PARKERVISION,INC. (NASDAQ:PRKR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Directors; and Compensatory Arrangements of Certain Officers.
On August 15, 2017, the Compensation Committee (the “Committee”) of the Board of Directors of ParkerVision, Inc. (the “Company”) awarded equity compensation awards to each of the Company’s named executive officers in the form of Restricted Stock Units (“RSUs”) and Incentive Stock Options (“ISOs”) under the 2011 Long-Term Equity Incentive Equity Plan as follows:
|
Name and Title |
# of RSUs |
# of ISOs |
|
Jeffrey Parker, Chief Executive Officer |
100,000 | 20,000 |
|
Cynthia Poehlman,Chief Financial Officer |
50,000 | 20,000 |
|
David Sorrells, Chief Technology Officer |
– |
20,000 |
|
John Stuckey, Chief Marketing Officer |
50,000 | 20,000 |
|
Gregory Rawlins, Chief Technology Officer (Heathrow) |
50,000 | 20,000 |
The RSUs vest in four equal quarterly increments beginning August 31, 2017.Each RSU entitles the holder to one share of the Company’s common stock upon vesting.The ISOs also vest in four equal quarterly increments beginning August 31, 2017 at an exercise price of $1.98 per share and expire on August 15, 2024.
On August 15, 2017, the Committee also approved a bonus program to reward David Sorrells for his leadership in the creation and development of the Milo™ product line.Mr. Sorrells is entitled to receive a cash bonus in an amount equal to one percent (1%) of net Milo product sales for the first 24 months of Milo product sales.The bonus shall be paid on a quarterly basis within thirty (30) calendar days of the end of each calendar quarter.
The Committee also approved the accrual of a bonus pool equal to an additional two percent (2%) of net Milo product sales to be paid, at the Committee’s discretion, to other executives and/or key employees for their contribution to the Milo product line on an annual basis.
About PARKERVISION,INC. (NASDAQ:PRKR)
ParkerVision, Inc. is engaged in the designing, developing and marketing of its radio frequency (RF) technologies and products. The Company’s business is focused on the development and marketing of its RF technologies for mobile and other wireless applications. Its products include a modulator/demodulator component that incorporates its technologies, as well as a small number of supporting components that are used in the assembly of wireless devices. Its products are used in wireless communication products and applications. In addition, it offers engineering design and consulting services to third parties to assist them in developing and testing products. Its technologies represent methods for processing RF waveforms in wireless applications. Its technologies apply to both transmit and receive functions of transmitters, receivers and transceivers. A portion of its transmit technology is marketed as Direct2Power (d2p) and its receiver technology is marketed as Direct2Data (d2d).