AMERI Holdings, Inc. (OTCMKTS:AMRH) Files An 8-K Entry into a Material Definitive Agreement
|Entry into a Material Definitive Agreement.|
The information required herein is incorporated by reference to
Item 5.02 below.
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On April 24, 2017, Ameri Holdings, Inc. (Ameri or the Company)
announced the appointment of Viraj Patel as Chief Financial
Officer of Ameri effective April 24, 2017 to an employment letter
agreement (the Employment Letter) with him. Mr. Patel has over 25
years of financial and operational experience with technology,
software and telecommunications businesses.
Prior to joining Ameri, Mr. Patel served as the Chief Financial
Officer of two technology start-ups and previously served as the
Chief Financial Officer for UTStarcom (NASDAQ: UTSI), a
multi-billion global telecommunications company. During his time
as Chief Financial Officer at UTStarcom, Mr. Patel led a global
team of finance and operations professionals and was instrumental
in streamlining the companys operations. Mr. Patel has also held
senior finance positions at various technology and software
companies where he had extensive experience in mergers and
acquisitions, treasury management, equity and debt financing, and
financial planning. Mr. Patel started his career at the
accounting firm PricewaterhouseCoopers. Mr. Patel received his
bachelors degree in business administration from Pace University
and is a Certified Public Accountant.
to the Employment Letter, Mr. Patel will receive an annual base
salary of $200,000 and be eligible for bonus payments of up to an
aggregate of $25,000 as determined by the Board of Directors,
based on meeting and exceeding mutually agreed upon annual
Mr. Patels Employment Letter is subject to early termination by
him or the Company for any reason upon written notice to the
other party. If there is a change of control (as defined in the
Employment Letter) and Mr. Patels employment terminates within
six months following the change of control for reasons other than
for cause, then Mr. Patel will be entitled to receive an amount
equal to six months of his base salary, any accrued bonus as of
such date of termination, any outstanding options held by him
shall immediately vest and health benefits coverage for six
months from the date of such termination.
The Employment Letter also contains covenants restricting Mr.
Patel from engaging in any activities competitive with the
Companys business during the term of his Employment Letter and
for a period of two years thereafter, and prohibiting him from
disclosure of confidential information regarding the Company at
Other than entering into the Employment Letter with Ameri, Mr.
Patel has not engaged in a related party transaction with Ameri
during the last two fiscal years, and there are no family
relationships between Mr. Patel and any of Ameris executive
officers or directors.
Effective April 24, 2017, Carlos Fernandez ceased serving as the
Companys interim Chief Financial Officer.
The foregoing summary description of the Employment Letter is
qualified in its entirety by reference to the full text of the
Employment Letter, a copy of which is attached hereto as Exhibit
10.1 and incorporated herein in its entirety by reference.
A copy of the press release announcing Mr. Patels appointment is
furnished as Exhibit 99.1 to this Form 8-K.
|Item 9.01.||Financial Statements and Exhibits|
Employment Letter, dated April 24, 2016, between Ameri and
Partners Inc and Viraj Patel.
|Exhibit 99.1||Press Release, dated April 25, 2016.|
AMERI Holdings, Inc. (OTCMKTS:AMRH) Recent Trading Information
AMERI Holdings, Inc. (OTCMKTS:AMRH) closed its last trading session 00.00 at 6.51 with shares trading hands.