PARETEUM CORPORATION (NYSEMKT:TEUM) 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; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Appointment of Robert H. Turner:
On November 18, 2016, Pareteum Corporation (the Company) entered
into an employment agreement (the Employment Agreement) with
Robert H. Turner, the Companys Executive Chairman and Principal
Executive Officer.
The Employment Agreement modifies and supplements the terms of
the prior employment letter between the Company and Mr. Turner
dated November 2015 by providing for the following additional
terms:
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one-time bonuses of $300,000 for achieving previously determined business and restructuring goals established by the Board and an extraordinary bonus of $300,000 for Mr. Turners efforts on behalf of the Company during late 2015 and 2016 and to be paid as set forth in the Employment Agreement; |
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restricted common stock grants of 2,000,000 shares of the Companys common stock; |
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options to purchase up to 7,500,000 shares of the Companys stock, which options shall vest over a period of three (3) calendar years, with 1,875,000 shares vesting immediately, and the remaining 5,625,000 shares vesting in 3 equal installments of 1,875,000 each, on the first, second and third anniversary of the option grant. The exercise price of the options is $.14 per share; and |
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other customary allowances, bonuses, reimbursements and vacation pay. |
The Employment Agreement also provides that if Mr. Turners
employment with the Company is terminated by the Company without
cause or by Mr. Turner for good reason (as such terms are defined
in the Employment Agreement) the Company will pay Mr. Turner, 12
months salary at the rate of his salary as of such termination,
together with payment of the average earned bonuses (regular and
extraordinary) since November 1, 2015.
Mr. Turner is also subject to customary non-competition,
non-solicitation and confidentiality requirements during and
after the term of his employment.
About PARETEUM CORPORATION (NYSEMKT:TEUM)
Pareteum Corporation, formerly Elephant Talk Communications Corp., is an international provider of mobile networking software and services. The Company and its subsidiaries provide a mobility cloud platform, utilizing messaging and security solutions for the global mobile, mobile virtual network operator (MVNO), enterprise and Internet of things (IoT) markets. It is engaged in providing communications technology. ET Software DNA 2.0 is the Company’s intelligent mobile service platform. Its platform hosts integrated information technology (IT) or Back Office and Core Network functionality for mobile network operators (MNOs), MVNOs, and mobile virtual network enablers (MVNEs) and mobile virtual network aggregators (MVNAs) on an outsourced software as a service (SaaS), platform as a service (PaaS) and infrastructure as a service (IaaS) basis. Its virtual mobile platform solutions for MNOs and MVNOs feature Software Defined Networking and Network Functions Virtualization technologies. PARETEUM CORPORATION (NYSEMKT:TEUM) Recent Trading Information
PARETEUM CORPORATION (NYSEMKT:TEUM) closed its last trading session down -0.003 at 0.127 with 105,397 shares trading hands.
