Friday, June 10, 2016 8:49:37 AM
10-Jun-2016
Change in Directors or Principal Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 7, 2016, the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of CytoSorbents Corporation (the "Company") approved the following equity bonus awards and annual base salaries for its executive officers, as well as annual incentive awards as set forth below:
Change in
Bonus Control
Fiscal Year Restricted Restricted
2016 Stock Options Stock Units Stock Units
Name Position Base Salary (5)(6) (5)(7) (5)(8)
President
and Chief
Executive
Phillip P. Chan, MD, PhD Officer $ 350,000 (1) 97,000 26,000 57,000
Chief
Operating
Vincent J. Capponi Officer $ 291,000 (2) 91,500 23,000 54,000
Chief
Financial
Kathleen P. Bloch Officer $ 255,000 (3) 77,500 21,000 47,000
Chief
Medical
Robert H. Bartlett, MD Officer - (4) 20,000 - -
(1) Represents approximately an 8% increase in annual base salary; effective January 1, 2016.
(2) Represents approximately a 8% increase in annual base salary; effective January 1, 2016.
(3) Represents approximately a 8% increase in annual base salary; effective January 1, 2016.
(4) Dr. Bartlett is paid consulting fees of $54,000 annually for his services to the Company.
(5) Grant date was June 7, 2016.
? 30% vest upon achievement of 2016 budgeted gross revenues, with a minimum of 90% achievement for consideration, and achieving a 2016 operating expense comparable to actual 2016 revenue ratio that is less than or equal to the approved 2016 budget.
? 25% vest upon consummation of equity and/or debt financing(s) with minimum gross proceeds to the Company equal to $10,000,000.
? 40% vest upon successful completion of the Company's REFRESH 1 clinical study and all related data analyses, approval by the U.S. Food and Drug Administration of one of the Company's product candidates and publication of at least two company-sponsored or investigator-initiated clinical studies (non-case reports).
? 5% vest upon achievement of one or more new material strategic partnerships or significant territory expansion.
(6) The vesting of these stock options is based upon the achievement of the following performance milestones, to be determined in the sole discretion of the Board.
(7) Restricted stock unit awards granted in recognition of 2015 performance. Vesting as to one-third of these restricted stock units shall occur on each of the date of grant, the first anniversary of the date of grant, and the second anniversary of the date of grant, subject to the grantee's continued service as of the applicable vesting date, and will be settled into common stock of the Company, $0.001 par value per share (the "Common Stock").
(8) These restricted stock units will be settled into Common Stock upon vesting upon a "Change In Control" of the Company, as defined in the CytoSorbents Corporation 2014 Long-Term Incentive Plan.
The adjustments to base salary and bonus restricted stock unit awards described above were made in connection with each such executive officer's annual performance review. The stock options and restricted stock units were awarded in the discretion of the Compensation Committee under the Company's 2014 Long-Term Incentive Plan (the "Plan"). Each option and restricted stock unit have a 10-year term and each option has a strike price of $4.69, the closing price of the Company's Common Stock as reported on the NASDAQ Capital Market on the date of the grant.
On June 7, 2016, the Board also approved an amendment to the Plan to increase the number of shares of Common Stock authorized for issuance thereunder by an additional 700,000 shares (the "Amendment"). After giving effect to the Company's 2016 annual grants to directors, officers and employees, authorized Common Stock available for grant under the Plan was insufficient to award all Company employees. In order to incentivize all Company employees, as well as to induce future Company employees to be hired in 2016, the Board approved the Amendment. The Amendment, and any grants awarded thereunder, will be subject to stockholder approval. The Company anticipates further amending the Plan, subject to stockholder approval at the Company's 2017 Annual Meeting of Stockholders, to increase the number of shares of Common Stock authorized for issuance thereunder. The Compensation Committee plans to work with the Company's compensation consultant to determine the appropriate increase to the Plan after giving effect to the Amendment, as well as taking into account current industry practices.
Recent CTSO News
- CytoSorbents to Present at the H.C. Wainwright 26ᵗʰ Annual Global Investment Conference • GlobeNewswire Inc. • 08/27/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/20/2024 08:51:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/16/2024 10:58:42 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/16/2024 10:57:45 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/16/2024 09:28:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/16/2024 09:12:04 PM
- CytoSorbents Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 08/16/2024 08:05:00 PM
- CytoSorbents Reports Second Quarter 2024 Financial and Operational Results • GlobeNewswire Inc. • 08/13/2024 08:19:55 PM
- CytoSorbents Appoints Peter J. Mariani Chief Financial Officer • GlobeNewswire Inc. • 08/13/2024 08:18:28 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/13/2024 08:04:32 PM
- CytoSorbents to Report Second Quarter 2024 Operating and Financial Results • GlobeNewswire Inc. • 08/07/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:12:56 PM
- CytoSorbents Announces Compliance with Nasdaq Minimum Bid Price Requirement • GlobeNewswire Inc. • 08/01/2024 11:00:00 AM
- CytoSorbents Unveils Newly Redesigned, Unified Company and Product Website • GlobeNewswire Inc. • 07/29/2024 12:00:00 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 07/26/2024 09:14:03 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 07/26/2024 09:11:21 PM
- CytoSorbents to Present at the Inaugural American Association of Physicians of Indian Origin (AAPI) World Health Congress • GlobeNewswire Inc. • 07/17/2024 11:00:00 AM
- CytoSorbents Secures $20 Million Credit Facility • GlobeNewswire Inc. • 07/02/2024 11:00:00 AM
- CytoSorbents Announces Regulatory Approval of CytoSorb® in Taiwan • GlobeNewswire Inc. • 06/24/2024 11:00:00 AM
- CytoSorbents Announces the Launch and Immediate Availability of the PuriFi™ Blood Pump in the European Union • GlobeNewswire Inc. • 06/13/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/10/2024 08:31:20 PM
- CytoSorbents to Host its 2024 Virtual Annual Stockholders Meeting • GlobeNewswire Inc. • 06/05/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/22/2024 08:35:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 09:23:00 PM
- CytoSorbents Reports First Quarter 2024 Results • GlobeNewswire Inc. • 05/09/2024 08:17:23 PM
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM