Unassociated Document
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON,
D.C. 20549
____________
FORM
8-K
CURRENT
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
report (date of earliest event reported):
April
28, 2010
ABAXIS,
Inc.
(Exact
name of registrant as specified in its charter)
California
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000-19720
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77-0213001
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(State
or other jurisdiction of incorporation)
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(Commission
File No.)
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(I.R.S.
Employer Identification No.)
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3240
Whipple Road, Union City, CA 94587
(Address
of principal executive offices)
Registrant’s
telephone number, including area code:
(510)
675-6500
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:
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
Fiscal
2011 Base Salary and Target Bonus
On April
28, 2010, the Compensation Committee (the “Committee”) of the Board of Directors
(the “Board”) of Abaxis, Inc. (the “Company”) approved, and the Board ratified,
the following fiscal 2011 base salaries for the following named executive
officers effective July 1, 2010: (i) Clinton H. Severson, Chairman of the Board,
President and Chief Executive Officer, $375,000; (ii) Alberto R. Santa Ines,
Chief Financial Officer and Vice President of Finance, $208,000; (iii) Vladimir
E. Ostoich, Ph.D., Vice President of Government Affairs and Vice President of
Marketing for the Pacific Rim, $218,000; (iv) Kenneth P. Aron, Ph.D., Chief
Technology Officer, $218,000; and (v)
Martin V. Mulroy, Vice President of Veterinary Sales and Marketing for North
America, $193,000.
On the
same date, the Committee approved and the Board ratified the fiscal 2011 target
bonus levels for executive officers. The officers named above will be
eligible for a fiscal 2011 bonus with a participation rate as follows: (i)
Clinton H. Severson, 140% of base salary; (ii) Alberto R. Santa Ines, 144% of
base salary; (iii)
Martin V. Mulroy, 155% of base salary; (iv) Vladimir E. Ostoich, Ph.D.,
138% of base salary; and (v) Kenneth P. Aron, Ph.D., 138% of base salary (each,
a “Target Bonus”).
A bonus
will be earned only if the Company achieves 90% or more of one or more of its
pre-established quarterly net sales and/or pre-tax income goals during fiscal
2011. Payment of the Target Bonus, as identified above, is equally
weighted at 50% for achievement of the Company’s quarterly net sales performance
goal and 50% for achievement of the Company’s quarterly pre-tax income
performance goal. If the Company was to achieve 90% or more, but less
than 100%, of only one performance goal, the payout would be limited to 25% of
the Target Bonus. The Target Bonus will be earned by named executive
officers if at least 100% of both net sales and pre-tax income performance goals
are achieved. The maximum bonus payout is capped at 200% of the
Target Bonus, provided the Company achieves greater than 133% of at least one of
its two performance goals. If earned, a bonus payment will be paid
quarterly at a rate of 15% for first quarter, 25% the second and third quarters,
and 35% for the fourth quarter.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: May
4, 2010
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ABAXIS, INC. |
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By:
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/s/ Alberto
R. Santa Ines |
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Alberto
R. Santa Ines |
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Vice
President, Finance and |
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Chief
Financial Officer |
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