VUZIX CORPORATION (NASDAQ:VUZI) Files An 8-K Other Events
Item 8.01 Other Events.

Effective May 13, 2020, Vuzix Corporation (the “Company”) implemented a modification to its previously announced compensation adjustment program adopted May 4, 2020. Under this modification, resulting from the fact that the Company originally indicated to its employees that the program would be reassessed if it raised at least $10,000,000 in new equity, all affected employees (excluding the executive officers) were given the option to return their salaries to their pre-adjustment levels or take a smaller salary reduction, and forfeit all or a proportionate amount of the stock award they received in connection with the program. Employees who previously elected to take a reduced work schedule were returned to their full work schedules and pre-adjustment salary levels, and cash salary and retainer reductions for the Company’s executive officers and non-employee board members remain at 50%.

The Company estimates that under this program, as modified, the Company will save approximately $800,000 in cash payroll expenses and the Company will issue approximately 800,000 shares of restricted common stock. This is a reduction from the May 6, 2020, 8-K reported estimated savings of $1,200,000 in cash payroll expenses and approximately 1,200,000 shares of restricted stock.