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AMBT > SEC Filings for AMBT > Form 8-K on 13-Dec-2013All Recent SEC Filings

Show all filings for AMBIENT CORP /NY

Form 8-K for AMBIENT CORP /NY


13-Dec-2013

Change in Directors or Principal Officers, Financial Statements and Exhibits


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

On December 10, 2013, the Compensation Committee of the Board of Directors of Ambient Corporation ( the "Company") approved grants of restricted stock units ("Restricted Stock Units") for an aggregate of 120,036 shares of the Company's common stock, par value $0.001 per share, to executive officers, pursuant to the Company's 2012 Stock Incentive Plan.

The Company's Chief Executive Officer, President, and Chairman, John J. Joyce, received 62,876 Restricted Stock Units, and Michael Quarella, the Company's Chief Operating Officer, received 57,160 Restricted Stock Units. Each of Messrs. Joyce and Quarella has elected to forfeit an equal number of restricted stock units from the award of restricted stock units previously awarded to them on June 27, 2013, scheduled to vest between December 13, 2013, and April 2, 2014.

The Restricted Stock Units awarded are scheduled to vest in four equal installments on each of the following vesting dates, provided that the officer is employed by the Company on the applicable vesting date: August 1, 2014, August 18, 2014, August 29, 2014, and September 12, 2014. In the event of the termination of the employment for any reason other than cause, and in certain cases of a change in control, then the unvested portions of the awards are to vest immediately.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits

None


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