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NBS > SEC Filings for NBS > Form 8-K on 12-Jul-2013All Recent SEC Filings

Show all filings for NEOSTEM, INC.

Form 8-K for NEOSTEM, INC.


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.

(e) Compensatory Arrangements.

On July 12, 2013, NeoStem, Inc. (the "Company") entered into a letter agreement extension (the "Employment Agreement Extension") of its January 26, 2007 employment agreement with Catherine M. Vaczy, Esq., pursuant to which, as previously amended and extended (the "Original Agreement"), Ms. Vaczy serves as the Company's Vice President and General Counsel. The Employment Agreement Extension, effective as of July 8, 2013 (the expiration date of the Original Agreement) (the "Effective Date"), extends the term of Ms. Vaczy's employment through December 31, 2014 (as so extended, the "Term"), and provides for (i) base salary during the Term of $280,000, reviewed annually; (ii) eligibility for annual cash and equity bonuses as determined by the Compensation Committee of the Company's board of directors in its sole discretion with a cash bonus target of 30% of base salary; (iii) payment of annual membership and dues for a club in New York of Ms. Vaczy's choice, and reimbursement for up to $3,500 annually for long-term disability coverage; (iv) an option grant on July 12, 2013 (the "Grant Date") to purchase 240,000 shares of the Company's common stock, which vests and becomes exercisable as to 60,000 shares on the Grant Date and as to an additional 60,000 shares on each of December 31, 2013, July 15, 2014 and December 31, 2014, at a per share exercise price equal to the closing price of a share of the Company's common stock on the Grant Date, subject to the terms and conditions of the Company's Amended and Restated 2009 Equity Compensation Plan and the Original Agreement; and (v) upon termination or expiration of the Employment Agreement Extension, payment by the Company of severance equal to three months of compensation, including insurance, contingent on the Company's receiving a release as contemplated by the Original Agreement.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
Letter Agreement, dated July 12, 2013, between NeoStem, Inc. and Exhibit 10.1 Catherine M. Vaczy, Esq.

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