PATRIOT SCIENTIFIC CORPORATION (OTCMKTS:PTSC) 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. |
On December 30, 2016, Patriot Scientific Corporation (the
Company) entered into an Amended and Restated Employment
Agreement (the Restated Agreement) with Mr. Clifford Flowers,
Chief Financial Officer and interim Chief Executive Officer of
the Company, which amended and restated the Employment Agreement
dated September 17, 2007 between the Company and Mr. Flowers (the
Agreement).
The Restated Agreement modifies the Agreement to provide that, if
Mr. Flowers is terminated without cause or resigns with good
reason, he is entitled to receive an amount equal to 1.25 times
his annual base salary. Mr. Flowers will also be entitled to
certain payments upon a change of control of the Company if the
surviving corporation does not retain him for the 24 month period
following such change of control. All such payments are
conditional upon the execution of a general release. The
Agreement was also modified to reflect that Mr. Flowers annual
base salary was increased in 2011.
The description of the Restated Agreement herein is only a
summary and is qualified in its entirety by the full text of such
document, which is filed as an exhibit hereto and is incorporated
by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits. The following materials are filed as exhibits to
this current report on Form 8-K:
Exhibit Number
| 10.1 |
Amended and Restated Employment Agreement dated December 30, 2016 between Patriot Scientific Corporation and Clifford Flowers. |
About PATRIOT SCIENTIFIC CORPORATION (OTCMKTS:PTSC)
Patriot Scientific Corporation (PTSC) is an intellectual-property licensing company. The Company holds a range of patents covering the design of microprocessor chips. Chips with PTSC’s technology are used across the world in products ranging from computers and cameras to printers, automobiles and industrial devices. PTSC’s technology is also used in cell phones and entertainment systems. The Company’s patents, collectively known as the Moore Microprocessor Patent (MMP) Portfolio, are licensed through its joint-venture, Phoenix Digital Solutions. The Company, through Phoenix Digital Solutions, is also engaged in pursuing the commercialization of its microprocessor technologies through broad and open licensing, and by litigating against those who may be infringing on its patents. PATRIOT SCIENTIFIC CORPORATION (OTCMKTS:PTSC) Recent Trading Information
PATRIOT SCIENTIFIC CORPORATION (OTCMKTS:PTSC) closed its last trading session up +0.00140 at 0.00440 with 156,806 shares trading hands.
