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| VSCP > SEC Filings for VSCP > Form 8-K on 27-Feb-2009 | All Recent SEC Filings |
27-Feb-2009
Change in Directors or Principal Officers
(e) On February 27, 2009, the Company entered into amended employments agreements with Jeffrey Markin, President and Chief Executive Officer, and Molly Henderson, Chief Business and Financial Officer. The agreements amend the prior employment agreements each dated August 27, 2008: (1) to provide for automatic extensions for additional one-year periods so long as the Executive remains fully employed by the Company, and (2) to provide that severance upon a voluntary termination by the executive officer following a change in control, previously included under the employment agreements, be paid in equal installments over 12 months instead of in a lump sum.
Also, on February 24, 2009, the Compensation Committee adopted the VirtualScopics, Inc. 2009 Bonus Plan. The 2009 Bonus Plan covers all employees of the Company including Jeffrey Markin, the Company's President and Chief Executive Officer, and Molly Henderson, the Company's Chief Business and Financial Officer.
The 2009 Bonus Plan provides performance criteria based upon the Company meeting certain financial and operational targets in the 2009 fiscal year, which require the Company to achieve improved financial performance over fiscal 2008. If the Company's performance meets or exceeds the staged targets in the Plan, the participating executive may receive cash incentive bonus payments equal to a percentage of the executive's eligible base pay. Amounts may be further adjusted by the Compensation Committee for exceptional individual performance. The bonus percentage range is 0% to 30% of eligible base pay for the chief executive officer, and 0% to 22% for the chief business and financial officer. The executive is not eligible for a bonus unless the Company meets the initial performance thresholds. The Plan also includes a bonus pool for employees other than the executive officers based on the same bonus percentages.
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