secwatch.observer — SEC 8-K summary
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Issuer:     Cytosorbents Corp (CTSO)
CIK:        0001175151
Form:       8-K
Filed at:   2024-04-03T23:59:59+00:00
Accession:  0001104659-24-042809
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CytoSorbents executives take salary reduction; CEO by 35%, others by 15%
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- CEO Phillip Chan reduces salary by 35% ($123,498) to $359,353 through Dec 31, 2024.
- CFO Kathleen Bloch reduces salary by 15% ($46,587) to $378,413; same for other NEOs.
- Board grants nonqualified stock options equal in value to each reduction at $0.95/share.
- Options vest fully on Jan 31, 2025; expired 10 years from grant date.
- Program aims to cut costs; salaries automatically restore to prior level after 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1175151/000110465924042809/0001104659-24-042809-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1175151/000110465924042809/tm2410651d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-042809

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer