AKERS BIOSCIENCES, INC. (NASDAQ:AKER) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain Officers
On October 17, 2017 (the “Issuance Date”), the Board of Directors of Akers Biosciences, Inc. (the “Company”) approved the issuances detailed below, of restricted shares of the Company’s common stock, no par value per share (the “Common Stock”) to Mr. John Gormally, the Chief Executive Officer of the Company and Mr. Gary Rauch, the Vice President, Finance and Treasurer (principal financial officer) of the Company. These issuances are being made to the Akers Biosciences, Inc. 2017 Equity Incentive Plan (the “Plan”). The Plan was approved by the Company’s shareholders on August 7, 2017 and filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the United States Securities and Exchange Commission on August 11, 2017. These issuances are compensation for work performed prior to the date hereof.
The issuance to Mr. Gormally consists of 150,000 restricted shares of the Company’s Common Stock. The issuance to Mr. Rauch consists of 36,277 restricted shares of the Company’s Common Stock.