SOCKET MOBILE, INC. (NASDAQ:SCKT) 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.
Appointment of Independent Director
On October 23, 2019, the Board of Directors (the “Board”) of Socket Mobile, Inc. (the “Company”) appointed Ivan Lazarev to serve as a director until the Company’s 2020 Annual Meeting of Stockholders or until his successor is duly elected and qualified. In addition, Mr. Lazarev was appointed as a member of the Compensation Committee and the Nominating Committee of the Board. There are no arrangements or understandings between Mr. Lazarev and any other persons to which he was elected to serve on the Board.
Mr. Lazarev, age 61, has served in the event registration services and lead management software industry for the past 33 years. Mr. Lazarev co-founded ITN International in 1999 and served as its chief executive officer from 1999 through 2018 when ITN International was acquired by Aventri. ITN International introduced the first web and contactless NFC smart card registration and information management system – the BCARD System. Prior to ITN International, Mr. Lazarev served as Vice President of eExpo for 5 years, where he was instrumental in the company\’s decision to invest in internet technology, earning eExpo the reputation as a technological leader in the U.S. event industry. Previously, Mr. Lazarev was a manager of International Business Development for VCS, a Europe trade show information management company, where he managed subsidiaries in a handful of European countries and assisted in acquiring several U.S.-based companies.
Mr. Lazarev was a board member of DDN Inc., a leading data storage company, from 2011 to 2015. He is a regular speaker at industry events and has chaired several committees in the new technologies and exhibition services industry. Mr. Lazarev holds a master’s degree in Mechanical Engineering from Arts & Métiers in Paris, France and an MBA in International Business from the University of South Carolina.
As a result of Mr. Lazarev’s appointment, the Company has regained compliance with Nasdaq Listing Rule 5605(b)(1), which requires that the Company’s Board consist of a majority of independent directors.
Mr. Lazarev is not a party to any transaction with any related person required to be disclosed to Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission.
Mr. Lazarev will enter into the Company’s standard form of indemnification agreement, a copy of which was previously filed on [January 27, 2009 as Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-25904)]. In addition, Mr. Lazarev will be compensated for service on the Board in accordance with the Company’s standard compensation policy for non-employee directors.
About SOCKET MOBILE, INC. (NASDAQ:SCKT)
Socket Mobile, Inc. is a producer of data capture products. The Company’s products are integrated into mobile applications used in mobile point of sale (mPOS), hospitality, asset management, commercial services, healthcare and other mobile business markets. The Company operates through mobile systems solutions for businesses segment. Its cordless barcode scanners connect over Bluetooth and work with applications running on smartphones, mobile computers and tablets using various operating systems. It offers a software developer kit (SDK) to mobile application developers to enable the use of its products with their applications. The Company offers barcode scanning products for both one-dimensional (1D), including imager and laser, and two-dimensional (2D) barcode scanning in standard and durable cases. Its 7 Series barcode scanners are designed for handling as a stand-alone cordless barcode scanner. Its D700 series barcode scanners are used in linear imaging, laser and 2D models.
