These two posts by MrGarvin and JOTU (from last night) show anyone who is paying attention that what transpired yesterday with Bromage and Vance...has long been in the works....and is perfectly timed with what looks to me like "the big reveal" by Apple of the LIQUIDMETAL brand in the next few weeks.
Look at the timing of these agreements! Three years ago they had the timetable established for when commercialization of Liquidmetal would begin! Blows my mind.
Think also about the fact that Apple defended the brand this past January successfully...they needed to clear that path so that there wasn't any confusion with third parties when they did the big reveal.
Think further about this: How many Apple products are going to be made of Liquidmetal over the next decade? The possibilities are almost everything they manufacture! Eyewear, headphones, cell phones, watches....and the iCar as well? All these items will have to be 5G ready...LIQUIDMETAL! All these items have to be hard and durable and scratch-resistant...so they continue to look good on the wrist, in the palm, on your head! Liquidmetal!
Mark it: Either we get a huge rollout of the LIQUIDMETAL brand name in the next 4 weeks by Apple on one or some of their products, or Apple is buying LIQUIDMETAL OUT.
Someone on Sticktwits suggested that if this were going to occur LQMT would have hired an M&A person. Why? I'm sure Apple has all the executive power this scenario needs: Apple's lawyers can handle it.
Both Bryce & Bruce had employment agreements expiring in November. My guess is they were informed that they wouldn't be extended and left before it expired. Good news is there is an immediate cost savings of over $536K in salary however you have to consider there are only two actual employees left? Issac & Tony? Seems like we have officially become a shell company.
From the most recent annual report;
On November 15, 2018, the Company entered into an Employment Agreement with Bruce Bromage, the Company’s Chief Operating Officer (the “Bromage Employment Agreement”). The Bromage Employment Agreement has a term of three years and will continue thereafter on an “at-will” basis until terminated by either the Company or Mr. Bromage upon 30 days’ prior written notice. The Bromage Employment Agreement provides for an annual base salary of $291,000 plus bonuses at the discretion of the Company’s board of directors. The agreement provides that the Company can terminate Mr. Bromage’s employment at any time and for any reason, provided that if his employment is terminated without “Cause” (as specifically defined in the agreement), then he will continue to be entitled to his base salary and health and welfare benefits for a period of twelve months after termination, and his unvested equity awards (to the extent they would have vested during the twelve- month period after termination)will immediately vest and become exercisable until the earlier of two years after vesting or the scheduled expiration date of the award. In the event that Mr. Bromage terminates his own employment within two years after a change in control of the Company for various “Good Reason Events” (as specifically defined in the agreement), including a material change in compensation or duties, the Company will also be obligated to pay him the same severance compensation that would be applicable to a termination without “Cause”. The Bromage Employment Agreement provides that Mr. Bromage will not be entitled to any severance compensation if he voluntarily leaves the employment of the Company or is terminated for “Cause”, and severance payments will cease if he violates certain restrictive covenants in the agreement.
On November 15, 2018, the Company entered into an Employment Agreement with Bryce Van, the Company’s Vice President of Finance (the “Van Employment Agreement”). The Van Employment Agreement has a term of three years, subject to automatic extension on a month-to-month after the expiration of the initial three-year term. The Van Employment Agreement provides for an annual base salary of $245,000 plus bonuses at the discretion of the Company’s Board of Directors. The agreement provides that the Company can terminate Mr. Van’s employment at any time and for any reason, provided that if his employment is terminated without “Cause” (as specifically defined in the agreement), then he will continue to be entitled to his base salary and health and welfare benefits for a period of twelve months after termination, and his unvested equity awards (to the extent they would have vested during the twelve-month period after termination) will immediately vest and become exercisable until the earlier of two years after vesting or the scheduled expiration date of the award. In the event that Mr. Van terminates his own employment within two years after a change in control of the Company for various “Good Reason Events” (as specifically defined in the agreement), including a material change in compensation or duties, the Company will also be obligated to pay him the same severance compensation that would be applicable to a termination without “Cause”. The Van Employment Agreement provides that Mr. Van will not be entitled to any severance compensation if he voluntarily leaves the employment of the Company or is terminated for “Cause”, and severance payments will cease if he violates certain restrictive covenants in the agreement. $LQMT is definitely being prepped for something.
march 2021
-q4 2020 10k ce wording change
-$10 million worth of debt securities cashed
june 2021
-ashm approved compensation vote for executive officers
july 2021
-new ceo/president with lockup compensation
august 2021
-q2 2021 improved wording in forward looking information
september 2021
-chung becomes principal financial/accounting officer
-separation agreement of coo with accelerated vesting of stock options/lump sum payout
-separation agreement of vp finance with extension of exercise on stock options/lump sum payout
both executives can be terminated without cause but a separation/general release agreement was used and both executives awarded all their compensations.[/color][/color][/color]
