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ISCI > SEC Filings for ISCI > Form 8-K on 28-Mar-2013All Recent SEC Filings

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Form 8-K for ISC8 INC. /DE


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

ISC8 Inc. (the "Company") today announced the appointment of Mr. John Vong as the Company's Chief Financial Officer, effective April 3, 2013. Mr. Vong most recently served as the corporate controller for Spectrum Group International, Inc., a publicly traded company, from 2010 to 2013. Prior to Spectrum Group International, Inc., Mr. Vong was the Vice President of Finance for Clean Energy Fuels Corp. and the corporate controller for Fuel Systems Solutions, Inc., both publicly traded companies. Mr. Vong holds a B.S. in Business Administration from the University of California, Riverside, and a M.B.A from the University of California, Irvine. Mr. Vong is also a California Certified Public Accountant. A copy of the press release announcing Mr. Vong's appointment is attached to this Current Report on Form 8-K as Exhibit 99.1, and is incorporated herein by reference.

Pursuant to his employment agreement, Mr. Vong will receive, during the term of his employment, an annual base salary of $170,000 and will be eligible to earn a discretionary bonus per year of up to 50% of his base salary. The bonus formula and annual target bonus percentage will be established annually by the Company's Compensation Committee. Subject to the approval of the Compensation Committee, Mr. Vong will receive a stock option to purchase 1,750,000 shares of the Company's common stock pursuant to the Company's 2011 Omnibus Incentive Plan, which shares will vest monthly over a three year term. Mr. Vong will also be entitled to participate in such life insurance, disability, medical, dental, stock plans, retirement plans and other programs as may be made generally available from time to time by the Company for the benefit of similarly situated employees or its employees generally. The Company intends to file a copy of Mr. Vong's employment agreement with its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

As a part of a planned transition, Mr. Vong will succeed Edward J. Scollins, the Company's Interim Chief Financial Officer whose resignation was effective March 22, 2013.

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