ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On November 6, 2009, the Board of Directors of American TonerServ Corp. (the
"Company") approved changes to the compensation arrangements for Chuck Mache,
the Company's CEO, and Chad Solter, who serves as President of the Company's
iPrint subsidiary and is also a Director of the Company. These changes were made
effective as of November 2, 2009.
The compensation plan for Chuck Mache was modified to eliminate certain
performance requirements related to his salary which had the effect of
increasing his base annual salary to $180,000.
The compensation plan for Chad Solter was modified to increase his base annual
salary to $210,000. Mr. Solter will also be entitled to receive incentive
compensation based on the achievement of future growth in earnings before
interest, taxes, depreciation and amortization. The terms of this incentive
compensation will be determined at a later date
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