Section 5 - Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) The Company has increased the responsibilities of Mark Newton, including additional sales direct reports, and increased international sales and global marketing duties. His title remains Senior Vice President and he is already an executive officer with reporting requirements under Section 16 of the Securities Exchange Act of 1934, as amended.
As a part of this change, on September 13, 2011, the Company set Mr. Newton's annual salary at $245,700 (effective as of August 2, 2011). He will remain eligible for a profit-sharing bonus and a discretionary bonus, which are also available to all salaried employees and officers generally and which, in operation, provide for the same method of allocation of benefits between management and non-management participants. In addition, the Company also authorized a 16,440-share stock option grant to Mr. Newton, pursuant to the Company's shareholder approved Employee Stock Option Plan, with such grant to be made at the next regularly scheduled Compensation Committee meeting at which such grants are made.
Notwithstanding the foregoing, Mr. Newton does not have a written employment agreement and will continue to be an at-will employee of the Company as is the case with all employees of the Company.
