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GSB > SEC Filings for GSB > Form 8-K on 13-Jun-2013All Recent SEC Filings

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Change in Directors or Principal Officers

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

(e) On June 10, 2013, the Compensation Committee of the Board of Directors voted to set the base salary of Craig A. Robinson, President and Chief Executive Officer, at $300,000 per year. This compensation rate is effective as of and retroactive to April 1, 2013.

In addition, on June 10, 2013, the Board of Directors voted to assign executive responsibility for sales to James L. Bindseil. His official title will be determined at a later date. The Compensation Committee of the Board of Directors voted to continue Mr. Bindseil's existing base salary at $170,000 and pay him a commission based upon the Company's level of sales. The Compensation Committee also voted to grant Mr. Bindseil an option effective June 10, 2013, to purchase 75,000 shares of the Company's common stock at $1.65 per share that vests 33% on the first and second annual anniversaries of the grant date and 34% on the third annual anniversary of the grant date. This option was granted under the terms of the Company's 2010 Employee Long-Term Equity Incentive Plan.

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