Attached files
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| EX-10.1 - SEPARATION AND RELEASE AGREEMENT - BK Technologies Corp | rwc_ex101.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report (Date of Earliest Event Reported):
February 3, 2017
RELM Wireless Corporation
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(Exact
name of registrant as specified in its charter)
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Nevada
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001-32644
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59-3486297
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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7100 Technology Drive, West Melbourne, FL
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32904
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area
code:
(321) 984-1414
N/A
______________________________________________
Former
name or former address, if changed since last report
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
The
Board of Directors of RELM Wireless Corporation (the
“Company”) accepted Davey P. Storey’s resignation
as President and Chief Executive Officer of the Company effective
as of the close of business on January 16, 2017. On February 3,
2017, the Company and Mr. Storey entered into a Separation and
Release Agreement (the “Agreement”), and Mr. Storey
resigned from the Board effective as of the close of business as of
January 16, 2017.
Under
the Agreement, Mr. Storey is entitled to a separation payment in
the gross amount of $300,000, payable in equal installments over a
period of 12 months. Mr. Storey retains the right to exercise his
vested stock options for a period of three months. His unvested
stock options were forfeited upon his separation of service from
the Company. Mr. Storey’s health insurance benefits provided
by the Company ceased on January 31, 2017, and the Company agreed
to pay the difference in cost between Mr. Storey’s portion
and COBRA’s actual cost for coverage through December 31,
2017, as long as Mr. Storey selects and continues his COBRA
coverage through such date. Mr. Storey’s participation in all
benefits of employment, including, but not limited to, accrual of
bonuses, vacation and paid time off, ceased as of January 16,
2017.
The
Agreement includes customary confidentiality, non-disparagement and
non-solicitation covenants and a mutual release of
claims.
The
foregoing description of the Agreement is qualified in its entirety
by reference to the full text of the Agreement, a copy of which is
attached to this Current Report on Form 8-K as Exhibit 10.1 and is
incorporated herein by reference.
Item
9.01
Financial
Statements and Exhibits.
(d)
Exhibits.
10.1
Separation and
Release Agreement, executed February 3, 2017, by and between RELM
Wireless Corporation and David P. Storey.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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RELM
WIRELESS CORPORATION
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Date: February 6,
2017
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By:
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/s/
William
P. Kelly
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William P.
Kelly
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Executive Vice
President and
Chief Financial
Officer
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EXHIBIT INDEX
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ExhibitNo.
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Description
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10.1
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Separation
and Release Agreement, executed February 3, 2017, by and between
RELM Wireless Corporation and David P. Storey.
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