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Quotes & Info
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| ANAD > SEC Filings for ANAD > Form 8-K on 18-Aug-2008 | All Recent SEC Filings |
18-Aug-2008
Change in Directors or Principal Officers, Financial Statements and Exhibits
(b) On August 17, 2008, Dr. Bami Bastani resigned as President, Chief Executive Officer and as a member of the Board of Directors (the "Board") of Anadigics, Inc. (the "Company").
(c) On August 17, 2008, the Board named Mr. Gilles Delfassy as Chairman of the Board and authorized him to assume the responsibilities of the Chief Executive Officer on an interim basis pending the completion of the Company's search for a new president and chief executive officer. Mr. Delfassy has been a member of the Board of the Company since January 2008. Mr. Ronald Rosenzweig, a founder of the Company and previous Chairman of the Board was appointed Vice Chairman of the Board.
With respect to Mr. Delfassy's appointment, the Board approved a grant of 150,000 restricted shares of stock vesting over a two year period and a payment of $200,000, to be paid over a one year period.
On August 17, 2008 the Company entered into a separation agreement and related waiver and release with Dr. Bastani providing for a severance payment of $3,097,054 and the vesting of all outstanding restricted shares and options and continuation of medical coverage for 24 months, which payments he would have been entitled to under his employment agreement, upon a termination by the Company without cause (which amounts are reflected in the Amendment to Employment Agreement, filed as Exhibit 10.1 to the Company's Form 8-K filed on November 7, 2005).
Also, on August 18, 2008, the Company issued a press release announcing the resignation of Dr. Bastani and the appointment of Mr. Delfassy. A copy of the press release is attached to this Current Report as Exhibit 99.1.
Exhibits. The following exhibits are filed herewith:
Exhibit No. Description
99.1
Press release dated August 18, 2008.
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