understand is how employees are always cheering Tina's name and how great she and the company is, but how they are disregarding any possible stock option/RSU windfalls that employees could surely use but more importantly, have earned with hard work. The extent of this disparity is really appalling and rude. They settled for a poor stock price as well. Why are they doing this to us, what did we do to them?
As much as we the employees got fucked think of the other shareholders. Anyone who invested large sums of money really got fucked with the $25 sale price. You can tell how desperate Tina and gang were to not have to discuss 2010 sales by selling Genoptix for such a low 2.4 multiple -- actually far less when you take into account the $8 per share the company had in cash. Was this the cheapest lab sale of the past 10 years? It will be interesting to see if the lawsuits prove the fiduciary irresponsibility the board and Upper management exhibited by selling on the cheap. Unfortunately most are so tired of the poor financial performance that they are willing to except this $25 deal just to get away from this sinking ship and these 3 idiots. And the 3 biggest corporate pigs in the lab industry – Tina, Doug, and Sam will scurry home with millions in their pockets. Scurry they will – think Tina will continue to earn nearly $5 million in annual compensation on $200 million in sales at Novartis? The 3 pigs got their millions in income and didn’t even care enough for us to get few thousand dollars by having our RSUs vest with the transaction like theirs. Hope when their final day comes their eternity is spent in hell.
go sell sum jack too's and all will be ok...at least that was what my big boss told me to do...yup...drivin around...jack too's on the down low to 1%...
My DM and RD tell me to sell Compass and take JAK. Then again I met my revenue target last year, but it sounds like you did not. Maybe your "big" boss recognizes that you are a pea brained imbecile and wanted to keep the sales message simple like 1 and 10. 1 is our sensitivity and 10 is theirs. However, unlike in jellybeans where 10 is better with JAK 1 is better. Sounds like you are frustrated and I am sure your DM and RD are frustrated as well especially when they look at your dashboard. No worries though in couple of weeks under Novartis they will be able to once again concentrate on getting rid of dead weight like you. Happy Saturday Darling!
the people who founded the company get paid when it gets bought out moreso than random employees. how tragic and unfair that is.
