INNODATA INC. (NASDAQ:INOD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
| (b) | On December 1, 2017 the employment of O’Neil Nalavadi, Senior Vice President and Chief Financial Officer of Innodata Inc. (the “Company”) was terminated. |
| (c) | Effective December 1, 2017 the Company appointed Mr. Raj Jain, Vice President- Finance, as the Company’s principal financial officer and principal accounting officer. |
| Mr. Raj Jain, age 42, has served as the Company’s Vice President- Finance since January 2012, and served as the Company’s Director of Finance from January 2008 through December 2011. Mr. Jain is a Certified Public Accountant. Mr. Jain holds a Bachelor of Commerce and Economics degree from the University of Mumbai (1995). | |
| Mr. Jain will continue to be compensated according to his existing at will arrangement with the Company which includes an annual base salary of $166,400, and eligibility to receive an annual performance-based bonus granted at the discretion of the Company and subject to the Company’s overall corporate and financial and performance objectives.In calendar years 2016 and 2015 Mr. Jain received compensation of $166,400 per year, and in calendar year 2016 Mr. Jain received a stock option award with a then fair value of $54,000. The stock options are currently out of the money. | |
| There are no family relationships between Mr. Jain and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer. | |
| (e) | The Board of Directors of the Company (the “Board”) has determined in principle but subject to final approval by the Compensation Committee and the Board of all terms and conditions, that, for periods to be designated by the Board, director fees (other than fees to the audit committee chairperson) will be paid in restricted stock, and that 20% of the salaries of Mr. Jack Abuhoff and Mr. Ashok Mishra, the Company’s Chief Executive Officer and Chief Operating Officer, respectively, will be paid in restricted stock. |
| Item 9.01. | Financial Statements and Exhibits |
| 99.1 | Press release of Innodata Inc. dated December 4, 2017. |
INNODATA INC ExhibitEX-99.1 2 tv480743_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Innodata Announces the Establishment of a Special Committee and Certain Related Actions NEW YORK – December 4,…To view the full exhibit click here
About INNODATA INC. (NASDAQ:INOD)
Innodata Inc. is a digital services and solutions company. The Company’s technology and services power information products and online retail destinations around the world. Its segments include Content Services (CS), Innodata Advanced Data Solutions (IADS) and Media Intelligence Solutions (MIS). The CS segment provides solutions, such as development of digital content (including e-books), development of digital information products, and operational support of digital information products and systems. IADS operates through two subsidiaries, such as Synodex, which is engaged in the extraction and classification of data from unstructured medical records, and docGenix, which is engaged in the extraction and classification of data from unstructured legal records. The MIS segment operates through its subsidiaries, including MediaMiser, which provides media monitoring and analysis software and professional services, and Bulldog Reporter, which supplies media intelligence news and analysis.
