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IFON > SEC Filings for IFON > Form 8-K on 9-Apr-2014All Recent SEC Filings

Show all filings for INFOSONICS CORP



Entry into a Material Definitive Agreement, Change in Directors or Principal Offi

Item 1.01. Entry into a Material Definitive Agreement.

On April 3, 2014, the Compensation Committee of InfoSonics Corporation (the "Company") approved an employment agreement as set forth below under Item 5.02 of this Current Report which is incorporated herein by this reference.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 3, 2014, the Compensation Committee of the Company authorized and approved an employment agreement between the Company and Mr. Vernon A. LoForti, the Company's Chief Financial Officer (the "Agreement").

The Company previously entered in an agreement with Mr. LoForti that expired on March 1, 2014. The replacement Agreement will become effective on April 9, 2014 and will expire on April 8, 2016. Under the terms of the Agreement, the Company agrees to pay Mr. LoForti an annual base salary of $205,000 and to provide him with a bonus plan whereby he may earn up to 35% of his annual salary based on achievement of specific goals and objectives to be established by the Compensation Committee. If, as defined in the Agreement, Mr. LoForti's employment is terminated without "cause" or if he resigns for "reasonable basis," he will be entitled to receive as severance, payments of his base salary for 9 months, conditioned upon the execution by Mr. LoForti within 45 days of the termination date, of a general release and waiver of claims against the Company.

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