IMMERSION CORPORATION (NASDAQ:IMMR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 of the Original Report in its entirety to disclose Mr.Schlachte’s compensation arrangements. This Amendment No.2 (the “Second Amendment”) amends and restates in its entirety Item 5.02 and Item 5.02 of the Original Report (as previously amended and restated by the First Amendment) to update disclosures relating to Mr.Viegas’ separation arrangements.
On December6, 2017, Immersion and Mr.Schlachte entered into an Employment Agreement (the “SchlachteEmployment Agreement”). to the Schlachte Employment Agreement, Mr.Schlachte will receive an annual base salary of $250,000. Mr.Schlachte will also be granted an option to purchase 60,790 shares of common stock, with an exercise price equal to the fair market value of Immersion’s common stock on the date of grant. The option will vest and become exercisable on a monthly basis over a one-year period with 1/12th of the shares vesting on each month of service during which Mr.Schlachte (i)remains employed with Immersion and/or (ii)continues to provide services to Immersion as a member of the Board (provided that this part (ii)shall be disregarded in the event that Mr.Schlachte’s service to Immersion is terminated for Cause under the Schlachte Employment Agreement). In addition, upon the consummation of a Change of Control as defined in the Schlachte Employment Agreement while Mr.Schlachte remains in the service of Immersion, the option will vest and become exercisable in full with respect to any outstanding unvested shares underlying the option.
During Mr.Schlachte’s service as Interim Chief Executive Officer, Mr.Schlachte will not receive any cash compensation as a non-employee director of the Board and his annual director, Chairman and committee member retainers will be suspended for the period; provided that during such period of service, Mr.Schlachte’s existing unvested director equity grant will continue to vest. Mr.Schlachte will not receive any new non-employee director equity grants during his service as interim Chief Executive Officer.
Item 5.02 Financial Statements and Exhibits.
(d) Exhibits
| * | Incorporated by reference to Exhibit 10.1 of the First Amendment filed on December12, 2017. |
| ** | Incorporated by reference to Exhibit 99.01 of the Original Report filed on November30, 2017. |
IMMERSION CORP ExhibitEX-10.2 2 d517567dex102.htm EX-10.2 EX-10.2 Exhibit 10.2 December 14,…To view the full exhibit click here
About IMMERSION CORPORATION (NASDAQ:IMMR)
Immersion Corporation is a licensing company focused on the creation, design, development and licensing of haptic technologies that allow people to use their sense of touch when operating digital devices. The Company develops, licenses and supports a range of software and intellectual property (IP). It is focused on the markets, including mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical, and commercial. It provides advanced tactile software, related tools and technical assistance to certain customers, and offers licenses to its patented IP to other customers. Its licenses enable customers to deploy haptically-enabled devices, content and other offerings, which they sell under own brand names. It holds patents, covering digital technologies and including ways in which touch-related technology can be incorporated into and between hardware products and components, systems software, application software, and digital content.
