Akoustis Technologies, Inc. (OTCMKTS:AKTS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 22, 2017, Cindy C. Payne, Chief Financial Officer of
Akoustis Technologies, Inc. (the Company), notified the Company
of her intention to step down from her position as Chief
Financial Officer, effective upon the later to occur of the
expiration of her employment agreement or the appointment of her
successor. Ms. Paynes employment agreement expires June 15, 2017.
Upon the effectiveness of Ms. Paynes resignation, she will serve
the Company as Vice President of Finance to the terms of an offer
letter, a copy of which is attached hereto as Exhibit 10.1 and
incorporated herein by reference. to the terms of her offer
letter, Ms. Payne will receive an annual base salary of $150,350
and will be eligible to receive a cash bonus of up to 50% of her
base salary if certain operational, financial, or other
milestones are met. She will also be eligible to participate in
any other bonus or incentive program established by the Company
for its senior executives, including the Companys 2016 Stock
Incentive Plan. The offer letter also includes a 12-month
non-solicitation period with respect to the Companys customers
and employees and provides that Ms. Paynes employment with the
Company shall be at will.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
| Exhibit No. | Description | |
| 10.1 |
Offer Letter from Akoustis Technologies, Inc. to Cindy C. Payne |
About Akoustis Technologies, Inc. (OTCMKTS:AKTS)
Akoustis Technologies, Inc., formerly Danlax, Corp., is a fabless company engaged in developing, designing and manufacturing radio frequency (RF) filter products for the mobile wireless device industry. The Company operates in the telecommunications and fiber optics sector. The Company is focused on commercializing and manufacturing its Bulk ONE acoustic wave technology to address the critical frequency-selectivity requirements in mobile smartphones. The Company plans to use single crystal piezoelectric materials to develop a class of RF filters with a fundamental advantage to reduce losses over existing thin film technologies. The Company’s piezoelectric materials contain high-purity Group III element nitride materials and possess a signature, which can be detected by conventional material metrology tools. The Company is focused on the commercialization of bandwidth RF filters operating in the high frequency portion of the RF Front end (RFFE) (called high band). Akoustis Technologies, Inc. (OTCMKTS:AKTS) Recent Trading Information
Akoustis Technologies, Inc. (OTCMKTS:AKTS) closed its last trading session down -0.16 at 9.89 with shares trading hands.
