BIO-KEY INTERNATIONAL, INC. (OTCMKTS:BKYID) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02Unregistered Sales of Equity Securities.
On March 16, 2017, BIO-key International, Inc. (the
Company, we or us), issued options (the
Options) to its executive officers and employees to
purchase an aggregate of 1,120,000 shares of common stock. The
Options have an exercise price of $2.65 per share, the last sales
price of our common stock as reported on the OTCQB on the date of
grant, have a term of seven (7) years, and vest in three equal
annual installments commencing March 16, 2018.
The securities were issued in a private placement transaction to
a limited number of employees of the Company to the exemption
from registration provided by Section 4(a)(2) of the Securities
Act if 1933, as amended, without engaging in any advertising or
general solicitation of any kind and without payment of
underwriting discounts or commissions to any person.
Item 5.02Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On March 16, 2017, we adopted an incentive bonus plan for our
named executive officers Michael DePasquale, our Chief Executive
Office, Cecilia Welch, our Chief Financial Officer, and Mira
LaCous, our Chief Technology Officer. The plan provides for the
payment of a cash bonus equal to 10% of our net income in the
event that our 2017 revenue exceeds $5,000,000, 12% of our net
income in the event that our 2017 revenue exceeds $10,000,000,
and 15% of our net income in the event that our 2017 revenue
exceeds $12,500,000. The forgoing amount, if any, will be
allocated among our named executive officers, our other executive
officers, and certain key employees, based on the relative base
salaries of the participants.
On March 16, 2017, we issued options to purchase share of common
stock to our named executive officers as follows:
|
Executive Officer |
Number of Options |
|
|
Michael DePasquale |
250,000 |
|
|
Cecilia Welch |
130,000 |
|
|
Mira LaCous |
100,000 |
The terms of the options are set forth above in Item 3.02 which
is incorporated herein by reference.
About BIO-KEY INTERNATIONAL, INC. (OTCMKTS:BKYID)
BIO-key International, Inc. develops and markets fingerprint biometric identification and identity verification technologies, cryptographic authentication-transaction security technologies, as well as related identity management and credentialing software solutions. The Company is also engaged in developing automated, finger identification technology that supplements or compliments other methods of identification and verification, such as personal inspection identification, passwords, tokens, smart cards, identity cards, public key infrastructure (PKI), credit card, passports, driver’s licenses, one-time password (OTP) or other form of possession or knowledge-based credentialing. Its solutions identify individuals and verify, or confirm, their identity before granting access to, among other things, corporate resources, subscribed data and services, Web portals, applications, physical locations or assets. BIO-KEY INTERNATIONAL, INC. (OTCMKTS:BKYID) Recent Trading Information
BIO-KEY INTERNATIONAL, INC. (OTCMKTS:BKYID) closed its last trading session down -0.13 at 2.60 with 1,127 shares trading hands.