BIOSPECIFICS
TECHNOLOGIES CORP.
|
(Exact
name of registrant as specified in its
charter)
|
Delaware
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0-19879
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11-3054851
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(State
of Incorporation)
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(Commission
File No.)
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(IRS
Employer ID No.)
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· |
that
the independent members of the Board of Directors voted on and confirmed
Edwin Wegman’s and Thomas Wegman’s salaries for 2006, and the entire Board
of Directors of the Company voted on and confirmed Lawrence Dobroff’s
salary for 2006; and
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· |
that
the entire Board of Directors of the Company, and not only the independent
members of the Board of Directors, voted on and approved the $40,000
cash
bonus awarded to Lawrence Dobroff;
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· |
that
the 100,000 incentive stock options granted to Thomas Wegman will
vest in
two installments if the Company achieves certain objectives set by
the
Board of Directors.
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· |
that
prior to this action by the employee directors, the independent
directors
had not received regular compensation since 2002 for serving
on the
Company’s Board of Directors.
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Bonus
recipients
|
Title
|
Cash Bonus
|
Stock
Options
|
Thomas
L. Wegman
|
President
|
--
|
25,000
|
Lawrence
Dobroff
|
Chief
Financial Officer
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$25,000
|
15,000
|
Executive
Officer
|
Title
|
2006
Base Salary
|
Edwin
H. Wegman
|
Chief
Executive Officer
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$405,169
|
Thomas
L. Wegman
|
President
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$250,000
|
Lawrence
Dobroff
|
Chief
Financial Officer
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$120,000
|
Component
|
Compensation
|
Terms
|
Retainer
|
$10,000
yearly retainer
|
Payable
- in arrears in December of each year commencing in December
2007
|
Meeting Attendance Fee
|
$1,500
for each meeting of the board of directors attended in
person
|
Effective
- retroactively from January 1, 2006
Payable
- upon attendance of meeting
|
$500
for each meeting of the board of directors attended
telephonically
|
Effective
- retroactively from January 1, 2006
Payable
- upon attendance of meeting
|
|
Stock
Options
|
15,000
non-qualified stock options per year
|
Vests
- 1/12 per month during the applicable year
Grant
Date - September 6, 2006
Exercise
Price - $0.83
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Exhibit
Number
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Description
of Exhibit
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10.1
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Form
of Stock Option Notice and Letter Agreement under the 2001 Stock
Option
Plan
|
SIGNATURES
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||
Pursuant
to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf
by the
undersigned thereunto duly authorized.
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Date:
September 19, 2006
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BIOSPECIFICS
TECHNOLOGIES CORP.
——————————————————
(Registrant)
/s/
Thomas L. Wegman
|
|
——————————————————
Thomas
L. Wegman
President
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Number
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Description
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10.1
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