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VII > SEC Filings for VII > Form 8-K on 13-Nov-2012All Recent SEC Filings

Show all filings for VICON INDUSTRIES INC /NY/



Change in Directors or Principal Officers

ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 7, 2012, the Compensation Committee of the Board of Directors (the "Committee") approved a performance based bonus plan for certain of the Company's officers for fiscal 2013, including among others Kenneth M. Darby (Chief Executive Officer) and John M. Badke (Chief Financial Officer), that provides a bonus pool equal to 25% of consolidated pretax earnings, subject to certain adjustments. The plan participants will share in any earned bonus pool to the extent determined by the Committee for Mr. Darby and by Mr. Darby for the other participants. In addition, a performance based bonus plan was established for Bret M. McGowan (Senior Vice President, Sales and Marketing for the Americas), whereby he could earn an amount up to $100,000 for the achievement of certain U.S. and export sales targets.

The Committee further approved discretionary bonus awards for certain of the Company's officers for fiscal 2012, including Mr. Darby who received a restricted stock grant of 15,000 shares and Mr. Badke who received a $30,000 bonus.

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