06.06.2008 - LaserCard Corporation (NASDAQ:LCRD), a leading provider of secure ID solutions, filed a Form 8-K with the Securities and Exchange Commission today disclosing the compensation arrangements for Robert T. DeVincenzi, the company’s new president. This compensation would continue to be applicable when he becomes chief executive officer after we filed our Form 10-K for fiscal 2008 on June 6, 2008.
DeVincenzi will be paid a base salary of $330,000 per annum, will have a target bonus of $198,000 based on performance against mutually agreed objectives, and will receive benefits as generally available to all senior executives.
As an inducement to join LaserCard, on June 2, 2008, DeVincenzi was granted two non-statutory stock options with an exercise price of $7.115 and a 20,000 share restricted stock award. One stock option covers 220,000 shares, has a ten-year term with 25% vesting after one year and 6.25% vesting quarterly over the following twelve quarters. The other stock option covers 330,000 shares; has a ten-year term; and vesting occurs in installments when the market closing price of our stock achieves the following levels for a period of 20 consecutive days; 60,000 shares vest at $10, 60,000 shares vest at $13, 70,000 shares vest at $16, 70,000 shares vest at $19, and 70,000 shares vest at $22. The restricted share award was made at no charge to DeVincenzi and vests 25% on each of the first four anniversaries of the grant date. |
