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AMBT > SEC Filings for AMBT > Form 8-K on 6-Jun-2013All Recent SEC Filings

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Form 8-K for AMBIENT CORP /NY


6-Jun-2013

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

2013 Base Salary Reductions

In May 2013 Ambient Corporation (the "Company") disclosed that it will be implementing a reduction in executive compensation as one of a number of cost savings measures that the Company effected in response to the macro-economic environment.

On June 5, 2013, the Company and each of the executive officers, except for the recently appointed Chief Financial Officer, entered into a letter agreement amending such officer's respective employment terms. Under the letter agreements, effective May 31, 2013 and continuing through December 31, 2013, there will be implemented a reduction of 15% in the annual base salary paid to the Company's executive officers. All other forms of compensation paid to the Chief Executive Officer and the other Named Executive Officers are unchanged from the rates disclosed in the Company's definitive proxy statement filed April 23, 2013.

Notwithstanding the foregoing, in the event that the executive officer's employment is terminated for any reason other than cause and the officer is eligible for continuation of base salary payments, then the salary continuation payments will be based on the original base salary and not the reduced base salary. In addition, if the Company is acquired by an unrelated third party, then the base salary will revert to the original base salary.


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