LRAD Corporation (NASDAQ:LRAD) 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
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Departure of Directors or Certain Officers; |
On December 6, 2016, the Compensation Committee of the Board of
Directors of LRAD Corporation (the Company) approved an incentive
bonus plan for fiscal year 2017 for all of the Companys
employees, including its executive officers. Target bonus amounts
vary based on a fixed percentage of the employees base salary,
which percentage equals 75% of base salary for Richard Danforth,
the Companys Chief Executive Officer, 50% of base salary for
Katherine McDermott, the Companys Chief Financial Officer, and
10% to 50% of base salary for other employees depending on their
level of responsibility. A bonus payment will be made at three
levels, including at 50% of target, at 100% of target and at 200%
of target, based upon the achievement by the Company of specified
performance goals established by the Compensation Committee. All
of the Companys employees will be entitled to participate in the
incentive plan. The Compensation Committee established
performance targets for Mr.Danforth based on total product
bookings, net revenues, operating income and operating cash flow
generated by the Company during fiscal year 2017, and for Ms.
McDermott based on net revenues, operating income and operating
cash flow generated by the Company during fiscal year 2017.
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Item 5.08 |
Shareholder Director Nominations. |
On December 6, 2016, the Board of Directors of the Company
established March 14, 2017 as the date of the Companys 2017
Annual Meeting of Stockholders (the 2017 Annual Meeting).
Qualified stockholder proposals to be presented at the 2017
Annual Meeting and in the Companys proxy statement and form of
proxy relating to that meeting must be received by the Company at
its principal executive offices in San Diego, California,
addressed to its corporate secretary, not later than December 31,
2016. These proposals must comply with applicable Delaware law,
the rules and regulations promulgated by the Securities and
Exchange Commission and the procedures set forth in the Companys
Amended and Restated Bylaws.
About LRAD Corporation (NASDAQ:LRAD)
LRAD Corporation develops and delivers directed acoustic products that beam, focus and control sound over relatively short and long distances. The Company’s product line includes LRAD Directional Products and LRAD Omnidirectional Products. The Company’s LRAD Directional Products include LRAD 2000X, LRAD 1000X, LRAD 500X, LRAD 450XL, LRAD 300X, LRAD 100X, LRAD 1000RX and LRAD 500RX. The Company’s LRAD Omnidirectional Products include LRAD 360X, LRAD 360Xm, LRAD 360XT, LRAD DS-60, LRAD SB and SoundSaber. The Company offers products to governments, military, large end users, system integrators and defense-related companies. The Company offers a range of directional and omnidirectional sound products which meet a range of requirements from communicating with and deterring threats over distances approximately 600 meters with its hand-held LRAD 100X to distances approximately 5,500 meters with its LRAD 2000X. LRAD Corporation (NASDAQ:LRAD) Recent Trading Information
LRAD Corporation (NASDAQ:LRAD) closed its last trading session up +0.04 at 1.70 with 14,869 shares trading hands.
