SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No.1)
Filed by the registrant [X]
Filed by party other than the registrant [_]
Check the appropriate box:
[ ] Preliminary proxy statement
[X] Definitive proxy statement
[ ] Definitive additional materials
[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
Vitech America, Inc.
(Name of Registrant as Specified in Its Charter)
Vitech America, Inc.
(Name of Person(s) Filing Proxy Statement)
Payment of filing fee (Check the appropriate box):
[ ] $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i)(1) or 14a-
6j(2)
[ ] $500 per each party to the controversy pursuant to Exchange
Act Rule 14a-6(i)(3)
[ ] Fee computed on table below per Exchange Act Rules 14a-
6(i)(45) and 0-11
(1) Title of each class of securities to which transaction applies:
- --------------------------------------------------------------------------------
(2) Aggregate number of securities to which transactions applies:
- --------------------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11:
- --------------------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
- --------------------------------------------------------------------------------
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[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount previously paid:
- --------------------------------------------------------------------------------
(2) Form, schedule or registration statement no.:
- --------------------------------------------------------------------------------
(3) Filing party:
- --------------------------------------------------------------------------------
(4) Date filed:
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<TABLE>
<CAPTION>
Stock All Other
Name and Principal Position Year Salary Bonus Options (#) Compensation
- --------------------------- ---- ------ ----- ----------- ------------
<S> <C> <C> <C> <C> <C>
Georges C. St. Laurent III, 1996 $240,000 $ 0 2,040,000 $ 0
Chairman of the Board 1995 $120,000 $ 0 0 $ 0
and Chief Executive 1994 $ 96,000 $ 0 0 $ 0
Officer
William C. St. Laurent, 1996 $240,000 $ 0 1,960,000 $ 0
President and 1995 $120,000 $ 0 0 $4,500*
Chief Operating Officer 1994 $ 96,000 $ 0 0 $ 0
Mitchell E. Asher, 1996 $ 78,000 $15,000 0 $9,000*
Chief Financial Officer 1995 $ 71,190 $15,000 0 $9,000*
1994 $ 63,432 $10,000 0 $3,750*
</TABLE>
- ------------------
* Mr. William C. St. Laurent and Mr. Mitchell E. Asher received a car
allowance of $750.00 each per month for all or a portion of the year.
The Company maintains keyman life insurance on the life of each of Georges
C. St. Laurent, III and William C. St. Laurent in the amount of $2,000,000
payable to the Company.
Option Grants in Last Fiscal Year
The following table sets forth for each of the Named Executive Officers
certain information concerning stock options granted as of December 31, 1996:
<TABLE>
<CAPTION>
OPTIONS/SAR GRANTS IN LAST FISCAL YEAR
Individual Grants
-----------------
Potential Realizable Value
at Assumed Annual Rates
of Stock Price Appreciation
Percent of for Option Term(3)
Number of Total Options ------------------
Securities Granted to Exercise
Underlying Employees Price per Expiration
Name Options Granted in 1996(1) per Share (2) Date 5%($) 10%($)
---- --------------- ---------- ------------- ----
<S> <C> <C> <C> <C> <C> <C>
Georges C. St. Laurent 510,000 51% $15 11/7/00 $0 $0
Georges C. St. Laurent 510,000 $20 11/7/00 $0 $0
Georges C. St. Laurent 1,020,000 $25 11/7/00 $0 $0
William C. St. Laurent 490,000 49% $15 11/7/00 $0 $0
William C. St. Laurent 490,000 $20 11/7/00 $0 $0
William C. St. Laurent 980,000 $25 11/8/00 $0 $0
Mitchell E. Asher -- 0% -- -- -- --
- ----------------
</TABLE>
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<PAGE>
AVAILABILITY OF FORM 10-K ANNUAL REPORT
Copies of the Company's Annual Report on Form 10-K for the year ended
December 31, 1996, and including related exhibits as filed with the Securities
and Exchange Commission, are available without
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<PAGE>
charge to shareholders upon request to Secretary, 8807 Northwest 23rd Street,
Miami, Florida 33172- 2419.
BY ORDER OF THE BOARD OF DIRECTORS
Mitchell Asher, Secretary
Miami, Florida
May 5, 1997
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