DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) 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. |
Eric Presworsky, Chief Technology Officer of the Company, entered
into an agreement setting forth the terms to which Mr.
Presworsky>will cease to be an officer and employee of the
Company effective July 11, 2017. Under the terms of the agreement,
Mr. Presworsky: (a) will receive a severance payment equivalent to
two months and two weeks of his base salary; (b) will receive an
acceleration of unvested stock options to purchase 5,000 shares
currently held by Mr. Presworsky and an extension of exercise
period with respect to such options until December 31, 2017; (c)
will have until October 9, 2017 to exercise his remaining vested
stock options; and (d) will receive COBRA benefits for up to one
month. Further, as part of the agreement, the Company and Mr.
Presworsky>granted each other a full and final release of any
obligations existing between them.
separation and the appointment of the Company’s new Chief
Technology Officer. A copy of the press release is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
Number
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Description
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99.1
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Press Release dated June 30, 2017 issued by DASAN Zhone
Solutions, Inc. |
DASAN ZHONE SOLUTIONS INC ExhibitEX-99.1 2 ctoannouncement_finalxappr.htm EXHIBIT 99.1 Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEMedia Contacts:Desirae MacGillivrayDASAN Zhone Solutions Investor RelationsPortavoce PR for DASAN Zhone Solutions Public RelationsTel: +1 510.777.7013Tel: +1 760.814.8194 Ext. 2Fax: +1 510.777.7001E: [email protected]: [email protected]. Seungdong Lee Named Global Chief Technology Officer for DASAN Zhone SolutionsOakland,…To view the full exhibit click here About DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI)
DASAN Zhone Solutions, Inc., formerly Zhone Technologies, Inc., designs, develops and manufactures communications network equipment for telecommunications operators and enterprises across the world. The Company’s products provide enterprise solutions that enable both network service providers and enterprises to deliver high speed fiber access, while transporting voice, video and data to the end user. In addition to its product offerings in its core business, it offers FiberLAN Passive Optical local area network (LAN), which provides an alternative to switched copper-based LANs. The customers of its FiberLAN business include hospitality, government, education, manufacturing and business enterprises. Its products span two categories: SLMS Products, and Legacy, Service and Other Products. Its SLMS Products include Broadband Aggregation and Service, Customer Premise Equipment (CPE), Zhone Management System and FiberLAN Passive Optical LAN.
