180 Degree Capital Corp. Issues Open Letter to the Board and Shareholders of Enzo Biochem, Inc. - Seite 2

	Base pay		Option		Performance Stock		Non-Equity Incentive		All Other		Total
	Salary		Awards		Units Award		Plan Compensation		Compensation		Compensation
2020	$611,000		$112,400		$69,740		$500,000		$194,661		$1,487,801
2019	$611,000		$135,296		$70,000		$500,000		$190,308		$1,506,604
2018	$611,000		$137,340		$44,200		$500,000		$184,132		$1,476,672
2017	$585,802		$180,150		$0		$575,000		$191,044		$1,531,996
2016	$555,478		$87,600		$0		$575,000		$189,427		$1,407,505
Total	$2,974,280		$652,786		$183,940		$2,650,000		$949,572		$7,410,578

The Board’s apparent belief that $7.4 million in cash, stock options and other forms of compensation properly reflects Mr. Rabbini’s performance as CEO raises what we believe are troubling questions about ENZ’s overall corporate governance.

We believe the case for how abhorrent the oversight of ENZ has been throughout the history of this Board and the current management team is clear. ENZ’s management and Board have been the recipient of what we consider to be very sober and thoughtful public criticism from a significant portion of its shareholders. In our view, ENZ’s latest proxy contest ended exactly the way it should, with a clear mandate from shareholders to enact change in the corporate governance of the company. We note this mandate came at a significant cost to shareholders, through the wasteful spending of $4 million on legal fees, in an attempt to resist shareholders’ efforts to push for reform. ISS could not have been more explicit in their denunciation of ENZ’s “late-stage entrenchment maneuvers” that ENZ proposed early last year.