Stereotaxis, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Stereotaxis, Inc. on December 10, 2008. The report details a change in executive leadership and the associated compensatory arrangements effective January 1, 2009.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation terms.
Material Changes
The Board of Directors appointed Michael P. Kaminski as President and Chief Executive Officer, effective January 1, 2009. Mr. Kaminski was previously serving as President and Chief Operating Officer. An amendment to his employment agreement was executed to reflect this new role.
Compensatory Arrangements and Management Commentary
- Base Salary: $400,000 annually, commencing January 1, 2009.
- Annual Bonus: Eligible for a cash incentive plan with a target of 50% and a maximum of 100% of base compensation, contingent on performance goals.
- Equity Award: Granted 125,000 stock appreciation rights upon execution of the amended agreement.
- Severance Provisions: In the event of termination without "cause" or a "change of control" where the Company is not the surviving entity, Mr. Kaminski is entitled to 24 months of salary continuation. This amount is offset by subsequent employment income.
- Equity Acceleration: Upon without-cause termination, equity awards subject to vesting over the subsequent 12-month period will automatically vest and remain exercisable for one year.
Investor Verification Checklist
- Verify the exact vesting schedule and exercise terms for the 125,000 stock appreciation rights granted.
- Review the specific performance objectives established by the Board for the cash incentive bonus plan.
- Confirm the definitions of "cause" and "change of control" within the amended employment agreement to understand severance triggers.
- Check for any subsequent filings regarding the actual commencement of Mr. Kaminski's new role on January 1, 2009.