DRONE AVIATION HOLDING CORP. (OTCMKTS: DRNE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01
On December 4, 2018, the Board of Directors (the “Board”) of Drone Aviation Holding Corp. (the “Company”) approved the following agreements:
On December 4, 2018, the Company entered into Amendment No. 5 (the “Fifth Amendment”) to the Employment Agreement with Daniyel Erdberg, the Company’s President, which was executed on May 18, 2015 (the “Employment Agreement”). to the Fifth Amendment, the Company extended the term of the Employment Agreement from December 31, 2018 to December 31, 2019. Further to the Fifth Amendment, the compensation under the Employment Agreement was revised to be a base salary of $175,000 and further the Fifth Amendment entitles Mr. Erdberg to a cash bonus under the Employment Agreement of a sum equal to up to 150% of Mr. Erdberg’s current base salary upon approval of the Board.
On December 4, 2018, the Company entered into Amendment No. 4 (the “Fourth Amendment”) to the Employment Agreement with Kevin Hess, the Company’s Chief Technology Officer and a member of its board of directors, which was executed on May 18, 2015 (the “Employment Agreement”). to the Fourth Amendment, the Company extended the term of the Employment Agreement from December 31, 2018 to December 31, 2019. Further to the Fourth Amendment, the compensation under the Employment Agreement was revised to be a base salary of $225,000 and further the Fourth Amendment entitles Mr. Hess to a cash bonus under the Employment Agreement of a sum equal up to 150% of Mr. Hess’s current base salary upon approval of the Board.
On December 4, 2018, the Company entered into Amendment No. 4 (the “Fourth Amendment”) to the Employment Agreement with Felicia Hess, the Company’s Chief Operating Officer, which was executed on May 18, 2015 (the “Employment Agreement”). to the Fourth Amendment, the Company modified Ms. Hess’ title from Chief Operating Officer to Chief Quality Officer and extended the term of the Employment Agreement from December 31, 2018 to December 31, 2019. Further to the Fourth Amendment, the compensation under the Employment Agreement was revised to be a base salary of $160,000 and further the Fourth Amendment entitles Ms. Hess to a cash bonus under the Employment Agreement of a sum equal up to 150% of Ms. Hess’s current base salary upon approval of the Board.
On December 4, 2018, the Company entered into Amendment No. 3 (the “Third Amendment”) to the Employment Agreement with Jay H. Nussbaum, the Company’s Chief Executive Officer and Chairman of its board of directors, which was executed on April 27, 2016 (the “Employment Agreement”). to the Third Amendment, the Company extended the term of the Employment Agreement from December 31, 2018 to December 31, 2019. Further to the Third Amendment, the compensation under the Employment Agreement was revised to be a base salary of $300,000 and further the Third Amendment entitles Mr. Nussbaum to a cash bonus under the Employment Agreement of a sum equal up to 150% of Mr. Nussbaum’s current base salary upon approval of the Board.
On December 4, 2018, the Company entered into Amendment No. 4 (the “Fourth Amendment”) to the Employment Agreement with Kendall Carpenter, the Company’s Chief Financial Officer, Executive Vice President, Secretary and Treasurer, which was executed on May 18, 2015 (the “Employment Agreement”). to the Fourth Amendment, the Company extended the term of the Employment Agreement from December 31, 2018 to December 31, 2019. Further to the Fourth Amendment, the compensation under the Employment Agreement was revised to be a base salary of $175,000 and further the Fourth Amendment entitles Ms. Carpenter to a cash bonus under the Employment Agreement of a sum equal up to 150% of Ms. Carpenter’s current base salary upon approval of the Board.
The foregoing descriptions of the amendments do not purport to be complete and are qualified in their entirety by the amendments to the employment agreements, copies of which are attached or incorporated by reference to this Current Report on Form 8-K as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| + | Management contract or compensatory plan or arrangement. |
DRONE AVIATION HOLDING CORP. ExhibitEX-10.1 2 f8k120418ex10-1_drone.htm AMENDMENT NO. 5 TO EMPLOYMENT AGREEMENT WITH DANIYEL ERDBERG WITH DRONE AVIATION HOLDING CORP. DATED DECEMBER 4,…To view the full exhibit click here
