This excerpt taken from the HSKA 8-K filed Nov 20, 2006.
Annual Review of Compensation for Executive Officers
At a meeting held on November 17, 2006, the Board of Directors (the Board) of Heska Corporation (the Company), on the recommendation of the Compensation Committee of the Board (the Committee) approved executive compensation arrangements for 2007 for the chief executive officers and other executive officers of the Company as part of their annual review process. The Board approved changes in base salary for certain officers, including the CEO, CFO and Named Executive Officers, effective March 1, 2007, as follows:
The Board also approved the terms of a cash management incentive plan (the MIP) for fiscal year 2007. MIP participants will have incentive targets ranging from 25% to 50% of base salary and any MIP payouts will be based on specific operating income targets established by the Board. At such meeting, the Committee also approved the grant of stock options to purchase an aggregate of 515,000 shares of the Companys common stock to executive officers and key managers, with specific grants to the CEO, CFO and other Named Executive Officers as follows: Dr. Grieve, 100,000 shares, Mr. Napolitano, 90,000 shares, Dr. Ritter, 60,000 shares, and Mr. Bent, 30,000 shares. All such stock options were immediately vested on the November 17 grant date, and each had an exercise price equal to the closing price on the grant date.