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CBMX > SEC Filings for CBMX > Form 8-K on 3-May-2013All Recent SEC Filings

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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 April 29, 2013, the Compensation Committee of CombiMatrix Corporation (the "Company") granted performance-based stock options (the "Performance Based Options") under the Company's 2006 Stock Incentive Plan (the "Plan") to the Company's President and Chief Executive Officer, Mark McDonough, the Company's Chief Financial Officer, Scott Burell, and the Company's Chief Medical Officer, Richard Hockett, Jr., MD, each with an exercise price of $3.23, which was the closing sales price of the Company's Common Stock on the Nasdaq Stock Market on the date of grant. Mr. McDonough was granted a Performance Based Option to purchase 29,771 shares of the Company's Common Stock, Mr. Burell was granted a Performance Based Option to purchase 44,265 shares of the Company's Common Stock and Dr. Hockett was granted a Performance Based Option to purchase 44,265 shares of the Company's Common Stock. The Performance Based Options have a maximum term of 10 years measured from the date of grant, subject to earlier termination pursuant to the provisions of the Plan and related agreements, and will vest in full when, and if, the Company achieves "break-even" for one fiscal quarter within eighteen months following March 15, 2013, as measured by the consolidated earnings of the Company and any subsidiaries of the Company prior to any reduction in respect of interest, taxes, depreciation and amortization determined in accordance with GAAP by the Company's independent accountants. If this target is not achieved within eighteen months following March 15, 2013, the Performance Based Options will expire. The Performance Based Options are exercisable for vested shares only and are subject to all other terms and conditions of the Plan.

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