Business Context and Reporting Period
This Form 8-K Current Report was filed by Cytosorbents Corporation on May 7, 2013. The filing discloses a material corporate event: the appointment of a new Chief Financial Officer (CFO).
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 and employment terms.
Material Changes
The primary material change reported is the appointment of Kathleen P. Bloch as the Company's Chief Financial Officer, effective upon Board approval. The employment agreement commences on May 29, 2013.
Management Commentary and Employment Terms
- Role: Ms. Bloch will perform duties normally associated with the CFO position.
- Experience: She brings over 20 years of executive financial experience, including prior CFO roles at Laureate Biopharmaceutical Services, PC Group, Inc., and Silver Line Building Products Corporation.
- Compensation:
- Initial base salary: $200,000 per year, payable in semi-monthly installments.
- Signing bonus: A ten-year option to purchase 1,000,000 shares of common stock.
- Vesting schedule: 500,000 options vest at the 12-month anniversary and 500,000 options vest at the 24-month anniversary, contingent on continued full-time employment.
- Contract Term: The agreement expires on May 31, 2014.
The filing states there are no reportable related party transactions or family relationships between Ms. Bloch and existing officers or directors.
Investor Verification Checklist
- Verify the formal approval of Ms. Bloch by the Board of Directors.
- Review the full Employment Agreement filed as Exhibit 10.1 for complete terms and conditions.
- Confirm the vesting schedule and exercise price of the 1,000,000 stock options granted.
- Monitor future filings for the impact of this leadership change on financial reporting and strategy.