VirnetX Holding Corporation (NASDAQ:VHC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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VirnetX Holding Corporation (NASDAQ:VHC) 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

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)
Discretionary 2016 Annual Incentive Bonus
At a meeting of the Compensation Committee of the Board of Directors (the “Compensation Committee”) of VirnetX Holding Corporation (the “Company”) held on December 19, 2016, the Compensation Committee reviewed the Company’s performance in 2016 and the contributions that Kendall Larsen, the Company’s Chief Executive Officer, President and Chairman, and Richard Nance, the Company’s Chief Financial Officer, made to such performance. Following this review, the Compensation Committee exercised its discretion in determining to pay Mr. Larsen 125% of his 2016 target bonus and to pay Mr. Nance 125% of his 2016 target bonus, in light of the Company’s overall performance for the year and their respective contributions in achieving this performance. The 2016 target bonus for each of Messrs. Larsen and Nance previously approved by the Compensation Committee was equal to 62.5% of Mr. Larsen’s and Mr. Nance’s respective base salary. Accordingly, the Compensation Committee determined to award Mr. Larsen a cash bonus for 2016 equal to $364,537.98 and Mr. Nance a cash bonus for 2016 equal to $46,910.30.