Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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 10, 2008
 
 
 Glowpoint, Inc.
  
  (Exact name of registrant as specified in its Charter)

 
 Delaware
 
 0-25940
 
 77-0312442
(State or other jurisdiction of incorporation)
  
(Commission
File Number)
 
(I.R.S Employer
Identification No.)
 
 
 225 Long Avenue Hillside, NJ  
 07205
 (Address of principal executive offices)  
(Zip Code)
     
 Registrant's telephone number, including area code
 (312) 235-3888
 
 
 
 Not Applicable
  
 
 (Former name or former address, if changed since last report)
  
 


 
 
 
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On March 10, 2008, Glowpoint, Inc. (the “Company”) awarded the following bonuses to management for 2007 performance, which consisted of a combination of restricted stock and cash equal to the following values: $84,000 to Michael Brandofino, the Company’s President and Chief Executive Officer, and $63,000 to each of Joseph Laezza, the Company’s Chief Operating Officer, Edwin F. Heinen, the Company’s Chief Financial Officer, and David W. Robinson, the Company's General Counsel. The restricted stock component of the 2007 bonus was one hundred thousand (100,000) shares of the Company’s common stock to Mr. Brandofino and seventy-five thousand (75,000) shares of the Company’s common stock to each of Messrs. Laezza, Heinen, and Robinson. All shares of restricted stock vested immediately. The difference between the value of the restricted stock on the date of grant and the value of 2007 bonus will be paid in cash, which is intended to defray the income tax liability associated with the restricted stock grants.

The table set forth below includes the foregoing bonus information and reflects the new total compensation figure for our named executive officers with respect to the two years ended December 31, 2007. Certain columnar information required by Item 402(c)(2) of Regulation S-K has been omitted for categories where there has been no compensation awarded to, or paid to, the named executive officers during or with respect to the two years ended December 31, 2007. For further details regarding any of the following disclosure, please see “Executive Compensation” in the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on January 11, 2008.
                               
 
Name and Principal Position
  
 
Year
  
 
Salary
  
 
Bonus
  
Stock Awards
 
Option Awards
 
All Other Compensation
 
 
Total
  
Michael Brandofino
President and Chief
Executive Officer
    
2007
  
$
276,058
  
$
84,000(*
)
$
77,500
  
$
73,471
  
$
9,608
  
$
520,637
  
     
2006
    
267,500
    
27,500
    
-
    
26,969
    
10,279
    
332,248
  
Edwin F. Heinen
Chief Financial Officer
    
2007
    
200,769
    
63,000(*
)
  
79,222
    
54,543
    
8,695
    
406,229
  
     
2006
    
167,212
    
37,500
    
-
    
71,157
    
5,056
    
280,925
  
Joseph Laezza
Chief Operating Officer
    
2007
    
242,976
    
63,000(*
)
  
61,971
    
92,812
    
7,563
    
468,322
  
     
2006
    
228,608
    
23,320
    
35,384
    
34,459
    
3,900
    
325,671
  
David W. Robinson
Executive Vice President,
General Counsel
    
2007
    
248,861
    
63,000(*
)
  
66,000
    
27,864
    
8,205
    
413,930
  
     
2006
    
158,769
    
16,080
    
41,000
    
9,882
    
2,140
    
227,871
  
                                             
(*) The reported bonus consists of a combination of restricted stock and cash. In the case of Mr. Brandofino, the dollar value of the 100,000 shares of restricted stock awarded was $55,000 and the balance of the bonus (which is $29,000) was paid in cash. In the case of Messrs. Laezza, Heinen, and Robinson, the dollar value of the 75,000 shares of restricted stock awarded was $41,250 and the balance of the bonus (which is $21,750) was paid in cash.
 
SIGNATURE

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.
 
     
  GLOWPOINT, INC.
 
 		  
 		  
 
  By:   /s/ Michael Brandofino 
 
Michael Brandofino
Chief Executive Officer and President
   
Date: March 14, 2008  
 
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