Identiv, Inc. (NASDAQ:INVE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Directors or Principal Officers;
Election of Directors; Appointment of Principal Officers;
Compensatory Arrangements of Certain Officers.
(b) As described in Item5.02(c) below, Steven Finney
ceased to serve as the Identiv, Inc. (the Company) interim-Chief
Financial Officer, in connection with the appointment of Sandra
(c) On February16, 2017 (the Transition Date), the Board
of Directors (the Board) of the Company appointed Sandra Wallach,
age 52, as the Chief Financial Officer of the Company, replacing
Mr.Finney who had been serving as interim-Chief Financial
Officer. to an offer letter (the Wallach Agreement), Ms.Wallach
will receive an annual base salary of $265,000; and, subject to
the Boards approval, will be eligible to receive 90,000
restricted stock units, which would vest over four years with 25%
vesting on the first anniversary and the remaining 75% vesting
quarterly over 12 quarters.
to the Wallach Agreement, Ms.Wallach is also entitled to
severance benefits. If she is terminated without Cause (as
defined in such Agreement), she is entitled to 3 months of her
base salary and benefits. Ms.Wallach also entered into the
Companys standard form indemnification agreement.
As an employee, Ms.Wallach is also eligible to participate in the
Companys employee benefits plans.
Prior to joining Identiv, Ms.Wallach was the VP Finance for
MiaSole, a thin film solar technology Company, where she was
responsible for all aspects of accounting, insurance, valuations,
treasury, audit and financial planning and analysis as well as
CFO for subsidiary Global Solar. Prior to that, she served as CFO
of San Francisco based UBM Tech, a wholly owned subsidiary of UBM
LLC, and VP Finance at Juniper Networks (from 2008-2011) as well
as holding different Financial management positions with Intuit
(2003-2007). Before joining Intuit, Ms.Wallach served as CFO of
General Electrics (GE) Industrial Systems, Drives Controls
division. Previously she held a range of financial and management
positions at General Electric since joining GE in 1986.
Ms.Wallach holds a B.A. in Economics and Public Policy from the
University of California at Berkeley. She is a certified Six
Sigma Master Black Belt (GE), certified in Change Management
(DMAIC, DFSS) and has been nominated to serve as Corporate leader
in Diversity, on Womens Networks and in Community Service.
Ms.Wallach has no family relationships with any of the Companys
directors or executive officers, and she has no direct or
indirect material interest in any transaction required to be
disclosed to Item404(a) of Regulation S-K.
The preceding description of the Wallach Agreement is qualified
in its entirety by reference to such agreement, filed as Exhibit
10.1 to this Current Report on Form 8-K, which is incorporated
herein by reference. The Boards appointment of a new Chief
Financial Officer is also described in the Press Released,
attached as Exhibit 99.1 to this Current Report on Form 8-K.
|Item9.01||Financial Statements and Exhibits|
|10.1#||Offer Letter between Identiv, Inc. and Sandra Wallach.|
|99.1||Press Release issued by Identiv, Inc. dated February16, 2017.|
|#||Management contract or compensatory arrangement.|
About Identiv, Inc. (NASDAQ:INVE)
Identiv, Inc. is a global security technology company. The Company operates through four segments: Physical access control systems (PACS), Identity, Credentials and All Other. PACS segment provides solutions and services that enable the issuance, management and use of secure identity credentials in diverse markets. PACS business offers Hirsch line of controllers, including the advanced MX line, Hirsch’s Velocity management software and its Identiv connected physical access manager software, EDGE controller and reader package. Identity segment offers products to secure enterprise information, including login and printers through delivery of smart card reader products and identity management through its idOnDemand service. Credentials segment offers access cards, radio frequency identification (RFID) and near field communication products, including cards, labels, tags and stickers, as well as RF components. All Other segment includes products, such as Chipdrive and Digital Media readers. Identiv, Inc. (NASDAQ:INVE) Recent Trading Information
Identiv, Inc. (NASDAQ:INVE) closed its last trading session down -0.23 at 5.60 with 66,562 shares trading hands.