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LRAD > SEC Filings for LRAD > Form 8-K on 26-Nov-2013All Recent SEC Filings

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Form 8-K for LRAD CORP


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 November 20, 2013, the Compensation Committee of the Board of Directors of LRAD Corporation (the "Company"), approved a 3% cost of living increase in the base salaries for Thomas R. Brown, the Company's President, Chief Executive Officer and Chairman of the Board, and Katherine H. McDermott, the Company's Chief Financial Officer, effective January 1, 2014, as set forth in the following table:

                                                            2013        Cost of       2014
                                                           Annual       Living       Annual
Name                     Title                           Base Salary   Increase    Base Salary
Thomas R. Brown          President, Chief Executive
                         Officer and Chairman of the
                         Board                            $275,000      $8,250      $283,250
Katherine H. McDermott   Chief Financial Officer          $175,000      $5,250      $180,250

On November 20, 2013, the Compensation Committee also approved an incentive bonus plan for fiscal year 2014 for all of the Company's employees, including its executive officers. Target bonus amounts vary based on a fixed percentage of the employee's base salary, which percentage equals 50% of base salary for executive officers and 10% to 50% of base salary of other employees depending on their level of responsibility. A bonus payment will be made at three levels, including at 50% of target, at 100% of target and at 200% of target, based upon the achievement by the Company of specified earnings per share goals established by the Compensation Committee. For purposes of the earnings per share calculation, the number of shares outstanding will be held constant as of October 1, 2013. All of the Company's employees will be entitled to participate in the incentive plan.

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