Form 8-K/A for ADAPTIVE MEDIAS, INC.
5-Feb-2016
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.
Appointment of Director
Effective January 12, 2016, the Board appointed Sal Aziz as a member of the Board. Mr. Aziz has not been appointed to any committees of the Board.
Director Compensation Policy
Consistent with the Company's existing director compensation policies (the "Director Compensation Policy"), and in connection with Mr. Aziz's appointment to the Board, on February 3, 2016 (the "Effective Date"), the Board approved the grant to Mr. Aziz of the following equity awards: (i) 50,000 shares of the Company's common stock (the "Common Stock"); (ii) on each of the subsequent four
(4) anniversaries of the Effective Date, an additional 50,000 shares of Common Stock (such that the total number of shares issuable to Mr. Aziz pursuant to the Director Compensation Policy shall equal 250,000); (iii) a non-qualified stock option to purchase 50,000 shares of Common Stock, exercisable for $0.59 per share, which reflects the closing price of the Common Stock on the OTC Market on the Effective Date; and (iv) on each of the subsequent four (4) anniversaries of the Effective Date, a non-qualified stock option to purchase an additional 50,000 shares of Common Stock, in each case exercisable at a price per share equal to the fair market value of the Common Stock on the date of the respective grant determined in accordance with the terms of the Company's 2010 Stock Incentive Plan (such that the total number of shares subject to options issuable to Mr. Aziz pursuant to the Director Compensation Policy shall equal 250,000). Each grant of shares and options made pursuant to the Director Compensation Policy will vest in twelve (12) equal monthly installments over the one year period following the date of grant so long as Mr. Aziz continues to provide continuous service to the Company.
Retention Bonus Award
In addition, on the Effective Date, the Board approved an additional grant to Mr. Aziz of 250,000 shares of Common Stock as a retention bonus award, all of which are immediately vested on the date of grant.
Guys,I cannot believe this appointment, compensation and awards to Mr. Aziz would have occurred if this company was not expecting some really great things in the not to distant future. So encouraging!! Keeping the faith.
lady
