BALLANTYNE STRONG, INC. (NYSEMKT:BTN) 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.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 28, 2017, the Compensation Committee (the Committee)
of the Board of Directors of Ballantyne Strong, Inc. (the
Company), approved base salaries for 2017, payment of 2016 cash
bonuses and grants of stock options and restricted stock to the
Companys employees, including its executive officers, under the
Ballantyne Strong, Inc. 2010 Long-Term Incentive Plan (the LTIP),
based on managements recommendations and the employees
performance.
The new base salaries for the Companys executive officers are as
follows: (i) D. Kyle Cerminara, Chairman and Chief Executive
Officer, $225,000; (ii) Ryan M. Burke, Senior Vice President,
Treasurer and Chief Financial Officer, $170,000; (iii) Ray F.
Boegner, President of Cinema, $275,000; and (iv) Stephen L.
Schilling, President of Digital Media, $275,000. The Committee
also approved 2016 cash bonuses of $35,000 to Mr. Burke and
$130,000 to each of Messrs. Boegner and Schilling.
In addition, on February 28, 2017, the Committee made the
following stock option grants to purchase common shares of the
Company at the exercise price of $6.50 per share under the LTIP:
(i) Mr. Cerminara, 60,000; (ii) Mr. Burke, 15,000; (iii) Mr.
Boegner, 40,000; and (iv) Mr. Schilling, 40,000. These options
have a ten-year term and will become exercisable in one-fifth
annual installments, beginning on the first anniversary of the
grant date. The options are subject to the terms and conditions
of their respective Stock Option Agreements, a form of which has
been previously filed with the Securities and Exchange Commission
(the SEC).
Mr. Cerminara also received 60,000 restricted shares of the
Companys common stock, and Messrs. Boegner and Schilling each
received 10,000 restricted shares of the Companys common stock,
in each case to the LTIP and the terms and conditions of the
respective Restricted Stock Agreements, a form of which has been
previously filed with the SEC. These shares will vest in
one-third annual installments, beginning on the first anniversary
of the grant date, subject to continued employment.
All descriptions of equity awards in this Current Report are
summaries only, do not purport to be complete, and are qualified
in their entirety to the full text of respective agreements,
forms of which have been previously filed with the SEC.
About BALLANTYNE STRONG, INC. (NYSEMKT:BTN)
Ballantyne Strong, Inc. is a holding company. The Company’s business activities focus on serving the cinema, retail, financial and government markets. The Company and its subsidiaries design, integrate and install technology solutions for a range of applications; develop and deliver out-of-home messaging, advertising and communications; manufacture projection screens, and provide managed services, including monitoring of networked equipment to its customers. The Company operates through two segments: Cinema and Digital Media. Its Cinema operations include the sale of digital projection equipment, screens and sound systems. Its Digital Media operations include the delivery of end-to-end digital signage solutions, video communication solutions, content creation, and management and service of digital signage and digital cinema equipment. The Company’s products are distributed to the retail, financial, government and cinema markets throughout the world. BALLANTYNE STRONG, INC. (NYSEMKT:BTN) Recent Trading Information
BALLANTYNE STRONG, INC. (NYSEMKT:BTN) closed its last trading session down -0.20 at 6.70 with 6,635 shares trading hands.