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CBMX > SEC Filings for CBMX > Form 8-K on 18-Jun-2013All Recent SEC Filings

Show all filings for COMBIMATRIX CORP | Request a Trial to NEW EDGAR Online Pro



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 June 13, 2013, pursuant to the authority granted under the CombiMatrix Corporation 2006 Stock Incentive Plan, the Compensation Committee of CombiMatrix Corporation (the "Company") adopted a 2013 Executive Performance Bonus Plan (the "Bonus Plan"), effective as of May 31, 2013, to provide certain members of the Company's senior management the opportunity to earn incentive bonuses based on the Company's attainment of specific financial performance objectives for 2013. The Compensation Committee determined that the Company's Chief Executive Officer, Mark McDonough, the Company's Chief Financial Officer, Scott Burell and the Company's Chief Medical Officer, Rick Hockett, Jr., MD, are eligible to receive such awards under the Bonus Plan.

A participant's bonus under the Bonus Plan will consist of a cash incentive and will be based on achievement of between 90% and 150% of the Company's 2013 net revenue target as determined by the Company's Compensation Committee. If the Company achieves 90% of the target net revenue, a participant's cash bonus will equal $25,000; if the Company achieves 100% of the target net revenue, a participant's cash bonus will equal $50,000; if the Company achieves 110% of the target net revenue, a participant's cash bonus will equal 30% of the participant's base salary; if the Company achieves 130% of the target net revenue, a participant's cash bonus will equal 40% of the participant's base salary; and if the Company achieves 150% of the target net revenue, a participant's cash bonus will equal 50% of the participant's base salary (and bonus payments will be computed on a pro rata basis between 101% and 150% of the target achieved). The Bonus Plan supersedes and replaces any prior bonus plans in which Mr. McDonough participates.

Cash bonus payments, if earned, will be paid once the Company's auditors have completed their annual audit and the actual 2013 net revenues are known, and will be paid out within seventy-five days following December 31, 2013. In order to receive a bonus payment, the participant must be employed by the Company or its subsidiary at the time bonuses are computed and distributed.

The information set forth above is qualified in its entirety by reference to the actual terms of the Bonus Plan attached hereto as Exhibit 10.1 and which is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(a) Not Applicable.

(b) Not Applicable.

(c) Not Applicable.

(d) Exhibits.

10.1 2013 Executive Performance Bonus Plan

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