BIOSPECIFICS
TECHNOLOGIES CORP.
|
(Exact
name of registrant as specified in its
charter)
|
Delaware
|
0-19879
|
11-3054851
|
(State
of Incorporation)
|
(Commission
File No.)
|
(IRS
Employer ID No.)
|
Bonus
recipients
|
Title
|
Cash Bonus
|
Stock
Options
|
Thomas
L. Wegman
|
President
|
--
|
25,000
|
Lawrence
Dobroff
|
Chief
Financial Officer
|
$25,000
|
15,000
|
Executive
Officer
|
Title
|
2006
Base Salary
|
Edwin
H. Wegman
|
Chief
Executive Officer
|
$405,169
|
Thomas
L. Wegman
|
President
|
$250,000
|
Lawrence
Dobroff
|
Chief
Financial Officer
|
$120,000
|
Component
|
Compensation
|
Terms
|
Retainer
|
$10,000
yearly retainer
|
Payable
- in arrears in December of each year commencing in December
2007
|
Meeting
Attendance Fee
|
$1,500
for each meeting of the board of directors attended in
person
|
Effective
- retroactively from January 1, 2006
Payable
- upon attendance of meeting
|
$500
for each meeting of the board of directors attended
telephonically
|
Effective
- retroactively from January 1, 2006
Payable
- upon attendance of meeting
|
|
Stock
Options
|
15,000
non-qualified stock options per year
|
Vests
- 1/12 per month during the applicable year
Grant
Date - September 6, 2006
Exercise
Price - $0.83
|
Exhibit
Number
|
|
Description
of Exhibit
|
10.1
|
Form
of Stock Option Notice and Letter Agreement under the 2001 Stock
Option
Plan
|
SIGNATURES
|
||
Pursuant
to the
requirements of the Securities Exchange Act of 1934, each registrant
has
duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
||
|
||
Date:
September 12, 2006
|
|
BIOSPECIFICS
TECHNOLOGIES CORP.
——————————————————
(Registrant)
/s/
Thomas L. Wegman
|
|
——————————————————
Thomas
L. Wegman
President
|