Stereotaxis, Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Stereotaxis, Inc. on February 22, 2006. The report details the approval of the 2006 corporate bonus program and the granting of salary increases and 2005 cash bonuses to specific executive officers by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
Material Changes and Executive Compensation
On February 22, 2006, the Compensation Committee approved the following compensation changes for named officers:
| Officer | Title | 2006 Annual Salary | 2005 Cash Bonus |
|---|---|---|---|
| Douglas Bruce | SVP, Research & Development | $283,211 | $37,087 |
| Bevil Hogg | President & CEO | $383,250 | $45,625 |
| Michael Kaminski | Chief Operating Officer | $302,747 | $36,041 |
| Ruchir Sehra | Chief Medical Officer | $249,600 | $26,906 |
| James Stolze | Vice President & CFO | $297,413 | $35,406 |
| Melissa Walker | Vice President, Regulatory & Quality | $225,621 | $35,639 |
The 2005 bonuses were awarded based on performance measures including operating and financial goals, regulatory accomplishments, product development, and strategic initiatives. The 2006 salary increases are intended to secure future services.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, financial outlook, or specific risk factors beyond the general context of executive compensation. The 2006 bonus program is designed to focus on performance elements essential to company success and stockholder value.
Investor Verification Checklist
- Verify the total cash outflow impact of the 2005 bonuses and 2006 salary increases on the company's operating expenses.
- Review the specific corporate goals established for the 2006 bonus program to understand performance expectations.
- Confirm the company's overall liquidity position to ensure it can sustain these compensation commitments.
- Check subsequent filings for the actual achievement of the 2006 performance metrics.