SiNtx Technologies 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.
On September 20, 2024, SINTX Technologies, Inc. (the “Company”) entered into an Executive Employment Agreement (the “Agreement”) with its Chief Executive Officer and President Eric K. Olson. The Agreement has a term of six (6) months and is subject to automatic renewal for additional six-month periods unless either the Company or Mr. Olson provides thirty (30) days advance written notice of intent not to renew. Upon execution of the Agreement Mr. Olson became entitled to payment of a $25,000 cash bonus. The Agreement provides for an annual base salary of $350,000. Mr. Olson is eligible to receive annual cash bonuses, participate in awards under Company equity incentive plans, on terms and conditions as determined by the Board and participate in such health, group insurance, welfare, pension, and other employee benefit plans, programs, and arrangements as are made generally available from time to time to other employees of the Company. The Agreement also provides that, in the event of a termination of Mr. Olson’s employment without cause or for good reason, he will be eligible to receive, in addition to accrued salary and other benefits, severance payments equal to his base salary for a period equal to the longer of three months or the remainder of the initial term of the Agreement, or twelve months if his termination without cause or for good reason occurs within three months following a change in control of the Company. Under the Agreement, Mr. Olson’s receipt of such severance payments is subject to his execution and delivery of a general release of claims in favor of the Company.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2024.
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.
| SINTX Technologies, Inc. | ||||
| Date: | September 26, 2024 | By: | /s/ Eric K. Olson | |
| Eric K. Olson | ||||
| Chief Executive Officer | ||||