|
Quotes & Info
|
| SCKT > SEC Filings for SCKT > Form 8-K on 17-Aug-2009 | All Recent SEC Filings |
17-Aug-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
Appointment of Executive Officer
On August 12, 2009, Socket Mobile, Inc. (the "Company") announced that the Company and Chuck Furedy, age 60, entered into an employment relationship under which the Company agreed to appoint Mr. Furedy as the Company's Senior Vice President of Worldwide Sales. In this role, he will be responsible for Socket's worldwide sales activities, which include managing its sales force and developing and supporting strategic relationships with its worldwide distribution channels, value added resellers and OEM partners that address key markets for the Company's family of handheld computer and data collection products. He will report to the Company's Chief Executive Officer, Kevin Mills.
Mr. Furedy's career spans over 30 years with Symbol Technologies (now the EMB business unit of Motorola) selling data collection and mobile computing solutions to businesses around the world. He served as their Vice President of OEM Sales during a twenty year period of rapid growth and technological change in the Automatic Identification industry. Mr. Furedy has worked with the Company in a sales consulting role for the past three months assisting the Company in its strategic planning activities. Mr. Furedy holds a Bachelors of Science degree from Middle Tennessee State University.
A copy of the press release dated August 12, 2009 is attached hereto as Exhibit 99.1.
Compensatory Arrangements with Mr. Furedy
The material terms of Mr. Furedy's employment are as follows:
(a) Mr. Furedy's annual base salary will be $160,000. He will be eligible to participate in the Company's 2009 Management Incentive Variable Compensation Plan with an annual target bonus of $80,000. Mr. Furedy's compensation is subject to the cost reduction measures applicable to other members of the Executive Staff which at the time of this filing consisted of an approximate 20% reduction in base salary and a temporary suspension of the Variable Compensation Plan.
(b) The Company had previously entered into a sales consulting agreement with Mr. Furedy for the months of May, June and July 2009. Mr. Furedy was awarded a stock option grant on May 1, 2009 to purchase a total of 48,000 shares of Common Stock of the Company pursuant to the Company's 2004 Equity Incentive Plan. The stock option grant vests monthly over a 48 month period and will continue to vest during the period of Mr. Furedy's employment with the Company.
(c) Mr. Furedy will participate in the compensation and benefit programs available to the Company's executive officers.
In connection with his employment, Mr. Furedy executed an Executive Employment Agreement (the "Employment Agreement") and an Indemnification Agreement (the "Indemnification Agreement"), the forms of which are incorporated herein by reference from the Company's Form 8-K filed with the Securities and Exchange Commission on January 27, 2009.
There are no family relationships between Mr. Furedy and any director or executive officer of the Company which would require disclosure under Item 401(d) of Regulation S-K.
Exhibit No. Description
--------------------- ------------------------------------------------------------
10.10 (1) Form of Executive Employment and Indemnification Agreements
99.1 Press release dated August 12, 2009, relating to a change in
executive officers.
_____________________________
|
|
|