Cytosorbents Corp 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Cytosorbents Corporation on March 4, 2019. The report details compensatory arrangements approved by the Compensation Committee of the Board of Directors for the company's executive officers.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation awards.
Material Changes and Executive Compensation
On March 4, 2019, the Compensation Committee approved cash bonuses and Restricted Stock Units (RSUs) for four executive officers in recognition of the Company's 2018 performance. The awards are as follows:
| Executive Officer | Position | Cash Bonus | RSUs Granted |
|---|---|---|---|
| Phillip P. Chan, MD, PhD | President and CEO | $160,000 | 5,500 |
| Vincent J. Capponi | Chief Operating Officer | $132,800 | 4,620 |
| Kathleen P. Bloch | Chief Financial Officer | $118,000 | 4,070 |
| Eric R. Mortensen | Chief Medical Officer | $101,700 | 4,620 |
Terms of Awards:
- Cash Bonuses: Paid in March 2019 via payroll.
- RSUs: Granted under the 2014 Long-Term Incentive Plan with a 10-year term. Vesting occurs in three equal tranches: one-third on the grant date, one-third on the first anniversary, and one-third on the second anniversary, subject to continued service.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard vesting conditions for the equity awards.
Key Facts for Investor Verification
- Total cash bonus payout to executives is approximately $512,500.
- Total RSUs granted to executives is 18,810.
- Awards are discretionary and based on 2018 performance.
- Equity awards are subject to a three-year vesting schedule contingent on continued employment.