IKONICS CORPORATION (NASDAQ:IKNX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On January 7, 2020, the Company announced that Glenn Sandgren has been appointed to the position of Chief Executive Officer effective February 10, 2020. Mr. Sandgren has also been appointed to the Board of Directors of the Company, also effective February 10, 2020. Prior to joining the Company, Mr. Sandgren, 59, served as President and Chief Executive Officer of Pallidus, Inc. since December 2015.
In connection with this appointment, Mr. Sandgren will receive an annual base salary of $275,000 and an initial signing bonus of $30,000, will be eligible for an annual cash incentive under the Company’s cash incentive plan for fiscal 2020 with a target incentive opportunity of 50% of his base salary, will receive annual grants of 10,000 stock options under the Company’s 2019 Equity Incentive Plan (the Equity Plan”) for the first five years of his employment and other such compensation as described in the Employment Agreement. The stock options underlying each annual grant will vest pro rata over three years and remain exercisable for ten years from the grant date, subject to Mr. Sandgren meeting the conditions for exercise set forth in the Equity Plan.
On January 7, 2020, the Company issued a press release announcing the events discussed in Item 5.02 above, the text of which is furnished as Exhibit 99 hereto and incorporated herein by reference. The information contained in this Item 7.01 and Exhibit 99 is being furnished, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under Section 18. Furthermore, the information contained in this Item 7.01 and Exhibit 99 shall not be deemed to be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act.
IKONICS CORP Exhibit
EX-10.1 2 ex_169123.htm EXHIBIT 10.1 ex_169123.htm Exhibit 10.1 TRANSITION AGREEMENT This Transition Agreement (“Agreement”) is entered into on January 7,…
To view the full exhibit click here
About IKONICS CORPORATION (NASDAQ:IKNX)
IKONICS Corporation is engaged in the development and manufacturing of photochemical imaging systems for sale primarily to a range of printers and decorators of surfaces. The Company has five operating segments: Domestic, Export, IKONICS Imaging, Digital Texturing (DTX) and Advanced Material Solutions (AMS). Domestic segment sells screen printing film, emulsions, and inkjet receptive film to distributors located in the United States and Canada. IKONICS Imaging segment sells photo resistant film, art supplies, glass, metal medium and related abrasive etching equipment. AMS segment provides sound deadening technology to the aerospace industry along with products and services for etched composites, ceramics, glass and silicon wafers. DTX segment includes products and customers related to inkjet technology used for mold texturing and prototyping. Export segment sells primarily the same products as Domestic and the IKONICS Imaging products not related to AMS or DTX.
