Actionable news
0
All posts from Actionable news
Actionable news in WPCS: WPCS International Incorporated,

Departure of Directors or Certain

(e)

Stockholder Approval of the WPCS International Incorporated Amended and Restated 2014 Equity Incentive Plan

The 2015 Annual Meeting of Stockholders of WPCS International Incorporation (the Company) was held on September 29, 2015 (the Annual Meeting). At the Annual Meeting, the stockholders of the Company approved an amendment and restatement of the WPCS International Incorporated 2014 Equity Incentive Plan (the Amended and Restated Plan), increasing the number of shares available for issuance under the Amended and Restated Plan by 3,500,000 shares, among other changes described under the caption Proposal No. 3 - Approval of WPCS International Incorporated Amended and Restated 2014 Equity Incentive Plan; Re-Approval of Code Section 162(m) Limits And Criteri a in the Companys Proxy Statement on Schedule 14A for the Annual Meeting (the 2015 Proxy Statement) filed with the SEC on August 14, 2015. A description of the Amended and Restated Plan is also set forth in the 2015 Proxy Statement under such Proposal No. 3.

The above description of the Amended and Restated Plan does not purport to be complete, and is qualified in its entirety by the full text of the Amended and Restated Plan, set forth in Appendix A to the 2015 Proxy Statement, which is also incorporated by reference herein.

(e)

Change in Control Agreements

On September 29, 2015, the Company entered into change in control agreements (the Agreements) with Sebastian Giordano, its Interim Chief Executive Officer and David Allen, its Chief Financial Officer.

The Agreements have initial terms of four years and automatically extend for additional one-year periods at the expiration of the initial term and on each anniversary thereafter unless either party notifies the other party of non-renewal no later than 30 days prior to such anniversary. Under the Agreements, Messrs. Giordano and Allen are entitled to payments of $350,000 and $150,000, respectively, upon a...


More