Insiders get fat while the stock price falls.....
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On September 12, 2006, the Compensation Committee of the Board of Directors (the “Committee”) of EMCORE, acting upon the recommendation of EMCORE’s Chief Executive Officer, approved the allocation of amounts to be paid under a supplemental bonus pool for executive officers that was previously authorized by the Committee and disclosed in EMCORE’s Form 8-K filed with Commission on May 17, 2006. The payments were approved based on the attainment of certain strategic corporate milestones, including EMCORE’s completion of the sale of its membership interest in GELcore, LLC to General Electric Corporation for $100 million and the sale of its Electronic Materials & Device division to IQE RF, LLC for $16 million, consisting of $13 million at closing and $3 million in the form of a secured promissory note of IQE that will be repaid in four quarterly installments and bears interest at an annual rate of 7.5%.
The Committee approved the following payments to be made under the supplemental bonus pool:
Name Title Amount
Reuben F. Richards, Jr. Chief Executive Officer $255,000
Howard W. Brodie Chief Legal Officer $115,000
Thomas G. Werthan Chief Financial Officer $115,000
Richard A. Stall Chief Technology Officer $115,000
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