AMERI Holdings, Inc. (OTCMKTS:AMRH) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
The information required herein is incorporated by reference to Item 5.02 below.
|Item 5.02||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
On October 17, 2018, Ameri Holdings, Inc. (“Ameri” or the “Company”) announced the appointment of Barry Kostiner as Chief Financial Officer of Ameri, to an employment letter agreement (the “Employment Letter”) with him. Mr. Kostiner has over 20 years of management, corporate strategy and business development experience in the technology and energy industries.
Prior to joining Ameri, Mr. Kostiner served as an advisor on capital markets and business development to LinKay Technologies, Inc. a company specializing in artificial intelligence technologies, which Mr. Kostiner joined in April 2017. From November 2017 to October 2018, Mr. Kostiner also served as a consultant on data analytics and mergers and acquisition strategy to Cypress Skilled Nursing, a skilled nursing services company. From January 2011 to October 2018, Mr. Kostiner served as a principal at Three Pillars Energy, a consulting company. From June 2013 to March 2015, he was a portfolio manager with Platinum Management, a multi-strategy hedge fund. Mr. Kostiner holds a bachelor of science degree in electrical engineering and a master of science degree in operations research from the Massachusetts Institute of Technology.
to the Employment Letter, Mr. Kostiner will receive an annual base salary of $200,000 and be eligible for bonus payments of up to an aggregate of $50,000 as determined by the Board of Directors, based on meeting and exceeding mutually agreed upon annual performance goals. Additionally, Mr. Kostiner received an option to purchase 150,000 shares of common stock with an exercise price based on the closing price of the Company’s common stock on the grant date and expiring on the fifth anniversary of the grant date. The option vests in thirds on each of the first through third anniversaries of October 17, 2018, the grant date.
Mr. Kostiner’s Employment Letter has a term lasting through December 31, 2019, subject to automatic one-year renewals thereafter, unless the Company or Mr. Kostiner delivers written notice of non-renewal to the other party at least 60 days prior to the relevant renewal date. In addition, the Employment Letter is subject to early termination by him or the Company in accordance with the terms of the Employment Letter.
The Employment Letter also contains covenants restricting Mr. Kostiner from soliciting the Company’s employees or customers for a period of two years after the termination of Mr. Kostiner’s employment with the Company, and prohibiting him from disclosure of confidential information regarding the Company at any time.
Other than entering into the Employment Letter with Ameri, Mr. Kostiner has not engaged in a related party transaction with Ameri during the last two fiscal years, and there are no family relationships between Mr. Kostiner and any of Ameri’s executive officers or directors.
Effective October 17, 2018, the Company’s prior Chief Financial Officer, Viraj Patel, resigned from his position with the Company; however, Mr. Patel will continue to provide transition services to the Company for an additional sixty days.
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. Kostiner’s appointment is furnished as Exhibit 99.1 to this Form 8-K.
|Item 9.01.||Financial Statements and Exhibits|
|Exhibit 10.1||Employment Letter, dated October 17, 2018, between Ameri and Partners Inc and Barry Kostiner.|
|Exhibit 99.1||Press Release, dated October 17, 2018.|
AMERI Holdings, Inc. ExhibitEX-10.1 2 ex101to8k10211002_10162018.htm Exhibit 10.1 October 17,…To view the full exhibit click