ReWalk Robotics Ltd. (NASDAQ:RWLK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ReWalk Robotics Ltd. (NASDAQ:RWLK) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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(e) As previously disclosed on the Current Report on Form 8-K filed by ReWalk Robotics Ltd. (the “Company”) with the Securities and Exchange Commission (the “SEC”) on January 5, 2018 (the “Previous Form 8-K”), on January 4, 2018, the Board of Directors of the Company (the “Board”) appointed Mr. Ori Gon as Chief Financial Officer of the Company, effective February 22, 2018.As disclosed in the Previous Form 8-K, as of the date thereof, the Company and Mr. Gon intended to finalize the terms of his employment agreement, including his compensation arrangements, at a later date, to reflect his transition from the Company’s Corporate Controller to its Chief Financial Officer, at which time such agreement would be disclosed by the Company.

On March 1, 2018, the Company entered into an amendment (the “Amendment”), effective as of the date of Mr. Gon’s appointment, to the employment agreement entered into on May 25, 2015 in connection with his previous employment by the Company (as amended, the “Employment Agreement”). to the terms of the Amendment, Mr. Gon is entitled to (i) an annual base salary of NIS 624,000 (approximately $179,053 based on current exchange rates), subject to increases as may be determined from time to time by the compensation committee of the Board, (ii) an annual performance bonus up to 25% of annual base salary, subject to the achievement of objectives as determined by the compensation committee of the Board, and (iii) use of a Company-provided car and related maintenance expenses (returnable to the Company upon termination of employment). to the Amendment, effective February 22, 2018, Mr. Gon also received, under the Company’s 2014 Incentive Compensation Plan, (i) options to purchase 96,525 ordinary shares of the Company, at an exercise price of $1.15, one-fourth of which become vested and exercisable on the first anniversary of the date of the grant, with the remaining options vesting in twelve equal quarterly installments thereafter, and (ii) restricted share units (“RSUs”) for 17,857 ordinary shares, which vest in four equal annual installments starting on the first anniversary of the date of grant. The terms of the options and the RSUs are materially consistent with the Company’s forms of option and RSU award agreements for employees and executive officers as previously filed with the SEC. In the event that Mr. Gon’s employment is terminated by the Company or Mr. Gon, Mr. Gon may be entitled to receive severance pay in such amounts as determined in accordance with the Israel Companies Law.

The Employment Agreement is not for any specific term and may be terminated by either party at will upon three months’ prior written notice (the “Notice Period). The Company may also terminate Mr. Gon’s employment immediately without providing prior notice (i) for cause (as defined in the Employment Agreement) or (ii) if the Company pays Mr. Gon a lump sum equal to the salary to which he would have been entitled during the Notice Period.

The Employment Agreement is governed by the laws of the State of Israel and contains non-solicitation and non-competition covenants (each of which remains in effect during the term of employment and for a period of 12 months and 24 months, respectively, following termination of employment) and trade secrets and inventions clauses. The foregoing descriptions of each of the Amendment and the Employment Agreement do not purport to be complete summaries thereof and are qualified in their entirety by reference to the full text of the Amendment and the Employment Agreement filed as Exhibit 10.1 and 10.2, respectively, to this report.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

** Management contract or compensatory plan, contract or arrangement.


ReWalk Robotics Ltd. Exhibit
EX-10.1 2 f8k0318ex10-1_rewalk.htm AMENDMENT TO EMPLOYMENT AGREEMENT,…
To view the full exhibit click here

About ReWalk Robotics Ltd. (NASDAQ:RWLK)

ReWalk Robotics Ltd. is a medical device company. The Company is engaged in designing, developing and commercializing exoskeletons that allow wheelchair-bound individuals with mobility impairments or other medical conditions the ability to stand and walk. The Company offers ReWalk, an exoskeleton that uses its tilt-sensor technology, and an on-board computer and motion sensors to drive motorized legs that power movement. The Company’s ReWalk designs focus on people with paraplegia, a spinal cord injury resulting in complete or incomplete paralysis of the legs, who have the use of their upper bodies and arms. The Company offers various products, which include ReWalk Personal and ReWalk Rehabilitation. The Company’s ReWalk Personal is designed for use by individuals at home and in their communities, and is custom-fit for each user. The Company’s ReWalk Rehabilitation is designed for the clinical rehabilitation environment where it provides exercise and therapy.

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