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AMRI > SEC Filings for AMRI > Form 8-K on 24-Oct-2012All Recent SEC Filings




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 October 19, 2012, the Board of Directors of Albany Molecular Research, Inc. (the "Company") promoted Dr. Steve Hagen to the position of Senior Vice President of Pharmaceutical Development and Manufacturing. In connection with this promotion, Dr. Hagen was awarded a promotional bonus in the amount of $100,000, which will be payable in October, 2012 and will be used to repay a portion of a mortgage on a home which was originally purchased when he relocated to Albany to accept employment at AMRI and which home is to be sold in October 2012. This promotional bonus will offset any bonus up to $100,000 that may be received by Dr. Hagen under the Company's 2012 Non-Equity Incentive Plan Compensation Program, which is described in the Company's Proxy Statement filed with the Securities and Exchange Commission on April 27, 2012. In the event that no such non-equity incentive plan bonus compensation is earned by or awarded to Dr. Hagen, he will not be required to repay the promotional bonus. In addition to the bonus, Dr. Hagen was awarded a base salary increase in an amount of 11.5%, bringing his annual base salary to $322,946. Following implementation of this base salary increase, Dr. Hagen will no longer receive any temporary base salary increase, as described in the Company's Proxy Statement.

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