This excerpt taken from the ANGO 8-K filed Mar 10, 2008.
Item 1.01 – Entry into a Material Definitive Agreement.
On March 5, 2008, the Company entered into a new employment arrangement with John Soto, the material terms of which are described in Item 5.02 of this Form 8-K and are incorporated herein by reference.
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 5, 2008, the Company promoted John Soto to Senior Vice President - Global Sales and entered into a new employment arrangement, the material terms of which are described below. Mr. Soto was previously the Company's Vice President - Global Sales.
Pursuant to the employment arrangement, Mr. Soto will: (i) receive an annual base salary of $225,000, (ii) be eligible for an annual bonus of up to 35% of his annual base salary pursuant to the AngioDynamics Management Incentive Compensation Program and up to an additional 17.5% based on the Company's overachievement of its financial goals, (iii) be eligible to receive annual stock options to be determined based on his individual performance as well as an automobile allowance and benefits commensurate with the role of Senior Vice President, (iv) receive reimbursement for expenses associated with his relocation to Queensbury, New York, up to $75,000 and (v) receive reimbursement to assist with the purchase or rental of a house, up to $25,000. If Mr. Soto leaves the Company within 24 months he must repay all monies received in connection with his relocation and housing. Mr. Soto's employment with the Company continues to be "at will".
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.