News Column

VISION SCIENCES INC /DE/ FILES (8-K) Disclosing Change in Directors or Principal Officers

June 27, 2014



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

On June 26, 2014, Vision-Sciences, Inc. (the "Company") entered into an employment agreement (the "Agreement") with Gary Siegel. Pursuant to the Agreement, Mr. Siegel, age 56, will serve as Vice President of Finance and the Company's Principal Financial Officer ("PFO") and Principal Accounting Officer ("PAO").

Prior to joining the Company, Mr. Siegel was Vice President of Finance at Genta Incorporated. Previous positions during his ten years at Genta included Senior Director, Financial Services and Director, Financial Services. He also served as Genta's Principal Financial Officer and Principal Accounting Officer and Corporate Secretary. Prior to joining Genta, Mr. Siegel worked for two years at Geller & Company, a private consulting firm, where he led the management reporting for a multi-billion dollar client. He also spent 18 years at Warner-Lambert Company and Pfizer Inc., where he held positions of progressively increasing levels of responsibility including Director, Corporate Finance and Director, Financial Planning & Reporting. Mr. Siegel holds a Master of Business Administration from Carnegie-Mellon University and a Bachelor of Science in accounting from the University of Connecticut.

Under the terms of his Agreement, Mr. Siegel will receive a base salary of $175,000 and will be entitled to the Company's standard package of employee benefits. Mr. Siegel was also granted an option under the Company's incentive plan, to purchase 100,000 shares of the Company's common stock, vesting in equal annual installments over four years.

There is no agreement or understanding between Mr. Siegel and any other person pursuant to which Mr. Siegel was appointed as the PFO and PAO. Mr. Siegel is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K.

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Source: Edgar Glimpses


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