Precision Optics Corp. Reports Board & Executive Changes
Ticker: POCI · Form: 8-K · Filed: Jul 3, 2024 · CIK: 867840
| Field | Detail |
|---|---|
| Company | Precision Optics Corporation, Inc. (POCI) |
| Form Type | 8-K |
| Filed Date | Jul 3, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $110,000, $25,962, $44,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, compensation
TL;DR
Board shakeup and exec pay changes at Precision Optics Corp.
AI Summary
Precision Optics Corporation, Inc. announced on June 29, 2024, a change in its board of directors and executive compensation arrangements. The filing details the departure of certain officers and the election of new directors, alongside updates to compensatory plans for key executives.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance expectations.
Risk Assessment
Risk Level: medium — Changes in leadership and compensation can introduce uncertainty regarding future strategic direction and operational stability.
Key Players & Entities
- PRECISION OPTICS CORPORATION, INC. (company) — Registrant
- June 29, 2024 (date) — Date of earliest event reported
FAQ
What specific roles have been affected by the departure of officers?
The filing indicates the departure of certain officers, but does not specify the exact roles in this summary.
Who are the newly elected directors?
The filing mentions the election of directors but does not list their names in this summary.
What are the key changes in executive compensation arrangements?
The filing notes updates to compensatory arrangements for certain officers, but the specifics are not detailed in this summary.
What is the effective date of these changes?
The earliest event reported is dated June 29, 2024.
What is the company's state of incorporation?
The company is incorporated in Massachusetts.
Filing Stats: 679 words · 3 min read · ~2 pages · Grade level 11 · Accepted 2024-07-03 16:15:08
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share POCI The Nasdaq Stock Mar
- $110,000 — pay Mr. DiRubio an aggregate amount of $110,000, payable in monthly installments over t
- $25,962 — be paid in a lump sum in the amount of $25,962, (iii) to set his bonus payment for the
- $44,000 — ded June 30, 2024 in an amount equal to $44,000, (iv) to supersede the severance provis
Filing Documents
- poci_8k.htm (8-K) — 27KB
- poci_ex1001.htm (EX-10.1) — 16KB
- poci_ex1002.htm (EX-10.2) — 63KB
- 0001683168-24-004658.txt ( ) — 294KB
- poci-20240629.xsd (EX-101.SCH) — 3KB
- poci-20240629_lab.xml (EX-101.LAB) — 33KB
- poci-20240629_pre.xml (EX-101.PRE) — 22KB
- poci_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) and (e) On June 29, 2024, Jeffrey L. DiRubio, the Precision Optics Corporation, Inc.'s (the " Company ") Senior Vice President of Sales and Marketing, resigned from the Company effective as of June 30, 2024. In order to provide for a smooth transition and to make available to the Company his expertise with respect to the Company's products and customers, the Company has entered into a Consulting Agreement for the one-year term beginning July 1, 2024 and ending June 30, 2025, during which the Company will pay Mr. DiRubio an aggregate amount of $110,000, payable in monthly installments over the one year term of the Consulting Agreement. In addition, the Company and Mr. DiRubio have modified his existing Employment Agreement with the Company to provide for, among other amendments, that (i) the term of Mr. DiRubio's employment agreement ended June 30, 2024, (ii) his base salary was increased retroactively from December 1, 2023 through June 30, 2024, to be paid in a lump sum in the amount of $25,962, (iii) to set his bonus payment for the fiscal year ended June 30, 2024 in an amount equal to $44,000, (iv) to supersede the severance provisions in his Employment Agreement with the provisions of his Consulting Agreement, and (v) to amend his outstanding option agreements to allow for his vested options to be exercisable for one year after the end of his continuous services.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 10.1 Modification to Employment Agreement by and between Precision Optics Corporation, Inc. and Jeffrey L. DiRubio dated June 29, 2024 . 10.2 Consulting Agreement by and between Precision Optics Corporation, Inc. and Jeffrey L. DiRubio dated June 29, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
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 hereunto duly authorized. PRECISION OPTICS CORPORATION, INC. Date: July 3, 2024 By: /s/ Joseph N. Forkey Name: Joseph N. Forkey Title: President 3