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VRML > SEC Filings for VRML > Form 8-K on 31-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.

Chief Executive Officer Bonus

On May 28, 2013, the Board of Directors (the "Board") of Vermillion, Inc. (the "Company") approved a $50,000 bonus payment Thomas McLain, the Company's Chief Executive Officer. Pursuant to Mr. McLain's employment agreement with the Company effective March 18, 2013 (the "Employment Agreement"), Mr. McLain was eligible for a $50,000 bonus upon completion of a fund raising event of a minimum net to Vermillion of $4 million. As previously announced by the Company in a form 8-K filed on May 14, 2013, the Company closed a private placement of its common stock and warrants on May 13, 2013, for which net proceeds to the Company totaled approximately $11.8 million.

The foregoing description of the terms of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which was filed by the Company as Exhibit 10.1 to Form 8-K on March 13, 2013.

Vice President of Finance

On May 28, 2013, the Board approved the promotion of Eric Schoen to Vice President of Finance, effective immediately. Mr. Schoen will also continue to serve as the Company's Chief Accounting Officer. In connection with Mr. Schoen's promotion, the Board approved his annual base salary to be $200,000.

Mr. Schoen, age 45, joined the Company in July 2010 as Corporate Controller and was appointed as Chief Accounting Officer on October 6, 2011. Prior to joining the Company, Mr. Schoen served as Revenue Controller for Borland Software from 2007 to 2010. From 2000 to 2007, he served in Corporate Controller and Director of Finance roles for Trilogy Enterprises, Momentum Software and Alticast, Inc. Mr. Schoen also spent nine years with PricewaterhouseCoopers, most recently as a Manager in the audit and assurance, transaction services and global capital markets practices. Mr. Schoen received his Bachelor of Science in Finance from Santa Clara University and is also a certified public accountant in the State of Washington.

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