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DLYT > SEC Filings for DLYT > Form 8-K on 27-Dec-2013All Recent SEC Filings

Show all filings for DAIS ANALYTIC CORP



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

On December 20, 2013, the Board of Directors (the "Board") of Dais Analytic Corporation (the "Company") apporinted, Thomas E. Turner, age 65, to fill a board vacancy. Mr. Turner is currently the Chairman of Cabo Vida Group, a company that is developing a condominium community and constructing custom homes in Costa Rica. He also serves as a consultant to Golden Gate Capital. Mr. Turner also serves as a director of Qylur Security Systems and BroadbandOne, both private companies, and has served as a director for Pacinian, a private company. Mr. Turner also served as an executive of ADS Imaging from 2009 to 2011. During his career he has been President and/or CEO of Wang Canada Limited, Datamax Corporation, and Itronix. He has had senior management positions at The City of New York, Graphic Systems, Wang Laboratories, Symbol Technologies, WhereNet, and General Dynamics. Mr. Turner's expertise in advising and operating small technology businesses will be an asset to the Board.

Mr. Turner is the natural person with voting power for a limited liability company that entered into Stock Purchase Agreement with the Company on July 11, 2013. Pursuant to such Stock Purchase Agreement, as amended, the Company issued 2,850,000 restricted shares of the Company's common stock at a purchase price of $0.10 per share for a total of $285,000. With the issuance of the common stock, the Company issued warrants (the "Warrants") to purchase 712,500 shares of the Company's common stock at $0.50 per share. The Warrants are exercisable for 60 months.

There are no arrangements or understandings between Mr. Turner or any other persons pursuant to which Mr. Turner was appointed as a director. Mr. Turner does not have any family relationships with any of the Company's other directors or executive officers. As part of his appointment, Mr. Turner received a stock option grant for 300,000 shares. The stock option grant was for $0.07 per share and may be exercised, subject to the terms and conditions of the grant, for a period of up to ten years after the grant.

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