December 27, 2011

Un Pour Tous, Tous Pour Un

In this post, I'll present a fact and make an observation.

Facts: Below is a table of founder compensation (i.e., Craig, Tim, Eric) for 2002 to 2010, drawn from the company's 14A filings (DEF 14A on the SEC website).

The observation is the equality of compensation between the three founders. It appears the differences in total compensation (see the specifics that total this number) in 2004 and 2005 relate to the fact that Drs. Dees, Scott and Wachter served without salary from April 23, 2002 until November 16, 2002. During 2004 the company paid the founders a portion of their accrued compensation relating to this period. During 2005 Provectus paid Tim Scott the remaining portion of his accrued compensation. And during 2005, the company paid them accrued compensation for unused vacation time.

2005 was the only year in which base salary were different between the three men. Before and since, salary, bonus and option awards have been in lock step.

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