Unassociated Document
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
6, 2009 (November 4, 2009)
HARRIS
& HARRIS GROUP, INC.
(Exact
name of registrant as specified in its charter)
|
|
|
|
|
|
|
New
York
(State
or other jurisdiction of
incorporation)
|
|
0-11576
(Commission
File
Number)
|
|
13-3119827
(IRS
Employer
Identification
No.)
|
111
West 57th Street
New
York, New York 10019
(Address
of principal executive offices and zip code)
(212)
582-0900
(Registrant’s
telephone number, including area code)
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:
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 Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Compensation
Arrangements
On
November 4, 2009, the Compensation Committee of Harris & Harris Group, Inc.
awarded bonuses for 2009 in the amount of $50,000 to each of Douglas W. Jamison,
Chairman, Chief Executive Officer and Managing Director; Daniel B. Wolfe,
President, Chief Operating Officer, Chief Financial Officer and Managing
Director; Alexei A. Andreev, Executive Vice President and Managing Director; and
Michael A. Janse, Executive Vice President and Managing Director. The
bonuses were awarded based on market information provided by the independent
compensation consultant that indicated that the
base salaries of our Managing Directors are below the average base salaries plus
bonus paid to other managing directors of similar sized funds. The
compensation committee will be paying a bonus to the Managing Directors to bring
them into the 50 percentile range for their peers in base salary plus bonus
compensation. Some of the Managing Directors have elected to use a
portion of the after tax proceeds of the bonus to either purchase shares or to
exercise vested stock options with cash. This decision will increase
their ownership in the Company. Neither the Managing Directors, nor
any of the named executive officers in our proxy, will receive an increase in
base salary for 2010, and our Board of Directors will not receive any increase
in their fees in 2010.
SIGNATURES
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.
|
Date:
November 6, 2009
|
HARRIS
& HARRIS GROUP, INC.
|
|
|
|
|
|
|
|
|
By:
/s/ Douglas W.
Jamison
|
|
|
Douglas
W. Jamison
|
|
|
Chief
Executive Officer
|