Genasys Appoints New CMO, Director; Discloses Officer Compensation
Ticker: GNSS · Form: 8-K · Filed: Jul 11, 2024 · CIK: 924383
| Field | Detail |
|---|---|
| Company | Genasys Inc. (GNSS) |
| Form Type | 8-K |
| Filed Date | Jul 11, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.00001, $30,000, $1,250,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, board-of-directors, compensation
Related Tickers: GNSS
TL;DR
Genasys adds a CMO and a new director, with officer compensation details also filed.
AI Summary
Genasys Inc. announced on July 10, 2024, the appointment of Dr. Michael L. Smith as Chief Medical Officer and the election of Ms. Karen L. Lezny to its Board of Directors. The company also disclosed compensatory arrangements for its officers, though specific dollar amounts for these arrangements were not detailed in this filing.
Why It Matters
Changes in key leadership roles and the board can signal strategic shifts or new directions for the company, potentially impacting its future performance and investor outlook.
Risk Assessment
Risk Level: low — This filing primarily concerns executive appointments and compensation disclosures, which are routine corporate governance events and do not inherently represent significant financial or operational risks.
Key Players & Entities
- Genasys Inc. (company) — Registrant
- Dr. Michael L. Smith (person) — Appointed Chief Medical Officer
- Ms. Karen L. Lezny (person) — Elected to Board of Directors
- July 10, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the new Chief Medical Officer for Genasys Inc.?
Dr. Michael L. Smith has been appointed as the Chief Medical Officer for Genasys Inc.
Who has been elected to the Board of Directors at Genasys Inc.?
Ms. Karen L. Lezny has been elected to the Board of Directors at Genasys Inc.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is July 10, 2024.
What specific compensatory arrangements for officers are mentioned in the filing?
The filing mentions compensatory arrangements of certain officers, but specific dollar amounts are not detailed within this document.
What is the principal executive office address for Genasys Inc.?
The principal executive offices are located at 16262 West Bernardo Drive, San Diego, California 92127.
Filing Stats: 731 words · 3 min read · ~2 pages · Grade level 10.5 · Accepted 2024-07-11 17:16:32
Key Financial Figures
- $0.00001 — nge on which registered Common stock , $0.00001 par value per share GNSS NASDAQ Capi
- $30,000 — ch provides annual cash compensation of $30,000, paid quarterly, as well as an annual t
- $1,250,000 — ctors is subject to an aggregate cap of $1,250,000, which may reduce the number of shares
Filing Documents
- gnss20240711_8k.htm (8-K) — 30KB
- ex_697579.htm (EX-99.3) — 12KB
- a01.jpg (GRAPHIC) — 5KB
- 0001437749-24-022581.txt ( ) — 183KB
- gnss-20240710.xsd (EX-101.SCH) — 3KB
- gnss-20240710_def.xml (EX-101.DEF) — 11KB
- gnss-20240710_lab.xml (EX-101.LAB) — 15KB
- gnss-20240710_pre.xml (EX-101.PRE) — 11KB
- gnss20240711_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 10, 2024, the Company announced the appointment of Mark Culhane to the Board of Directors (the "Board") of the Company effective July 10, 2024, with his term continuing until the Annual Meeting of Stockholders of the Company in 2025 and until his respective successors are duly elected and qualified unless Mr. Culhane sooner dies, retires or resigns. The Board has determined that Mr. Culhane satisfies the current "independent director" standards established by the rules of The Nasdaq Stock Market. The Board also appointed Mr. Culhane to serve on the Audit Committee and the Compensation Committee of the Board. Mr. Culhane will receive director compensation in accordance with the Company's standard remuneration for its non-employee directors, which provides annual cash compensation of $30,000, paid quarterly, as well as an annual time-vesting restricted stock unit ("RSU") grant in the amount of up to 30,000 shares of common stock at each Annual Meeting of Stockholders. The annual compensation payable to independent directors is subject to an aggregate cap of $1,250,000, which may reduce the number of shares included in the annual RSU grants. Mr. Culhane will receive a pro-rated initial RSU grant of 20,000 shares of common stock based on the date of his appointment to the Board. In addition, it is anticipated that Mr. Culhane will enter into the Company's standard form of indemnification agreement for non-employee directors, a copy of which is attached as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 27, 2013, and incorporated herein by reference. There are no other arrangements or understandings between Mr. Culhane and any other person pursuant to which Mr. Culhane was selected to serve on the Board. There are no family relationship
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 99.3 Press Release regarding Director Appointments, dated July 11, 2024, issued by the Company 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES 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 thereunto duly authorized. Date: July 11, 2024 Genasys Inc. By: /s/ Dennis D. Klahn Dennis D. Klahn Chief Financial Officer