iLearningEngines Inc. filed SEC Form 8-K: Leadership Update
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Salary Increases and FY 2024 Target Bonuses
On August 22, 2024, the Compensation Committee (the “Compensation Committee”) of the Board (the “Board”) of iLearningEngines, Inc. (the “Company”) (i) approved the following base salary increases, effective as of August 22, 2024 and (ii) approved target bonuses for the following executive officers, effective for the fiscal year ending December 31, 2024 (“FY 2024”).
| Name | Position | Previous Annual Salary | New Annual Base Salary | Target Bonus for FY 2024 | ||||||||||
| S. Farhan Naqvi | Chief Financial Officer and Treasurer | $ | 300,000 | $ | 450,000 | $ | 159,836 | |||||||
| Balakrishnan Arackal | President and Chief Business Officer | $ | 350,000 | $ | 500,000 | $ | 177,596 | |||||||
| David Samuels | Chief Legal Officer, Executive Vice President - Corporate Affairs and Secretary | $ | 350,000 | $ | 450,000 | $ | 159,836 | |||||||
| Ramakrishnan Parameswaran | Senior Vice President - Technology and Products | $ | 100,000 | $ | 200,000 | $ | 53,279 | |||||||
In each case, the target incentive bonus can be paid in cash or equity at the discretion of the Board. For FY 2024, the performance goals applicable to the target bonuses are based on the Company achieving certain targets based on the Company’s full year revenue and Adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and stock-based compensation) for FY 2024.
One-Time Cash Bonuses
In addition, on August 22, 2024, the Compensation Committee approved a one-time cash bonus, less any applicable income tax withholding and employment taxes, to the following executive officers.
| Name | Position | One-Time Bonus Payment | ||||
| S. Farhan Naqvi | Chief Financial Officer and Treasurer | $ | 50,000 | |||
| Balakrishnan Arackal | President and Chief Business Officer | $ | 58,000 | |||
| David Samuels | Chief Legal Officer, Executive Vice President - Corporate Affairs and Secretary | $ | 33,000 | |||
| Ramakrishnan Parameswaran | Senior Vice President - Technology and Products | $ | 33,000 | |||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ILEARNINGENGINES, INC. | |||
| Date: August 28, 2024 | By: | /s/ Harish Chidambaran | |
| Name: | Harish Chidambaran | ||
| Title: | Chief Executive Officer | ||
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