|
DELAWARE
|
0-19974
|
33-0022692
|
||
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
951
Calle Amanecer, San Clemente, California
|
92673
|
|||
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2.
below):
|
||
|
[ ]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
|
[ ]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
| Item 5.02(e) | Compensatory Arrangements of Certain Officers |
|
|
On
October 17, 2008, the employment agreements of Scott Lamb, the Company’s
Chief Financial Officer, and Richard A. Costello, the Company’s Vice
President of Sales, were amended as
follows:
|
|
|
Mr.
Lamb: base compensation increased to $250,000 annually, effective
January 1, 2009; base compensation increased to $260,000 annually,
effective July 1, 2009; base compensation increased to $270,000 annually
effective January 1, 2010; base compensation increased to $280,000
annually, effective July 1, 2010; base compensation increased to $300,000
annually, effective January 1, 2011; base compensation increased to
$315,000 annually, effective July 1, 2011; Annual bonus maintained at 35%
of compensation if earned for each year
named.
|
|
|
Mr.
Costello: the $375,000 cap on his 2008 bonus arrangement was
eliminated. The exact amount of the bonus will be based on a
number of factors including product
sales.
|