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SRLS > SEC Filings for SRLS > Form 8-K on 18-May-2009All Recent SEC Filings

Show all filings for SERACARE LIFE SCIENCES INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SERACARE LIFE SCIENCES INC


18-May-2009

Other Events


Item 8.01 Other Events.

As SeraCare Life Sciences, Inc. (the "Company") previously disclosed on Form 8-K on April 14, 2009, Mr. Harold S. Blue is to receive compensation for his services as a member of the Board of Directors (the "Board") pursuant to the Company's 2009 Director Compensation Program, as amended by the Board on March 27, 2009 (the "Program"), as determined by the Compensation Committee of the Board.

On May 14, 2009, the Compensation Committee determined Mr. Blue's compensation pursuant to the Program. Mr. Blue will receive a pro rata portion of the annual retainers for being a member of the Board, Audit Committee and Compensation Committee, an option to purchase 7,192 shares and expenses and fees for attendance at meetings. The amount of stock he receives will be calculated based on the greater of $1 or the fair market value of each share, and 20% of all the cash compensation will be provided in stock. The valuation of the shares shall be based on the closing price per share at the end of the first business (trading) day of the quarter when payment is due or, in the case of the first quarter when he joined the Board, the closing price per share on the date of the grant.

The Board granted Mr. Blue, as his first quarterly grant of stock for his pro rata portion of the annual retainers for being a member of the Board, Audit Committee and Compensation Committee, 3,078 shares of the Company's common stock, such number being equal to $3,078 (his pro rata portion of annual retainers) divided by the greater of $1 or the closing price per share of the Company's common stock on the date of grant, May 14, 2009.

The Board also granted Mr. Blue, as part of his compensation for his services as a director described above, a non-statutory option to purchase 7,192 shares of the Company's common stock, which will expire on November 21, 2013, have an exercise price equal to $1.25, and will vest on August 21, 2009 as to 3,442 shares, and November 21, 2009 as to the remaining 3,750 shares.


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