- To request that the Board of Directors (the "Board") take all actions necessary to eliminate the Tax Benefit Preservation Plan (the "Plan"), dated as of September 13, 2013, by and between Transcept and American Stock Transfer & Trust Company, LLC. In its recommendation to vote "AGAINST" this proposal, Glass Lewis noted that the features of the Plan are reasonable and that the stockholder group has not provided a compelling argument against the Plan.
- To remove, without cause, as directors of Transcept each of Christopher B. Ehrlich, Glenn A. Oclassen, Jake R. Nunn, G. Kirk Raab and each person, if any, nominated, appointed or elected by the Board after October 2, 2013 and prior to the special meeting to become a member of the Board at any future time or upon any event. In its recommendation to vote "AGAINST" this proposal, Glass Lewis further noted that the Transcept Board has taken reasonable and credible steps to evaluate strategic alternatives with the assistance of a financial advisor, and has announced a firm and reasonable deadline to arrange a transaction or commence liquidation by the end of the first quarter of 2014.
Transcept Pharmaceuticals Announces That Glass Lewis & Co. Recommends "AGAINST" All Proposals Subject To A Vote At The December 19, 2013 Special Meeting Of Stockholders
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