DIGILITI MONEY GROUP, INC. (NASDAQ:DGLT) 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 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
(e) On April 26, 2017, the Board of Directors (the Board) and the
Compensation Committee of the Board of Digiliti Money Group, Inc.
(the Company) completed its annual review of the compensation for
the Companys executive officers and Directors compensation. The
Companys executive officers did not receive any bonuses in 2016.
In recognition of the executive officers work in the Companys
successful underwritten public offering of shares of the Companys
common stock at a public offering price of $4.50 per share in
March 2017, the Companys uplisting on the Nasdaq Capital Market
on March 10, 2017 and the Companys positive sales performance,
the Board approved the following bonuses for its executive
officers:
|
Discretionary bonuses of $60,000, $40,000 and $30,000 to President and Chief Executive Officer Jeffrey Mack, Executive Vice President and Chief Financial Officer Bryan Meier and Executive Vice President of Sales Larry Blaney, respectively; |
||
|
Performance bonuses of $100,000, $60,000 and $45,000 to Messrs. Mack, Meier and Blaney, respectively, which are payable based on the following performance metrics: (1) forty percent (40%) of the bonus is payable if the Companys fourth quarter 2017 earnings before interest, tax, depreciation and amortization is positive; (2) thirty-five percent (35%) of the bonus is payable if the Companys 2017 sales exceed $14 million (with an opportunity to double that amount if 2017 sales exceed $16 million); and (3) twenty-five percent (25%) of the bonus is payable if the Company increases stockholder value by thirty percent (30%) during 2017. |
The Board also approved a proposal to pay the Companys Directors
$40,000 for attendance at all four (4) quarterly meetings (with
one telephone appearance permitted), $5,000 for service as a
Board committee chair and $2,500 for service on a committee,
payable quarterly.
About DIGILITI MONEY GROUP, INC. (NASDAQ:DGLT)
Digiliti Money Group, Inc., formerly Digiliti Money, Inc., is a technology solutions and services provider to the financial services industry. The Company’s solutions and services enable its clients, such as banks, credit unions and alternative financial services providers (AFS) to offer their customers remote deposit capture (RDC) and prepaid mobile money technologies and related services. It offers RDC products for businesses and consumers; mobile money management products for consumers, and training and support services for its financial services industry customers. The RDC products are offered to banks and credit unions in the United States, Canada and Latin America. Its mobile money management products are offered to traditional financial institutions (FIs), as well as AFS in the United States, Canada and Latin America. These FIs and AFS providers include banks, credit unions, prepaid card issuers, check cashers and payday lenders. DIGILITI MONEY GROUP, INC. (NASDAQ:DGLT) Recent Trading Information
DIGILITI MONEY GROUP, INC. (NASDAQ:DGLT) closed its last trading session 00.00 at 3.50 with 28,356 shares trading hands.
