MOBILESMITH, INC. (OTCMKTS:MOST) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 29, 2018, the Board of Directors (the “Board”) of MobileSmith, Inc. (the “Company”) appointed the Company’s Executive Chairman Randy Tomlin to the additional positions as the Company’s President and Chief Executive Officer. Mr. Tomlin’s appointment is consistent with the Company embarking on an additional strategy that will expand the Company’s healthcare industry offerings beyond the healthcare provider space.
The Board also approved Mr. Tomlin’s compensation at $250,000 per year.
In conjunction with Mr. Tomlin’s appointment to the office of Chief Executive Officer, the Company’s former Chief Executive Officer, Bob Dieterle, resigned from all positions held at the Company.The resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
In connection with Mr. Dieterle’s resignation, the Company and Mr. Dieterle entered into a Separation Agreement and General Release (the “Separation Agreement”) to which Mr. Dieterle will receive an aggregate amount of $90,000 over a six-month period. Mr. Dieterle is also entitled to maintain his medical coverage through the end of the separation agreement. The foregoing summary of the principal terms of the Separation Agreement do not purport to be complete and is qualified in its entirety by reference to the Separation Agreement attached hereto as Exhibit 10.1 and is incorporated herein by reference.
The Company also granted to employees options under the Company’s stock option plan to purchase an aggregate of 4,885,778 shares of the Company’s common stock, of which options for 1,000,000 shares were granted to Randy Tomlin, the Executive Chairman and newly appointed Chief Executive Officer and President, and options for 430,000 shares were granted to Gleb Mikhailov, the Company’s Chief Financial Officer. All of the options granted are exercisable at a per-share exercise price of $1.95 and have a ten-year life with annual vesting over a five-year term.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Separation Agreement and General Release between MobileSmith, Inc. and Bob Dieterle
MobileSmith, Inc. ExhibitEX-10.1 2 separation_agreement.htm MATERIAL CONTRACTS Blueprint SEPARATION AGREEMENT AND GENERAL RELEASE As set forth in this SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) and in exchange for the consideration specified herein provided by MobileSmith,…To view the full exhibit click here
About MOBILESMITH, INC. (OTCMKTS:MOST)
MobileSmith, Inc. develops and markets a software-as-a-service (SaaS) platform that allows non-programmers to design and build native mobile applications for smartphones and tablets. The Company’s product is the MobileSmith Platform (the Platform). The Company’s Platform is an application development platform that enables organizations to create, deploy and manage custom, native smartphone and tablet applications deliverable across iPhone operating system (iOS) and Android mobile platforms. The Company’s principal products and services include subscription to its SaaS cloud-based mobile application development platform to customers who design and build their own applications; internal and secure mobile development platform for the United States Department of Defense and related contractors; custom mobile application design and development services; mobile application marketing services, and mobile strategy implementation consulting.
