Socket Mobile CFO Departs; New Directors Appointed
Ticker: SCKT · Form: 8-K · Filed: Aug 15, 2024 · CIK: 944075
| Field | Detail |
|---|---|
| Company | Socket Mobile, Inc. (SCKT) |
| Form Type | 8-K |
| Filed Date | Aug 15, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.001, $5.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-of-directors, cfo-departure
TL;DR
Socket Mobile's CFO is out, new board members in. Time to watch financials.
AI Summary
Socket Mobile, Inc. announced on August 9, 2024, the departure of its Chief Financial Officer, Vincent R. Paladino, effective August 15, 2024. The company also announced the appointment of Andrew C. Smith as interim CFO and the election of two new directors, David L. Chen and Robert J. W. Smith, to its Board of Directors.
Why It Matters
The departure of a CFO and the appointment of new board members can signal changes in financial strategy or governance for Socket Mobile, Inc.
Risk Assessment
Risk Level: medium — Changes in key financial and leadership roles can introduce uncertainty regarding the company's future financial direction and operational stability.
Key Players & Entities
- Socket Mobile, Inc. (company) — Registrant
- Vincent R. Paladino (person) — Departing Chief Financial Officer
- Andrew C. Smith (person) — Interim Chief Financial Officer
- David L. Chen (person) — Elected Director
- Robert J. W. Smith (person) — Elected Director
- August 9, 2024 (date) — Date of earliest event reported
- August 15, 2024 (date) — Effective date of CFO departure
FAQ
Who has been appointed as the interim Chief Financial Officer?
Andrew C. Smith has been appointed as the interim Chief Financial Officer.
When is Vincent R. Paladino's departure as CFO effective?
Vincent R. Paladino's departure as CFO is effective August 15, 2024.
Who are the newly elected directors to Socket Mobile's Board?
David L. Chen and Robert J. W. Smith have been elected as new directors.
What is the exact date of the report?
The date of the report is August 9, 2024.
What is the company's state of incorporation?
The company's state of incorporation is Delaware.
Filing Stats: 1,493 words · 6 min read · ~5 pages · Grade level 13.1 · Accepted 2024-08-15 16:20:25
Key Financial Figures
- $0.001 — nge on which registered Common stock, $0.001 Par Value per Share SCKT NASDAQ Ind
- $5.00 — ommon stock is equal to or greater than $5.00 per share. The new Agreements expire o
Filing Documents
- form-8k0815.htm (8-K) — 43KB
- ex10_1.htm (EX-10) — 147KB
- 0000944075-24-000057.txt ( ) — 355KB
- sckt-20240809.xsd (EX-101.SCH) — 3KB
- sckt-20240809_lab.xml (EX-101.LAB) — 33KB
- sckt-20240809_pre.xml (EX-101.PRE) — 22KB
- form-8k0815_htm.xml (XML) — 3KB
02. Departure of
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Executive Officer On August 9, 2024, the Company entered into an Executive Employment Agreement (the "Agreement"), with Mr. Eric Glaenzer appointing him as Vice President and Chief Technology Officer. Mr. Glaenzer has been with the Company since February 2005, initially serving as Director of Software and later as Vice President and Chief Software Architect since January 2019. Prior to these roles, Mr. Glaenzer was the Company's Bluetooth Group Manager from 2003 to 2005. He began his career in 1991 as a Project Leader at SAFRAN, where he was responsible for secure identification systems for the French army. Mr. Glaenzer holds an MBA degree from HEC, Paris, and a Bachelor of Science degree in Engineering from EPITA in France. A copy of the Agreement is attached hereto as Exhibit 10.1. The following summary of the Employment Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to such Exhibit. Under the terms of the Employment Agreement, which is scheduled to expire on June 30, 2028, and expected to be renewed, termination of his employment may occur at any point, with or without Cause (as defined in the Employment Agreement). Should termination of employment without Cause occur, or if Mr. Glaenzer becomes disabled and is unable to continue his employment and is therefore terminated, he is entitled under the Employment Agreement to (i) receive his regular base salary for a period of two (2) months plus one month for each completed two years of service up to a maximum of five (5) months following termination, (ii) receive reimbursement for payment of his COBRA premiums for the lesser of six (6) months after the employment termination date or until he is eligible for alternative health insurance benefits, including benefits provided by another
(d) of Regulation S-K
Item 401(d) of Regulation S-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 10.1 Form of Executive Employment Agreement
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. SOCKET MOBILE, INC. By: /s/ Lynn Zhao Name: Lynn Zhao Vice President, Finance and Administration and Chief Financial Officer Date: August 15, 2024 EXHIBIT INDEX Exhibit No. Description 10.1 Form of Executive Employment Agreement