UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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 |
Salary Increase
On December 20, 2021, the Board of Directors (the “Board”) of PolarityTE, Inc. (the “Company”) approved an increase in the annual base salary of the executive officers listed below under their respective employment agreements, which will be effective on January 1, 2022.
| Name | Title | Annual Salary beginning 01/01/2022 | ||||
| Richard Hague | Chief Executive Officer and President | $ | 450,000 | |||
| Jacob Patterson | Chief Financial Officer | $ | 275,000 | |||
2021 Bonus Compensation
On December 20, 2021, the Board approved cash bonuses for the executive officers listed below pertaining to service during the year ending December 31, 2021:
| Name | Title | Cash Bonus | ||||
| Richard Hague | Chief Executive Officer and President | $ | 275,000 | |||
| Jacob Patterson | Chief Financial Officer | $ | 156,000 | |||
| Cameron Hoyler | General Counsel, Secretary, EVP Corporate Development & Strategy, Compliance Officer Chief | $ | 210,000 | |||
The Board approved equity bonus compensation for the executive officers listed below pertaining to service during the year ending December 31, 2021, with a grant date of December 23, 2021:
| Name | Title | Restricted Stock Units | ||||
| Richard Hague | Chief Executive Officer and President | 375,000 | ||||
| Jacob Patterson | Chief Financial Officer | 200,000 | ||||
| Cameron Hoyler | General Counsel, Secretary, EVP Corporate Development & Strategy, Compliance Officer Chief | 275,000 | ||||
The restricted stock units (RSUs) are granted under the Company’s 2020 Stock Option and Incentive Plan and 2017 Equity Incentive Plan. The restricted stock units vest one-third on December 27, 2021, one-third on the six-month anniversary of the grant date, and one-third on the 12-month anniversary of the grant date. The RSUs will cease to vest on date of termination of employment, except that unvested RSUs will accelerate and vest in full upon the occurrence of a fundamental transaction (as defined in the officer’s employment agreement), termination of service by the Company without “cause” (as defined in the officer’s employment agreement), or termination by the officer for “good reason” (as defined in the officer’s employment agreement).
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL |
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.
| POLARITYTE, INC. | |
| Dated: December 23, 2021 | /s/ Jacob Patterson |
| Jacob Patterson | |
| Chief Financial Officer |