INTELLINETICS, INC. (OTCMKTS:INLX) 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
On January 4, 2019, the Board approved a change for the base salary compensation of James F. DeSocio, President and Chief Executive Officer of the Company. Previously, Mr. DeSocio had received $270,000 per year in cash as his base salary compensation. For 2019 only, the Board authorized and approved payment of $240,000 in cash and $30,000 in restricted Company common stock, with such stock issued in its entirety as of January 7, 2019 at the most recent closing publicly quoted stock price of $0.11. No other changes to Mr. DeSocio’s employment or compensation arrangements were made.