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IPDN > SEC Filings for IPDN > Form 8-K on 18-Apr-2014All Recent SEC Filings




Change in Directors or Principal Officers, Financial Stateme

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

(e) (1) Grant of Options

On March 31, 2014, the Compensation Committee of the Board of Directors (the "Committee") of Professional Diversity Network, Inc. (the "Company") granted nonqualified stock option awards to the following named executive officers under the Company's 2013 Equity Compensation Plan. The options will vest in three equal installments on each of March 31, 2015, March 31, 2016 and March 31, 2017. The options were granted at an exercise price of $3.45, which was the closing price of the Company's common stock on the NASDAQ Capital Market on March 31, 2014. The awards were granted pursuant to a stock option award agreement, the form of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.

            Name and Title of Recipient              Options Awarded
            Rudy Martinez, Executive Vice President, 20,000
            CEO of Division
            David Mecklenburger, Chief Financial     30,000
            Officer and Secretary
            Daniel Sullivan, Chief Revenue Officer   25,000

(2) Annual Base Salary Increase and Grant of Cash Bonus

On March 31, 2014, the Committee approved, effective April 1, 2014, an increase in the annual base salary payable to James Kirsch, the Company's Chief Executive Officer and Chairman of the Board, from $200,000 to $275,000 and an increase in the annual base salary payable to David Mecklenburger, the Company's Chief Financial Officer and Secretary, from $150,000 to $200,000. Additionally, the Committee approved a discretionary cash bonus of $50,000 to Mr. Kirsch, which was payable on April 15, 2014, in recognition of Mr. Kirsh's successful coordination and execution of the Company's initial public offering during fiscal 2013.

Item 9.01. Financial Statement and Exhibits.

(d) Exhibits

10.1 Form of Nonqualified Stock Option Award Agreement

10.2 Offer Letter, dated July 17, 2013, to David Mecklenburger, incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2013

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