2005 Executive Compensation Summary for Named Officers of the Company

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the 2005 compensation for the Company's named executive officers, including annual salaries, restricted stock grants, and stock options. The officers listed are Kevin Rakin, Gerald F. Vovis, Richard S. Judson, Ben D. Kaplan, and Carl Balezentis. Restricted stock and stock options were granted under the Company's 2000 Amended and Restated Equity Incentive Plan, with specific vesting schedules and terms. The agreements referenced include Restricted Stock Agreements and Incentive Stock Option Agreements entered into on January 7, 2005.

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EX-10.62 8 a2152822zex-10_62.txt EX-10.62 Exhibit 10.62 COMPENSATION OF NAMED EXECUTIVE OFFICERS OF THE COMPANY As of March 15, 2005, the following represents the compensation of the Company's named executive officers:
2005 COMPENSATION - ------------------------------------------------------------------------------------------------------------ SHARES UNDERLYING SHARES UNDERLYING NAMED ANNUAL SALARY RESTRICTED STOCK STOCK OPTIONS GRANTED EXECUTIVE OFFICER GRANTED IN 2005 (1) IN 2005(2) - ------------------------------------------------------------------------------------------------------------ Kevin Rakin President and Chief Executive $349,400 35,000 (3) 135,000(4) Officer - ------------------------------------------------------------------------------------------------------------ Gerald F. Vovis, Ph.D. Executive Vice President and Chief Technology Officer $230,000 20,000 (5) 60,000(6) - ------------------------------------------------------------------------------------------------------------ Richard S. Judson, Ph.D. Senior Vice President and $220,000 25,000 (7) 85,000(8) Chief Scientific Officer - ------------------------------------------------------------------------------------------------------------ Ben D. Kaplan Senior Vice President, Chief $220,000 25,000 (9) 60,000(10) Financial Officer and Secretary - ------------------------------------------------------------------------------------------------------------ Carl Balezentis, Ph.D. Senior Vice President and $157,500 25,000 (11) 60,000(12) President of Lark Technologies, Inc. - ------------------------------------------------------------------------------------------------------------
(1) Each of the restricted stock grants listed above were granted pursuant to the Company's 2000 Amended and Restated Equity Incentive Plan, as amended, and vests on February 17, 2006. (2) Each of the stock options listed above were issued pursuant to the Company's 2000 Amended and Restated Equity Incentive Plan, as amended, has an exercise price of $2.20 per share and vests quarterly over four years. (3) Mr. Rakin's restricted stock was granted in accordance with the terms of that certain Restricted Stock Agreement that he entered into with the Company on January 7, 2005. (4) Mr. Rakin's stock options were granted in accordance with the terms of that certain Incentive Stock Option Agreement that he entered into with the Company on January 7, 2005, a form of which is filed as an exhibit to the Company's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission ("SEC") on November 15, 2004. (5) Dr. Vovis's restricted stock was granted in accordance with the terms of that certain Exhibit 10.62 Restricted Stock Agreement that he entered into with the Company on January 7, 2005. (6) Dr. Vovis's stock options were granted in accordance with the terms of that certain Incentive Stock Option Agreement that he entered into with the Company on January 7, 2005, a form of which is filed as an exhibit to the Company's Quarterly Report on Form 10-Q as filed with the SEC on November 15, 2004. (7) Dr. Judson's restricted stock was granted in accordance with the terms of that certain Restricted Stock Agreement that he entered into with the Company on January 7, 2005. (8) Dr. Judson's stock options were granted in accordance with the terms of that certain Incentive Stock Option Agreement that he entered into with the Company on January 7, 2005, a form of which is filed as an exhibit to the Company's Quarterly Report on Form 10-Q as filed with the SEC on November 15, 2004. (9) Mr. Kaplan's restricted stock was granted in accordance with the terms of that certain Restricted Stock Agreement that he entered into with the Company on January 7, 2005. (10) Mr. Kaplan's stock options were granted in accordance with the terms of that certain Incentive Stock Option Agreement that he entered into with the Company on January 7, 2005, a form of which is filed as an exhibit to the Company's Quarterly Report on Form 10-Q as filed with the SEC on November 15, 2004. (11) Dr. Balezentis's restricted stock was granted in accordance with the terms of that certain Restricted Stock Agreement that he entered into with the Company on January 7, 2005. (12) Dr. Balezentis's stock options were granted in accordance with the terms of that certain Incentive Stock Option Agreement that he entered into with the Company on January 7, 2005, a form of which is filed as an exhibit to the Company's Quarterly Report on Form 10-Q as filed with the SEC on November 15, 2004.