AUDIOEYE, INC. (OTCMKTS:AEYE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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AUDIOEYE, INC. (OTCMKTS:AEYE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

AUDIOEYE, INC. (OTCMKTS:AEYE) 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

(b)

On September 16, 2019, the Board of Directors (the “Board”) of AudioEye, Inc. (the “Company”) appointed Todd Bankofier as the Chief Revenue Officer of the Company. At such time, Mr. Bankofier ceased to serve as the Company’s Chief Executive Officer.

(e)

In connection with Mr. Bankofier’s appointment as Chief Revenue Officer as described above, the Company and Mr. Bankofier entered into a Second Amended and Restated Executive Employment Agreement effective as of September 16, 2019 (the “Amended Agreement”), which amends and restates that certain Amended and Restated Executive Employment Agreement, effective as of January 1, 2019, between the Company and Mr. Bankofier. The Amended Agreement provides for a term of employment through September 15, 2020 (the “Term”).  If Mr. Bankofier’s employment continues after the Term expires, then such employment will be on an at-will basis subject to the terms and conditions of the Amended Agreement. Under the Amended Agreement, Mr. Bankofier’s base annual salary will change to $230,000 as of January 1, 2020, subject to adjustment after expiration of the Term. Mr. Bankofier will continue to be eligible to receive an annual bonus for 2019 and, for 2020 and any subsequent years, will be eligible to receive quarterly bonuses based on the extent to which the Company achieves certain quarterly bookings and sales goals that will be established by the Board. The Amended Agreement also provides for Mr. Bankofier, subject to approval by the Compensation Committee of the Board, to be granted restricted stock units having a value of approximately $50,000 at the time of grant. Also, if during the term of the Amended Agreement (including any period following the Term), the Company terminates Mr. Bankofier’s employment without cause or he resigns for “good reason” (the definition of which is modified in the Amended Agreement), Mr. Bankofier will be eligible to receive a separation payment in an amount of up to four months of his base annual salary and payment of the cost of certain COBRA continuation coverage for him and his eligible dependents.

The foregoing description of the Amended Agreement is qualified in its entirety by the terms and conditions of the Amended Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.


AUDIOEYE INC Exhibit
EX-10.1 2 tv529632_ex10-1.htm EXHIBIT 10.1   EXHIBIT 10.1   SECOND AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT   This SECOND AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into,…
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About AUDIOEYE, INC. (OTCMKTS:AEYE)

AudioEye, Inc. (AudioEye) is a marketplace providing Web accessibility solutions for its clients’ customers through its Ally Platform Products. The Company generates revenues through the sale of subscriptions of its software as a service (SaaS) technology platform, called the AudioEye Ally Platform, to Website owners, publishers, developers and operators, and through the delivery of managed services combined with the implementation of the AudioEye solution. Its customers span disparate industries and target market verticals, which encompass (but are not limited to) the human resources, finance, transportation, media and education. Its compliance solutions focus on remediation of the accessibility issues, followed by analysis identifying and addressing compliance program. By deploying AudioEye remediation technology to fix common and high-impact issues, it is able to manage the usability of its client sites on the first day that they implement its solution into their site.