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VHC Virnetx Holding

Filed: 8 Dec 20, 4:00pm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
December 4, 2020


 
VirnetX Holding Corporation
(Exact name of registrant as specified in its charter)


 
Delaware
001-33852
77-0390628
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
 
308 Dorla Court, Suite 206
Zephyr Cove, Nevada 89448
(Address of principal executive offices, including zip code)
 
(775) 548-1785
 (Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001
VHCNew York Stock Exchange



Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



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

(e)

Discretionary 2020 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 4, 2020, the Compensation Committee reviewed the Company’s performance in 2020 and the contributions that 1) Kendall Larsen, the Company's Chief Executive Officer, President, and Chairman, 2) Robert D. Short III, Ph. D., the Company’s Chief Technology Officer and Chief Scientist, and 3) Richard Nance, the Company’s Chief Financial Officer, made to such performance.  The 2020 target bonus for each of Mr. Larsen, Dr. Short, and Mr. Nance previously approved by the Compensation Committee was equal to 75% of Mr. Larsen’s, Dr. Short’s, and Mr. Nance’s respective 2020 base salaries.  Following its review, the Compensation Committee exercised its discretion in determining to pay Mr. Larsen 100% of his 2020 target bonus, to pay Dr. Short 100% of his 2020 target bonus, and to pay Mr. Nance 100% of his 2020 target bonus, in light of the Company’s overall performance for the year and their respective contributions in achieving this performance.  Accordingly, the Compensation Committee determined to award Mr. Larsen a cash bonus for 2020 equal to $526,641.58, Dr. Short a cash bonus for 2020 equal to $335,076.18, and Mr. Nance a cash bonus for 2020 equal to $135,531.85.


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.

 VirnetX Holding Corporation
   
 By:
/s/ Kendall Larsen
  
Kendall Larsen
Chief Executive Officer
 
Dated: December 8, 2020