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VSCP > SEC Filings for VSCP > Form 8-K on 3-Sep-2013All Recent SEC Filings

Show all filings for VIRTUALSCOPICS, INC.



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.

On August 28, 2013, VirtualScopics, Inc. (the "Company") appointed Jim Groff as the Company's acting Chief Financial Officer, effective August 31, 2013. Mr. Groff replaces Molly Henderson, who resigned as the Company's Chief Financial Officer, effective August 31, 2013, as reported by the Company in a Form 8-K filed on June 17, 2013.

Mr. Groff, age 43, has served as the Controller of the Company since February 2013 and previously as its Accounting Manager since January 2006. His responsibilities included the preparation and oversight of internal and external reporting including public filings and the review and implementation of the Company's financial controls.

There is no written employment agreement or letter between Mr. Groff and the Company relating to Mr. Groff's service as its acting Chief Financial Officer. Mr. Groff's compensation is an annual salary of $100,000, which has not changed in connection with his appointment as the Company's acting Chief Financial Officer. Mr. Groff has been and will continue to be entitled to participate in the Company's annual bonus plan and 2006 Long Term Incentive Plan. Mr. Groff and the Company did not enter into or modify any material compensatory plan, contract or arrangement in connection with his appointment as the Company's acting Chief Financial Officer.

Mr. Groff has not been named to the Board or any of its committees as of the date of this filing. There is no arrangement or understanding between Mr. Groff and any other person or entity pursuant to which Mr. Groff was appointed as an officer.

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