VUZIX CORPORATION (NASDAQ:VUZI) 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.

The information under Item 8.01 is incorporated by reference into this Item 5.02.

Item 8.01 Other Events.

Effective May 4, 2020, Vuzix Corporation (the “Company”) adopted a compensation adjustment plan, whereby, for the period from May 2020 through December 2020, all employees earning a salary of at least $60,000 will have their salaries reduced and will receive a stock award for an amount of common stock equal to 150% of the total amount their salary is reduced over the period. Such salary reductions will be as follows (except with respect to the Company’s executive officers):