Arrhythmia Research Technology, Inc. (NASDAQ:HRT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 28, 2016, Arrhythmia Research Technology, Inc. (the “Company”) entered into at-will employment agreements with Mr. Salvatore Emma, Jr. and Mr. Derek T. Welch, replacing the employment agreements terminating by their terms on December 31, 2016. to the employment agreements, Mr. Emma and Mr. Welch will, respectively, continue to serve as the Chief Executive Officer and Chief Financial Officer of the Company and Micron Products, Inc. commencing effective as of January 1, 2017 and continuing thereafter unless terminated by either the Company or the executive officer with or without notice, and with or without cause, to the terms of the respective agreements.
to the respective agreements, Mr. Emma and Mr. Welch will be entitled to a base salary at the annualized rate of $247,500 and $170,000, respectively, be eligible for compensation under the previously adopted Executive Incentive Plan and to participate in the Company’s other benefit plans. The agreements contain certain change of control provisions providing for payment equivalent to 24 months of base salary at the rate then in effect and confidentiality, non-compete and non-solicitation restrictions.