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
January 1, 2021, is the effective date of Michael F. Sullivan, the Company’s Chief Executive Officer renewal of his employment contract.
Mr. Sullivan’s compensation package is a summarized below. See the full agreement in Exhibit 10.1.
(a) Annual salary of $180,000 per year;
(b) Stock award of 2.7 million shares of the Company’s common stock vesting ratably during the calendar year of 2020;
(c) Bonus compensation up to twenty-five (25)% of annual salary under Section 5(a) based on certain financial performance objectives as described in Section 5(c ); and,
(d) 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.
ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS.
10.1 Michael F. Sullivan compensation agreement.
AMERITYRE CORP Exhibit
EX-10.1 2 ex_220053.htm EXHIBIT 10.1 ex_220053.htm Exhibit 10.1 EMPLOYMENT AGREEMENT THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into effective the 1st day of January 2021,…
To view the full exhibit click here
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.