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) November 10, 2010 (November 3,
2010)
DOCUMENT
CAPTURE TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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80-0133251
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(State
or other jurisdiction of
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(I.R.S.Employer
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incorporation
or organization)
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Identification
Number)
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4255
Burton Drive
Santa
Clara, California 95054
(Address
of principal executive offices, Zip code)
408-436-9888
ext. 207
(Registrant’s
telephone number, including area code)
(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. below):
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a
-12).
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d
-2(b)).
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e
-4(c))
Item 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment
of Principal Officers
On
November 3, 2010, the Company entered into an employment agreement (“Agreement”)
with Craig H. Weber pursuant to which Mr. Weber has become the Company’s
President and Chief Operating Officer effective immediately.
The
initial term of the Agreement is for a period of twenty-four (24) months, with
additional twelve (12) month extensions. Mr. Weber will receive a
base salary of $250,000 and will receive 1,400,000 options, exercisable at $0.67
per share. One-half of the options will vest at the end of the twelve
(12) month anniversary of the Agreement and the remaining one-half of the
options will vest at the end of the twenty-four (24) month anniversary of the
Agreement. Mr. Weber will be entitled to an annual bonus at the
discretion of the Company’s board of directors, as well as a bonus based on
certain performance metrics to be mutually agreed upon by and between the
Company and Mr. Weber. The Company has also agreed to reimburse Mr.
Weber for certain relocation expenses as more specifically set forth in Annex A
to the Agreement.
Mr. Weber
became the Company’s President and Chief Operating Officer on November 3,
2010. From 2008 until joining the Company in November 2010 Mr.
Weber was Executive Vice President, Corporate Development & Chief Financial
Officer of Home Care Delivered, Inc. Home Care Delivered provides home medical
supplies delivered directly to the patient’s door and offers billing and claims
filing services for patients with Medicare, Medicaid and other insurance plans.
Previously Mr. Weber held leadership positions as Managing Partner of Hollymeade
Group, LLC, a real estate investment firm from 2003 to 2008; President of
Hollymeade Land Services, LLC, an excavation company from 2005 to 2008;
President & CEO of Whitlock eBusiness Solutions, a business-focused
technology consulting company from 2001 to 2003; Chief Operating Officer,
strategic planning officer and legal officer of homebytes.com incorporated, a
nationally licensed real estate brokerage company from 1999 to 2001; and Vice
President-Business Development and chief legal, human resources &
administrative officer for Walco International, Inc., a national distributor of
pharmaceuticals and other products from 1997 to 1999. Prior to that Mr. Weber
practiced corporate law for 12 years as a partner at McGuire Woods and associate
at Sullivan & Cromwell where he specialized in corporate finance, mergers
& acquisitions, banking and general corporate matters. Mr. Weber is a member
of the board of directors, Chairman of the Compensation Committee and member of
the Audit Committee of Optical Cable Corporation, a manufacturer of fiber optic
and copper data communication cabling (NASDAQ Global Markets symbol:
OCCF). Mr. Weber earned his MBA from The College of William and Mary;
his law degree from the University of Virginia, and his undergraduate degree
from Cornell University.
During
each of the years ended December 31, 2009 and 2008, and from January 1, 2010
through the date hereof, the Company did not enter into any transactions with
Mr. Weber or any related parties of which Mr. Weber is affiliated.
A copy of
the Agreement is attached as Exhibit 99.1 hereto.
In
connection therewith, William Hawkins will be offered the position of President
of Global Operations.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
The
following exhibits are filed in accordance with the provisions of Item 601
of Regulation S-K:
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Exhibit
No.
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Exhibit
Description
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99.1
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Employment
agreement between Document Capture Technologies, Inc. and Craig Weber
dated November 3, 2010
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99.2
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Press
Release dated November 11, 2010 issued by Document Capture Technologies,
Inc.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, Document Capture
Technologies, Inc. has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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Document Capture Technologies,
Inc. |
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Date: November 10, 2010 |
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/s/ David
Clark |
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David
Clark, Chief Executive Officer |
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