ABAXIS, INC. (NASDAQ:ABAX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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ABAXIS, INC. (NASDAQ:ABAX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ITEM 5.02 Compensatory Arrangements of Certain Officers.

Fiscal 2018 Cash Compensation for Executive Officers
On April 20, 2017, the Compensation Committee (the Committee) of
the Board of Directors (the Board) of Abaxis, Inc. (the Company)
approved the following fiscal 2018 base salaries and fiscal 2018
target bonus amounts (each, a Target Bonus) for certain of its
executive officers as set forth below:
Executive Officer
Fiscal 2018 Base Salary
(effective July 1, 2017)
Fiscal 2018
Target Bonus
Clinton H. Severson
$575,000
$850,000
Ross Taylor
$257,500
$500,000
Kenneth P. Aron, Ph.D.
$298,700
$500,000
Craig M. Tockman, DVM
$298,700
$500,000
Donald P. Wood
$360,500
$600,000
Bonus payouts for the persons named above will be based on the
Companys achievement of consolidated quarterly revenues from
continuing operations (net sales), income from continuing
operations before income tax provision (pre-tax earnings) and
rotor failure limits. A bonus will be earned only if the Company
achieves 90% or more of its pre-established quarterly goal for
either net sales or pre-tax earnings and rotor failures are at or
below the pre-established quarterly limit. Payment of each
quarterly bonus is equally weighted at 50% for achievement of the
Companys quarterly net sales performance goal and 50% for
achievement of the Companys quarterly pre-tax earnings
performance goal, in both cases subject to the Company not
exceeding the applicable rotor failures limit.
If the Company were to achieve 90% or more, but less than 50%, of
only one performance goal, the payout would be limited to 25% of
the Target Bonus. The Target Bonus will be earned by the
executive officers named above if at least 50% of both net sales
and pre-tax earnings 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 will be paid quarterly at a
rate of 15% for first quarter and 25% the second and third
quarters. If earned, a bonus for the fourth quarter will be
calculated on the basis of the Target Bonus and the companys net
sales, pre-tax earnings and rotor failures for the entire fiscal
year, and deducting from the resultant amount the total of all
amounts paid in respect of the first, second and third quarters.
In all cases, bonuses are subject to the Company not exceeding
the applicable rotor failures limit.


About ABAXIS, INC. (NASDAQ:ABAX)

Abaxis, Inc. is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force. The Company’s segments are the medical market and the veterinary market. The Company’s medical market products include Piccolo chemistry analyzers and consumable products. The Company develops, manufactures and sells the Piccolo Xpress chemistry analyzer for use in human patient care to provide clinicians with blood constituent measurements. The Company’s veterinary market product offerings include VetScan chemistry analyzers and veterinary reagent discs, VetScan hematology instruments and related reagent kits, VetScan VSpro specialty analyzers and related consumables, VetScan i-STAT analyzers and related consumables and VetScan rapid tests.

ABAXIS, INC. (NASDAQ:ABAX) Recent Trading Information

ABAXIS, INC. (NASDAQ:ABAX) closed its last trading session up +0.27 at 49.21 with 85,977 shares trading hands.