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 the appointment of Anthony Sirotka as the Company’s Interim Chief Executive Officer. Compensation arrangements for Mr. Sirotka and amendments to his employment agreement to reflect the terms of service in his new role had not been determined as of the filing of the Original Form 8-K. This Current Report on Form 8-K/A is being filed solely for the purpose of amending the Original Form 8-K to provide a brief description of the amendment to the employment agreement entered into with Mr. Sirotka on March 29, 2019, in connection with his appointment as Interim Chief Executive Officer.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously reported, on January 19, 2019, the Board of Directors of the Company appointed Anthony Sirokta, age 53, to serve as Interim Chief Executive Officer. Mr. Sirotka brings more than 20 years of experience in the telecommunications and construction industry. Prior to joining the Company, Mr. Sirotka was Principal of LQ Optics, a NYC based telecommunications infrastructure solution firm. Prior to that, Mr. Sirotka served as the Senior Northeast Program Manager with Level 3 Communications where he was responsible for more than $500 million of new construction in the northeast region. Mr. Sirotka holds a bachelor’s degree from New York Institute of Technology.
On March 29, 2019, the Company signed an Amendment to an Executive Employment Agreement (the “Sirotka Amendment”) with Anthony Sirotka in connection with Mr. Sirotka’s position as Interim Chief Executive Officer. The Sirotka Amendment amends the employment agreement between Mr. Sirotka and the Company dated May 1, 2015 (as previously amended). The principal terms of the Sirotka Amendment provide in relevant part for:
| ● | a three-year term of employment, beginning on March 1, 2019, unless extended or sooner terminated in accordance with its provisions; |
| ● | an annual base salary of $350,000 and a minimum five percent (5%) salary increase each calendar year; |
| ● | a minimum performance bonus equal to thirty percent (30%) of Mr. Sirotka’s base salary for each calendar year; and |
| ● | a stock grant of 295,000 restricted shares of Company common stock under the Company’s 2017 Omnibus Incentive Plan. |
The foregoing descriptions of the Sirotka Amendment is not complete and is qualified in its entirety by reference to the Sirotka Amendment, which is attached hereto and incorporated by reference herein.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
FTE Networks, Inc. Exhibit
EX-10.1 2 ex10-1.htm AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT This Amendment to the Executive Employment Agreement (the “Agreement”) is made as of March 1,…
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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.