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
As previously reported in our Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on September 6, 2017, Mark D. Boomgarden resigned from his position as the Vice President of Operations of Akoustis Technologies, Inc. (the “Company”), effective September 15, 2017. On September 28, 2017, the Company and Mr. Boomgarden entered into a Separation Agreement and General Release (the “Separation Agreement”). Subject to the terms of the Separation Agreement, the Company will not exercise its rights to repurchase 59,510 of the 98,510 unvested shares of the Company’s common stock previously awarded to Mr. Boomgarden under the Company’s equity incentive plans. However, Mr. Boomgarden has agreed not to sell, transfer, assign, pledge, or otherwise encumber or dispose of these shares without the Company’s prior written consent prior to the time that such shares would have vested had Mr. Boomgarden continued his employment with the Company. These shares would have vested between October 5, 2017 and September 9, 2018. The Company will repurchase the remaining 39,000 unvested shares to the terms of the applicable award agreements.
The Separation Agreement also contains certain additional provisions that are customary for agreements of this type, including confidentiality and non-disparagement covenants, as well as a general release of the Company against certain claims. In connection with the release of certain claims, Mr. Boomgarden can revoke the Separation Agreement no later than October 5, 2017. The Company has the right to recover (or “clawback”) any of the unvested shares not repurchased by the Company (or the proceeds from the sale of any such shares) if Mr. Boomgarden breaches any provisions of the Separation Agreement.
The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Akoustis Technologies, Inc. ExhibitEX-10.1 2 s107652_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SEPARATION AGREEMENT AND GENERAL RELEASE This Separation Agreement and General Release (“Agreement”),…To view the full exhibit click here
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).
