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 OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective May 8, 2017, Paul Boris was appointed chief operating officer of Vuzix Corporation (the “Company”). Mr. Boris, age 53, has been a director of the Company since June 2016. Mr. Boris has driven digital transformation within industrial operations for decades. In the mid-90’s, Mr. Boris led the trend of deployment of technology within manufacturing as a senior consultant with one of the largest MES integration firms – concepts we now call the Industrial Internet of Things (IIoT). Mr. Boris was the dynamic force behind the Perfect Plant initiatives at SAP where he was Global Vice President, Enterprise Operations Management. He served as director as the National Association of Manufacturers (NAM), the US’s largest industrial trade association for just under 5 years to 2014. Mr. Boris was with GE from September 2014 to May 2017. As CIO of Advanced Manufacturing Strategy for GE, he focused on driving GE’s innovative factory strategy to increase productivity and deliver asset and operations optimization and was most recently the Vice President of Manufacturing Industries for GE Digital at GE.
Mr. Boris will receive an annual base salary of $500,000, a restricted stock grant of 100,000 shares of common stock, vesting over four years, and 150,000 stock options vesting over four years.
Due to Nasdaq director independence requirements, Mr. Boris also resigned as director of the Company effective May 8, 2017, and will not stand for re-election as a director at the Company’s annual shareholder meeting to be held on June 13, 2017, notwithstanding being listed as a director nominee in the Company’s proxy statement. The Company intends to have Mr. Boris re-appointed to the board of directors in the near future once independence requirements can be met overall for the Company’s board.
Vuzix Corporation (NASDAQ:VUZI) Recent Trading Information
Vuzix Corporation (NASDAQ:VUZI) closed its last trading session down -0.07 at 5.28 with 192,948 shares trading hands.