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Aug 30, 2022·edited Aug 30, 2022

Do you think the crazy compensation for Howley and co. truly makes them aligned with investors? As I heard someone else put it, it feels like a "heads, I win big, tails, I still win" type of thing. They get over 2 million shares p/year regardless of performance and then something like 18% of share price increase each year computed using the original share count of ~150 million shares (and this bonus will be in effect every year for basically ten years) -- and it's not subject to a high water mark, to put it in hedge fund terms. It seems like an insane amount of compensation for people who aren't even full time managing the business (they're on the board). Last year their comp. was easily over 100 million. They could be completely awol and still do quite well for themselves. Anyway, I know none of that has to do directly with the business operations but it's still something that keeps me up at night a little with this one which I've owned since it was the EverArc "spac".

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Seeking clarification on a prior comment here - the way I read the agreement is that there is in effect a high water mark ("over the highest"). Am I reading this wrong? (Not that they are clearly taking more than a pound of flesh here ...)

"Thereafter, the Variable Annual Advisory Amount will only become payable if the Payment Price during any subsequent Payment Year is greater than the highest Payment Price in any preceding Payment Year in which an amount was paid in respect of this Agreement. Such Variable Annual Advisory Amount will be equal in value to eighteen percent (18%) of the increase in the Payment Price over the highest Payment Price in any preceding Payment Year multiplied by the Founder Advisory Agreement Calculation Number."

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