Towerstream Corporation (NASDAQ:TWER) 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
On November 23, 2016, Towerstream Corporation (the Company)
entered into an employment agreement with Arthur Giftakis, who
has served as its Chief Operating Officer since February 16, 2016
(the Employment Agreement).Under the Employment Agreement, Mr.
Giftakis will serve as the Companys Chief Operating Officer for a
base salary of $230,000 per year. He shall be eligible for bonus
compensation of up to $115,000 per year in cash, stock or
options, as may be approved at the discretion of the Compensation
Committee. The Employment Agreement has a term of two years and
may be automatically renewed for additional one year terms unless
earlier terminated by either party with three months prior
notice. Upon termination for any reason, the executive shall be
entitled to accrued but unpaid salary and bonus. Upon termination
without cause by the Company, for good reason by the executive or
within 180 days of a change of control, the executive shall also
be entitled to the greater of his base salary through the balance
of the employment period or twelve months base salary, continued
participation in the Companys benefits plans to be paid by the
Company and immediate vesting of all stock option and other
equity awards.
The description of the Employment Agreement included herein is
incomplete.The Employment Agreement contains various additional
terms and conditions which are included in Exhibit 10.1 hereto
and should be reviewed in its entirety.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description of Exhibit |
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10.1 |
Employment Agreement |
About Towerstream Corporation (NASDAQ:TWER)
Towerstream Corporation is a provider of fixed wireless services to businesses in over 10 urban markets across the United States. The Company operates through Fixed Wireless Services (Fixed Wireless) segment. Its fixed wireless service supports bandwidth on demand, wireless redundancy, virtual private networks, disaster recovery, bundled data and video services. Towerstream installs equipment on the rooftops of the buildings in which the Fixed Wireless segment customers operate and refer to these as Customer Locations. This equipment includes receivers and antennas, and a wireless connection is established between the Customer Location to one or more of its points of presence (PoPs). It provides fixed wireless broadband services to commercial customers and delivers access over a Wireless network transmitting over both regulated and unregulated radio spectrum. It provides services to business customers in various locations, including New York City, Boston, Chicago and Houston. Towerstream Corporation (NASDAQ:TWER) Recent Trading Information
Towerstream Corporation (NASDAQ:TWER) closed its last trading session down -0.042 at 0.438 with 1,903,145 shares trading hands.