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CTSO > SEC Filings for CTSO > Form 8-K on 7-Jan-2014All Recent SEC Filings

Show all filings for CYTOSORBENTS CORP

Form 8-K for CYTOSORBENTS CORP


7-Jan-2014

Change in Directors or Principal Officers, Financial Statements and Exhibits


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

Employment Agreements

On December 31, 2013, CytoSorbents Corporation ("We" or the "Company") entered into employment agreements which were retroactively effective as of January 1, 2013 (collectively, the "Agreements," and each individually, an "Agreement") with Dr. Phillip P. Chan and Vincent Capponi (collectively, the "Employees," and each individually, an "Employee").

Pursuant to the Agreement with Dr. Chan, we have renewed our employment agreement with him, employing him as our Chief Executive Officer (the "CEO") and President to perform the services and duties that are normally and customarily associated with the CEO and President position as well as other associated duties as the Board of Directors reasonably determines. Dr. Chan's employment has a term of one (1) year with an initial base compensation of $245,386 payable in equal semi-monthly installments in accordance with our usual practice.

Pursuant to our Agreement with Mr. Capponi, have renewed our employment agreement with him, employing him as our Chief Operating Officer (the "COO") to perform the services and duties that are normally and customarily associated with the COO position as well as other associated duties as our CEO reasonably determines. Mr. Capponi's employment has a term of one (1) year with an initial base compensation of $239,445 payable in equal semi-monthly installments in accordance with our usual practice.

The Agreements provide the terms of benefits afforded to the Employees. These benefits include the ability to participate in various group insurance plans, reasonable business expenses, vacation time and bonuses.

Pursuant to the Agreements, an Employee is prohibited from disclosing any of our confidential information, directly or indirectly, or using them either during the term of his employment or at any time thereafter, except as required in the course of his employment with us. In addition, an Employee is prohibited for a period of one (1) year from his respective separation date with us from engaging in any business in competition with us in the United States and those foreign counties and areas provided in Section 5.2 of the Agreement.

The foregoing descriptions of the terms of the Agreements for Dr. Chan and Mr. Capponi do not purport to be complete and are qualified in their entirety by reference to the provisions of such agreements filed as Exhibits 10.1, and 10.2, respectively, to this Current Report on Form 8-K.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number                         Description of Exhibit
     10.1          Employment Agreement with Dr. Phillip P. Chan Effective as of
                   January 1, 2013.
     10.2          Employment Agreement with Vincent Capponi Effective as of
                   January 1, 2013.

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