Palladyne AI Corp. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed by Palladyne AI Corp. (the “Company”) in a current report on Form 8-K filed on March 6, 2024, Andrew Hamer ceased to be Chief Financial Officer of the Company and its subsidiaries (the “Company Group”) on March 5, 2024 and ceased being an employee on March 8, 2024 (the “Separation Date”).
In furtherance of the terms of Mr. Hamer's employment agreement with the Company and Sarcos Corp. effective as of October 9, 2022 (the “Employment Agreement”) and the Retention Bonus Opportunity letter between Sarcos Corp. and Mr. Hamer dated as of January 19, 2024 (the “Retention Letter”), the Company, Sarcos Corp., and Mr. Hamer have entered into a Separation Agreement and Release (the “Separation Agreement”), that became effective on March 22, 2024. Pursuant to the Separation Agreement, Mr. Hamer will receive the following benefits, which include payments in full satisfaction of the severance benefits provided by the Employment Agreement:
In addition, if a Change in Control (as defined in the Employment Agreement) occurs during the period beginning on the Separation Date and ending three (3) months after the Separation Date, Mr. Hamer will be entitled to the following additional benefits:
In exchange for these benefits, and as required by his Employment Agreement, Mr. Hamer has agreed to a general release of the Company and its affiliates and the other terms of the Separation Agreement.
The foregoing description of the Separation Agreement is qualified in its entirety by the full text of the Separation Agreement filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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10.1 |
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104 |
Cover Page Interactive Data File (formatted as Inline XBRL) |
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Schedules and exhibits omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request. |
SIGNATURE
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.
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Sarcos Technology and Robotics Corporation |
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Dated: |
March 26, 2024 |
By: |
/s/ Stephen Sonne |
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Name: Title: |
Stephen Sonne |