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 OfficersItem 5.02
Named Executive Officer Compensation
On August 30, 2017, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Akoustis Technologies, Inc. (the “Company”) approved base salary adjustments for the Company’s named executive officers as follows, effective beginning September 11, 2017:
| Current Base Salary | Adjusted Base Salary | |
| Jeffrey B. Shealy | $154,500.00 | $163,770.00 |
| David M. Aichele | $141,080.00 | $148,134.00 |
| Mark D. Boomgarden | $141,080.00 | $145,312.40 |
| Cindy C. Payne | $150,350.00 | $154,860.50 |
The Committee also approved an amendment to Mr. Shealy’s employment agreement to increase the maximum amount of annual cash bonus that Mr. Shealy is eligible to receive. Mr. Shealy is now eligible to receive a maximum annual cash bonus of up to 150% of his base salary.
Also on August 30, 2017, the Committee approved grants of restricted stock units and stock options (collectively, the “Equity Grants”) to the Company’s named executive officers under the Company’s 2016 Stock Incentive Plan (the “Plan”) for the following number of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”):
| Restricted Stock Units | Stock Options | |
| Jeffrey B. Shealy | 30,000 | 60,000 |
| David M. Aichele | 15,000 | 30,000 |
| Mark D. Boomgarden | 12,000 | 24,000 |
| Cindy C. Payne | 12,000 | 24,000 |
The Equity Grants were made effective as of the third business day following expiration of the Company’s current blackout period (the “Grant Date”). They will be awarded to a Restricted Stock Unit Agreement or Stock Option Agreement, as applicable, each in forms to be approved by the Committee under the Plan, and will vest 25% on each of the first four anniversaries of the Grant Date. The Company will file a Form 8-K disclosing additional terms related to the Equity Grants, including related to the forms of Restricted Stock Unit Agreement and Stock Option Agreement to be adopted by the Committee, once approved by the Committee.
Named Executive Officer Resignation
On September 2, 2017, Mark D. Boomgarden resigned as the Company’s Vice President of Operations, effective as of September 15, 2017. On September 6, 2017, the Committee determined that, due to his resignation, the increase in Mr. Boomgarden’s base salary described above will not take effect and the Equity Grants described above with respect to Mr. Boomgarden will not be made.
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 -0.17 at 7.53 with shares trading hands.
