xG Technology, Inc. (NASDAQ:XGTI) 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
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Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Appointment of President of IMT Ltd.
On February 16, 2017,xG Technology, Inc., a Delaware corporation
(the Company), appointed James Walton as the new President of IMT
Ltd., the new entity created by the acquisition of the Vislink
Communication Systems division (VCS) by the Company earlier this
month (the Vislink Acquisition), effective immediately. Mr.
Walton will oversee and assume responsibility for management of
all the Companys operations outside of the Americas.
James Walton, 37, had been with VCS since 2012,
originally serving as Chief Financial Officer, becoming Chief
Operating Officer in January 2015 and then Chief Executive
Officer in July 2016. Prior to VCS, Mr. Walton was employed at
Atex Group Limited, a private equity-backed software company,
serving as Assistant Group Financial Controller from May 2007 to
November 2008, Group Financial Controller from November 2008 to
August 2011, and Vice President and Global Finance Director from
August 2011 to October 2012. From February 2006 to May 2007, Mr.
Walton was employed at Hutchinson 3G UK Limited, a cellular
network provider in Europe. From February 2005 to February 2006,
Mr. Walton served as Assistant Manager at KPMG, a large
accounting and auditing firm. Mr. Walton earned a bachelors
degree in biochemistry from Newcastle University in 2001, and has
been a member of the Institute of Chartered Accountants in
England and Wales (ICAEW) since 2004.
Employment Agreement with Mr. Walton
Following the Vislink Acquisition, the Company assumed all of the
rights and obligations of Mr. Waltons Service Agreement with
Vislink International Limited, dated October 19, 2015 (the
Employment Agreement). The Employment Agreement provides for an
indefinite term unless terminated by Mr. Walton or the Company.
to the terms of the Employment Agreement, the Company will pay
Mr.Walton an annual base salary, which currently is 160,000,
subject to annual review. Mr.Walton is eligible for a targeted
cash bonus based upon various performance standards. Mr. Walton
is also entitled to reimbursement for certain work-related
expenses incurred by him, as well as certain insurance benefits.
The Employment Agreement may be terminated either by him or by
the Company upon the delivery of six months prior written notice.
The Company may terminate Mr. Waltons employment for cause or
without cause with prior written notice, or upon the payment of
certain compensation by the Company to Mr. Walton in lieu of
prior written notice.
The foregoing description of the terms of the Employment
Agreement is qualified in its entirety by reference to the
provisions of the agreement filed as Exhibit 10.1 to this Current
Report on Form 8-K (this Report), which are incorporated by
reference herein.
Family Relationships
There are no family relationships between any of the Companys
directors or officers and Mr. Walton.
Related Party Transactions
There are no related party transactions reportable under item
5.02 of Form 8-K and Item 404(a) of Regulation S-K.
| Item 8.01 | Other Events |
On February 21, 2017, the Company issued a press release (the
Press Release) announcing the appointment of Mr. Walton as the
new President of IMT Ltd. A copy of the Press Release is attached
hereto as exhibit 99.1 to this Report and is incorporated herein
by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits.
| Exhibit No. | Description | |
| Exhibit 10.1 |
Service Agreement between James Walton and Vislink International Limited, dated October 19, 2015. |
|
| Exhibit 99.1 |
Press Release of xG Technology, Inc., dated February 21, 2017. |
About xG Technology, Inc. (NASDAQ:XGTI)
xG Technology, Inc. develops a portfolio of intellectual property, which is embedded in its software algorithms that offer cognitive interference mitigation and spectrum access solutions for a range of applications using commercial off the shelf devices. The Company’s products include xMax, CN5100 Mobile Hotspot, CN3100 Vehicle Modem, CN3200 Dual-Band Routing Modem, CN1100 Access Point, CN7000 Mobile Control Center and xMonitor/xDrive. The Company offers a range of frequency-agnostic cognitive radio solutions. It focuses on various industries across the world, such as telecommunications, cable, defense and public safety, municipal governments, critical infrastructure and markets ranging from rural to urban areas and expeditionary deployments. The implementation of its cognitive radio intellectual property is xMax. The Company, through Integrated Microwave Technologies, LLC (IMT), offers a spectrum of wireless video products that are built around providing a range of solutions. xG Technology, Inc. (NASDAQ:XGTI) Recent Trading Information
xG Technology, Inc. (NASDAQ:XGTI) closed its last trading session down -0.01 at 1.71 with 474,615 shares trading hands.
