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Quotes & Info
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| NLNK > SEC Filings for NLNK > Form 8-K on 21-Dec-2012 | All Recent SEC Filings |
21-Dec-2012
Change in Directors or Principal Officers
(e) Executive Officer Compensation and Equity Awards
On December 17, 2012, the Board (a) approved 401(k) contributions for the Company's named executive officers, and (b) approved 2012 bonuses for certain of the Company's "named executive officers."
401(k) Contributions
The Company's employees, including its executive officers, are eligible to
participate in the Company's 401(k) plan (the "401(k) Plan"). The 401(k) Plan
provides that each participant may contribute a portion of his or her pretax
compensation. In addition, the Company provides an annual contribution of 3% of
each participant's salary (the "Safe Harbor Contribution"). The Safe Harbor
Contribution is capped at $7,500.00 per year. The Board also has the discretion
to approve additional contributions to participants (the "Discretionary
Contribution"). For 2012, the Board approved Discretionary Contribution amounts
for named executive officers that, when added to the Safe Harbor Contributions,
totaled 4.5% of each named executive officer's 2012 total compensation, which
included 2012 salary and 2011 bonuses that were paid in 2012. The following
table lists the 401(k) contributions that the Company made to its named
executive officers for 2012:
2012
Dr. Charles J. Link, Jr. $28,421.25 $7,500.00 $35,921.25 4.5%
Dr. Nicholas N. Vahanian $18,600.00 $7,500.00 $26,100.00 4.5%
Gordon H. Link, Jr. $8,763.00 $7,500.00 $16,263.00 4.5%
Dr. W. Jay Ramsey $8,096.24 $7,500.00 $15,596.24 4.5%
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2012 Bonuses to Named Executive Officer Compensation
The 2012 bonus awards for the applicable named executive officers are set forth on Exhibit 10.1 attached hereto and incorporated herein by reference. The 2012 bonus awards for the applicable named executive officers are based on the achievement of corporate and individual goals previously approved by the Board, except that the bonus awards to Mr. Gordon Link and Dr. Jay Ramsey reflected upward adjustment by the Board, as recommended by the Compensation Committee of the Board, from the bonus that would have been awarded under the previously approved criteria. The Board, upon recommendation of the Compensation Committee, determined that Mr. Gordon Link and Dr. Ramsey had met individual performance goals such that they would have earned 70% and 85%, respectively, of their respective target bonus amounts, but that based on individual performance in light of actual events they should be awarded bonuses equal to 85% and 90%, respectively of their target bonus amounts. The modifications approved to the bonus criteria of Mr. Gordon Link and Dr. Ramsey are set forth on Exhibit 10.1 hereto.
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