Featured Harvest Technology : Nominee Letter

Published on December 30th, 2022 📆 | 1595 Views ⚑

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SARCOS TECHNOLOGY & ROBOTICS CORP : Change in Directors or Principal Officers, Other Events (form 8-K)


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Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 29, 2022, the Compensation Committee of the Board of Directors of
Sarcos Technology and Robotics Corporation (the "Company") approved a cash bonus
to the Company's Executive Chairman, Benjamin G. Wolff, in the amount of
$224,716.46 (the "Bonus"). The Bonus is intended to cover an aggregate of
$136,290.53 in net tax withholding deposits due but not previously paid as a
result of clerical errors by the Company in the calculation of applicable U.S.
federal tax withholding obligations in connection with the vesting of Mr.
Wolff's
restricted stock in June and September of 2022, as well as an additional
gross-up of $88,425.93. The clerical errors resulted in fewer shares being
withheld to cover the applicable withholding taxes upon vesting than should have
been the case. The shares that would otherwise have been withheld in June and
September 2022 were subsequently withheld in connection with the vesting of Mr.
Wolff's
restricted stock in December 2022. The Bonus covers the difference
between the value of those shares at the time of withholding and the time that
they should have been withheld (grossed-up) and was paid in a lump sum on
December 30, 2022. The entire amount was remitted to the applicable taxing
authorities in accordance with the Company's normal payroll processes.

Item 8.01. Other Events

On December 27, 2022, Mr. Wolff notified the Company that he has elected to
waive any and all rights to receive future equity compensation under the terms
of the Amended and Restated Employment Agreement (the "Employment Agreement"),
dated as of December 13, 2021, between Mr. Wolff, the Company and Sarcos Corp.,
a wholly-owned subsidiary of the Company. The Employment Agreement provides that Mr. Wolff will be eligible to receive annual equity awards of Company restricted
stock units with a target value of approximately $500,000 pursuant to any plans
or arrangements the Company may have in effect from time to time.





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