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Under the terms of the Plan, AMDL has transitioned from a "discretionary cash and options-based bonus plan" to a performance-based, stock and cash incentive plan. Incentives are based on successfully achieving financial targets established by AMDL's Board of Directors.
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Plan highlights include:
According to Mr. Michael Boswell, independent board member and Chairman of AMDL's Compensation and Audit Committees, "We have made a deliberate decision to establish a more structured compensation plan that directly links our executive and employee compensation to Company performance. In establishing this new plan, we are creating stronger alignment between the interests of our management team, employees, and investors. We feel the modifications made support AMDL's long-term success."
Under AMDL's 2009 Performance and Equity Incentive Compensation Plan, all stock granted to senior executives and employees as incentive compensation will be scheduled to vest only if the Company's meets its strategic goals and specific financial performance targets. AMDL's Board of Directors and Compensation Committee have reviewed and approved the performance targets and Plan outlined above. Detailed information on this revised Plan can be found in AMDL's Form 8-K filed with the Securities and Exchange Commission.
About AMDL:
Headquartered in Tustin, CA with operations in Shenzhen, Jiangxi, and Jilin, China, AMDL, Inc., along with its subsidiary Jade Pharmaceutical Inc. (JPI), is a vertically integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, pharmaceutical, nutritional supplement, and cosmetic products. The company employs over 490 people in the U.S. and China.
Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to AMDL, Inc., except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
-- Performance based incentive awards -- Board-determined quarterly income performance targets -- Limited cash bonus awards -- Reaffirmation of AMDL's commitment to not issue discretionary incentive awards
SOURCE AMDL, Inc.
