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AMTY > SEC Filings for AMTY > Form 8-K on 18-Jun-2014All Recent SEC Filings

Show all filings for AMERITYRE CORP

Form 8-K for AMERITYRE CORP


18-Jun-2014

Other Events


ITEM 8.01 - OTHER EVENTS

On June 11, 2014, the Board of Directors of Amerityre Corporation, on the recommendation of the Compensation Committee of the Board, approved the issuance of common stock bonus awards of 750,000 shares for Timothy L. Ryan, the Company's Chief Executive Officer, and 100,000 shares for L. Wayne Arnett, the Company's Chief Financial Officer. The bonuses were determined based on overall compensation and performance through the 3rd quarter of fiscal 2014. The awards will be issued under the 2005 Stock Option and Award Plan.

The Board, on the recommendation of the Compensation Committee, also approved the issuance of 300,000 common stock shares to John J. Goldberg for extraordinary service to the Company in his capacity as a director. In accordance with the compensation plan afforded to directors for board service, Glenn D. Bougie was granted 100,000 stock options for his board service commencing on September 18, 2013 and 50,000 stock options for his service as Audit Committee Chairman. The stock options granted to Mr. Bougie have an exercise price of $0.08 per share based on the average closing price for the past 20 trading days as previously established by the Board for the calculation of option grants; vest on November 30, 2014; and expire on November 30, 2021. The shares and stock options to Mr. Goldberg and Mr. Bougie were awarded under the Directors' 2011 Stock Option and Award Plan.

In addition to the above awards and grants, the Board, on the recommendation of the Compensation Committee, also approved the extension of exercise periods on certain outstanding options previously issued to Mr. Ryan, Mr. Arnett and Mr. Goldberg for board service as follows:

                           Outstanding     Current           Extended
        Name               Stock Options   Expiration Date   Expiration Date
        Timothy L. Ryan    200,000         June 30, 2014     November 30, 2019
                           200,000         June 30, 2015     November 30, 2020
                           200,000         June 30, 2016     November 30, 2021
        L. Wayne Arnett    150,000         June 30, 2014     November 30, 2019
                           100,000         June 30, 2015     November 30, 2020
                           100,000         June 30, 2016     November 30, 2021
        John J. Goldberg   100,000         June 30, 2014     November 30, 2019
                           100,000         June 30, 2015     November 30, 2020
                           100,000         June 30, 2016     November 30, 2021


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