UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 11, 2019
Sonim Technologies, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware | 001-38907 | 94-3336783 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
1875 South Grant Street Suite 750 San Mateo, CA |
94402 | |||
(Address of Principal Executive Offices) | (Zip Code) |
(650) 378-8100
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Shares, par value $0.001 per share |
SONM | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) | Adoption of Sonim Technologies, Inc. Transaction Bonus Plan |
On December 11, 2019, the Board of Directors of Sonim Technologies, Inc. (the Company) approved the Sonim Technologies Inc. Transaction Bonus Plan (the Plan) that is intended to incentivize Company employees who are in a position to significantly impact the value received by the Companys stockholders in a change of control transaction. Pursuant to the Plan, upon consummation of a change of control transaction, 10% of the consideration payable to Company stockholders, after deducting transaction expenses, will be distributed to Plan participants, including the Companys named executive officers. The Plan has a three year term and may be extended by the administrator of the Plan. Subject to the terms of the Plan, participants must be continuously providing services to the Company through the date of the closing of a change in control transaction to be eligible to receive a bonus thereunder, and payment is contingent upon delivery and non-revocation of a general release of claims. In connection with the adoption of the Plan, the Companys Board of Directors allocated a 50% interest in the Plan to Thomas Wiley Wilkinson, the Companys Chief Executive Officer, and a 10% interest in the Plan to Robert Tirva, the Companys interim Chief Financial Officer contingent upon Mr. Tirvas agreement to serve as the Companys Chief Financial Officer. The foregoing summary of the material terms of the Plan is subject to the full and complete terms thereof, which will be filed as an exhibit to the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
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.
Sonim Technologies, Inc. | ||||||
(Registrant) | ||||||
Date: December 17, 2019 | By: | /s/ Robert Tirva | ||||
Robert Tirva | ||||||
Interim Chief Financial Officer |