AMERITYRE CORPORATION (OTCMKTS:AMTY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k

8 years ago

AMERITYRE CORPORATION (OTCMKTS:AMTY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS

On March 23, 2017, Michael F. Sullivan, the Companys Chief
Executive Officer finalized the negotiation of the replacement
and extension of his employment contract.

While all material compensation terms were finalized February 23,
2017 other items within the agreement, attached as Exhibit 10.1,
were finalized as of March 23, 2017. The Agreement replaces the
current employment agreement and extends his term of employment
to December 31, 2018.

Mr. Sullivans compensation package is a summarized below.
See the full agreement in Exhibit 10.1.

Compensation.

(a) Annual salary of $150,000 per year

(b) Stock award of 2.4 million shares of the Companys common
stock vesting ratably over twenty-three months (February 2017
December 2018);

(c) Bonus compensation up to five (5)% of annual salary under
Section 5(a) based on certain financial performance objectives:

Health and medical insurance as available for full-time
employees, and participation in any retirement, pension,
profit-sharing, stock option, or other plan as in effect from
time to time on the same basis as other employees.

(e) Stock options as previously awarded and detailed on Mr.
Sullivans Form 4 filed on March 22, 2017 were not amended or
adjust. Options for 480,000 shares of the Companys common stock
at an exercise price of $.10 per share to be awarded on January
1, 2018. These Options will expire on December 31, 2021 and will
vest on a monthly basis throughout calendar year 2018 (40,000
shares per month).

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

10.1 Michael F. Sullivan compensation agreement.

About AMERITYRE CORPORATION (OTCMKTS:AMTY)
Amerityre Corporation is engaged in the research and development, manufacturing, and sale of polyurethane tires. The Company’s polyurethane material technology is based on two formulations: closed-cell polyurethane foam, a material with high load-bearing capabilities for low duty cycle applications, and Elastothane, a high performance polyurethane elastomer with high load-bearing capabilities for high duty applications. It is focused on three segments of the tire market: closed-cell polyurethane foam tires, polyurethane elastomer industrial tires and tires for agricultural applications. The Company’s brands include Amerityre, Elastothane, Arcus, Atmospheric, Logo, Kik and Kryon. The Company manufactures closed-cell polyurethane foam tires for bicycles, hand trucks, lawn and garden, wheelbarrow, personnel carriers, and medical mobility products. It has developed solid polyurethane industrial tires made of Elastothane. The Company produces over 20 sizes for Class 1, 4 and 5 forklifts. AMERITYRE CORPORATION (OTCMKTS:AMTY) Recent Trading Information
AMERITYRE CORPORATION (OTCMKTS:AMTY) closed its last trading session down -0.0080 at 0.0300 with 108,000 shares trading hands.