Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) Effective January 3, 2020, the Compensation Committee of the Board of
Directors (the "Committee") of the Company set the annual base salaries of
Stanton E. Ross, President and Chief Executive Officer, and Thomas J. Heckman,
Chief Financial Officer, Treasurer and Secretary, at $250,000 and $230,000,
respectively for 2020.
The Committee determined that Stanton E. Ross will be eligible for bonuses of up
to a total of $250,000 in 2020 and Thomas J. Heckman will be eligible for
bonuses of up to a total of $230,000 in 2020 based on each person's performance
during the year. The Committee will review each executive officer's performance
on a periodic basis during 2020 and determine what, if any, portion of the bonus
he has earned and will be paid as of such point.
The Committee awarded Stanton E. Ross 250,000 shares of restricted common stock
and Thomas J. Heckman 150,000 shares of restricted common stock, effective
January 3, 2020. Such shares will vest one half on January 2, 2021 and one half
on January 2, 2022, provided that each person remains an officer on such dates.
The information contained in this Current Report shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") or incorporated by reference in any filing under the Exchange
Act or the Securities Act of 1933, as amended, except as shall be expressly set
forth by specific reference in such a filing.
© Edgar Online, source Glimpses