FTE NETWORKS, INC. (OTCMKTS:FTNW) 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
On March 11, 2019, David Lethem, Chief Financial Officer of FTE Networks, Inc. (the Company), notified the Company that he is resigning as the Companys Chief Financial Officer, effective March 11, 2019. The Company previously entered into a transition, separation, and general release agreement (the Separation Agreement) with Mr. Lethem, to which the Company has agreed to pay Mr. Lethem a severance payment of $87,500, which shall be paid in equal installments over a six-month period. In addition to certain releases and post-employment covenants, Mr. Lethem is also returning 466,151 shares of Company common stock. The foregoing summary of the terms and conditions of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is attached hereto as Exhibit 10.1.
The Company has launched a search process for a successor Chief Financial Officer.
(d) Exhibits
| 10.1 | Transition, Separation and General Release Agreement, dated as of February 26, 2019, by and between FTE Networks, Inc. and David Lethem |
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FTE Networks, Inc. Exhibit
EX-10.1 2 ex10-1.htm TRANSITION,…
To view the full exhibit click here
About FTE NETWORKS, INC. (OTCMKTS:FTNW)
FTE Networks, Inc., (FTE Networks) is a provider of international and regional telecommunications and technology systems, and infrastructure services. The Company’s segments are Telecommunications and Staffing. It also offers managed information technology, telecommunications services, subscriber-based services and staffing solutions through its subsidiaries, Jus-Com, Inc. (doing business as FTE Network Services), FTE Wireless, LLC and Focus Venture Partners, Inc. (doing business as FVP Worx). Its services include engineering consulting, design, installation, maintenance and emergency response in various categories, including cabling, equipment installation and configuration, rack and stack, wiring build-outs, infrastructure build-outs, direct current power installation, online service provider/Internet service provider fiber placement, fiber cable splicing and testing. In the wireless space, it provides engineering, design, installation and upgrade of wireless communications networks.