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KOPN > SEC Filings for KOPN > Form 8-K on 14-May-2013All Recent SEC Filings

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Form 8-K for KOPIN CORP


14-May-2013

Change in Directors or Principal Officers, Financial Statements and Exhibits


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

On May 9, 2013, the Compensation Committee of the Board of Directors of Kopin Corporation (the "Company") approved three compensation awards for Dr. John C.C. Fan, Chief Executive Officer of Kopin, which became effective May 10, 2013. The compensation awards are summarized as follows:

Dr. Fan received a grant of 300,000 shares of restricted stock under the Company's 2010 Equity Incentive Plan (the "Plan") which will vest upon the shipment of newly developed displays, subject to the terms of the Plan and the restricted stock award agreement. The vesting will accelerate under certain circumstances, including upon a change of control of the Company.

Dr. Fan received an additional grant of 150,000 shares of restricted stock under the Plan pursuant to a restricted stock award agreement. The 150,000 shares of restricted stock will vest at the end of the first 10 consecutive trading day period following the grant date during which Kopin Corporation's common stock trades at a price per share equal to or greater than $6.00.

Dr. Fan received an additional grant of 150,000 shares of restricted stock under the Plan pursuant to a restricted stock award agreement. The 150,000 shares of restricted stock will vest at the end of the first 10 consecutive trading day period following the grant date during which Kopin Corporation's common stock trades at a price per share equal to or greater than $7.00.

The foregoing description of the material terms of each of the awards does not purport to be a complete description of each of the awards and is qualified in its entirety by reference to the underlying award agreements which are filed as exhibits to this Form 8-K and incorporated herein by reference and the Plan, which is filed with the Company's Definitive Proxy Statement on Schedule 14 filed on April 5, 2013.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1    Restricted Stock Agreement by and between the Company and John C.C. Fan,
        dated May 9, 2013 - 300,000 shares of restricted stock

99.2    Restricted Stock Agreement by and between the Company and John C.C. Fan,
        dated May 9, 2013 - 150,000 shares of restricted stock

99.3    Restricted Stock Agreement by and between the Company and John C.C. Fan,
        dated May 9, 2013 - 150,000 shares of restricted stock

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