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HDSN > SEC Filings for HDSN > Form 8-K on 27-Dec-2012All Recent SEC Filings

Show all filings for HUDSON TECHNOLOGIES INC /NY | Request a Trial to NEW EDGAR Online Pro

Form 8-K for HUDSON TECHNOLOGIES INC /NY


27-Dec-2012

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.

A. On December 20, 2012, the independent members of the Board of Directors (the "Independent Board Members") of Hudson Technologies, Inc. (the "Registrant"), upon recommendation of the Compensation Committee of the Board, established a fiscal year 2012 bonus pool and approved cash awards to its executive officers. The amounts of the awards to be paid to the following executive officers of the Registrant are:

James R. Buscemi, the Registrant's Chief Financial Officer, will receive a total cash award of $120,000;

Brian F. Coleman, the Registrant's President and Chief Operating Officer, will receive a total cash award of $174,000;

Charles F. Harkins, the Registrant's Vice President of Sales, will receive a total cash award of $145,000; and

Kevin J. Zugibe, the Registrant's Chief Executive Officer and Chairman of the Board, will receive a total cash award of $264,000.

B. On December 20, 2012, the Independent Board Members resolved to establish a pool at the end of fiscal year 2013 for the payment of cash awards to some or all of the executive officers, as well as to several other key employees of the Registrant. The amount of the pool is $1,000,000, the final amount will be determined by the Independent Board Members at the end of fiscal year 2013 based upon the Registrant achieving earnings in excess of a pre-determined level for fiscal 2013 (the "Benchmark"). In the event the Registrant's 2013 earnings exceed the Benchmark, cash awards may be paid out of the pool to some or all of the executive officers. The Independent Board Members will determine which, if any, of the executive officers are to receive a cash award from the pool, as well as the amount of the cash awards to be paid to each such executive officer, which determination will be made, in the discretion of the Independent Board Members, based upon the overall 2013 financial results of the Registrant as well as on the personal performance of each executive officer during 2013.

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