|LRAD Corp. (LRAD) filed a Form 8K - Changes in Company Executive Management - with the U.S Securities and Exchange Commission on September 21, 2017.|
On September 21, 2017, LRAD Corporation (the "Company") announced the appointment of Dennis D. Klahn as Chief Financial Officer of the Company effective September 18, 2017. Prior to joining the Company as interim Chief Financial Officer on August 7, 2017, Mr. Klahn, 59, served as Group Controller for Teledyne RD Instruments, part of the Marine Group of businesses of Teledyne Technologies, Inc., between January 2011 and July 2017.
Pursuant to an employment offer letter between the Company and Mr. Klahn (the "Agreement"), Mr. Klahn will be entitled to receive a base salary of $206,000 per year and will be eligible to participate in the Company's annual bonus arrangements and in all benefit and incentive plans generally available to other employees of the Company. In addition, Mr. Klahn has been awarded an option to purchase 100,000 shares of the Company's common stock, which will vest 25,000 shares on the first anniversary of the grant date and thereafter 6,250 on each quarterly anniversary of the grant date. Under the Agreement, Mr. Klahn's employment will be at-will with no specified term.
The foregoing summary does not purport to be complete of the terms of the Agreement and is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.1.
There are no arrangements or understandings between Mr. Klahn and any other persons pursuant to which he was appointed as an officer of the Company, he has no family relationships with any of the Company's directors or executive officers, and he is not a party to, and he does not have any direct or indirect material interest in, any transaction requiring disclosure under Item 404(a) of Regulation S-K.
The full text of this SEC filing can be retrieved at: sec.gov
Any exhibits and associated documents for this SEC filing can be retrieved at: sec.gov
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.