8-K 1 form8k_15019.htm MATRITECH, INC. FORM 8-K WWW.EXFILE.COM -- 15019 -- MATRITECH, INC. -- FORM 8-K

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) March 14, 2007 

Matritech, Inc. 
(Exact name of registrant as specified in its charter)
 

 Delaware
 001-12128
  04-2985132
 (State or other jurisdiction of incorporation)  
 (Commission File Number)
  (IRS Employer Identification No.)
 
 
 330 Nevada Street, Newton, Massachusetts 
 02460
 (Address of principal executive offices)
  (Zip Code)

(617) 928-0820 
(Registrant’s telephone number, including area code)

Not applicable 
(Former name or former address, if changed since last report)

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 14, 2007, the Compensation Committee of Matritech’s Board of Directors (the “Committee”) awarded annual bonuses to executive officers in accordance with the provisions of our Management Bonus Plan (the “Plan”) and for the Vice President, Sales, a separate compensation arrangement establishing a cash bonus target and corresponding objectives. The Committee reviewed the performance of the Company for 2006 to determine the corporate performance rating under the Plan. The Committee determined that some objectives had been partially achieved, but that based on the weighting of the objectives established by the Committee in March 2006, the corporate performance rating was unacceptable and the rating factor zero. The Committee also reviewed the performance of each executive officer other than the Chief Executive Officer and President against pre-established individual performance objectives. Based on the extent of achievement of those individual performance objectives, the Committee awarded bonuses to the executive officers named below in the amounts recited: 

 Individual 
 Position
 Current Cash
 Award
 Restricted Stock
 Award or
 Restricted Stock
 Unit Award
 Deferred Cash
 Award
         
 Richard A. Sandberg
 Chief Financial Officer,
 Vice President and
 Assistant Secretary
 $11,503.88
 10,271 shares
 $5,751.94
 Melodie R. Domurad
 Vice President, Clinical
 and Regulatory Affairs
 $14,622.10
 13,055 shares
 $7,311.05
 Gary J. Fagan
 Vice President,
 Research and
 Development
 $8,240.00
 7,357 shares
 $4,120.00
 David G. Kolasinski
 Vice President, Sales
 $7,500.00
 10,195 shares
 $5,709.38
 Franz Maier
 President, Matritech
 GmbH
 17,030 Euros
 20,116 units
 8,515 Euros
 John E. Quigley
 Vice President,
 Marketing
 $8,842.10
 7,894 shares
 $4,421.05
 Patricia Randall
 Vice President, General
 Counsel, Chief Legal
 Officer and Secretary
 $19,685.60
 17,576 shares
 $9,842.80
 
All of the terms and provisions applicable to the restricted stock awards, the restricted stock unit awards and the deferred cash awards are as provided in the Plan and as is contained in the form of restricted stock award agreement and restricted stock unit award agreement previously approved by the Committee. A copy of the form of restricted stock award is attached hereto as Exhibits 10.1. The form of restricted stock unit award agreement was filed as Exhibit 10.2 to our Current Report on Form 8-K filed March 10, 2006.
 
 
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Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.
 
 
Exhibit No.
Description
 
10.1
Form of Restricted Stock Award Agreement for bonus awards made in March, 2007.

 
 
 
 
 
 
 

 
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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.


 
MATRITECH, INC.
   
Date March 19, 2007
  
 
By: /s/ Stephen D. Chubb  
 
Name: Stephen D. Chubb
 
Title:  Chief Executive Officer
 


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EXHIBIT INDEX

 
 
Exhibit No.
Description
 
10.1
Form of Restricted Stock Award Agreement for bonus awards made in March, 2007.
 

 
 

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