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February 27, 2006 at 11:07 AM

How a board says we’ve earned it

Cell Therapeutics’ board of directors must think it’s doing a great job.

The board of the Seattle biotechnology company voted itself a raise on Feb. 17, according to a regulatory filing today.

Board members approved increases in the initial stock option grant non-employee directors get for joining the board from 15,000 shares to 24,000 shares, but now they vest after a year instead of immediately. Current directors will also get a “make-whole” grant of the difference between the new joining bonus and their initial option grant.

The annual retainer for non-employee directors was also increased from $18,000 to $25,000, and directors who chair committees now get more cash, too.

In addition, three board members were singled out and rewarded with option grants and $9,000 each for “exceptional contributions” to the company during the last two years. Phillip Nudelman received grants to purchase 18,000 shares; Mary Mundinger received 12,000; and Vartan Gregorian, 8,000.

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