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): May 10, 2022
Everspin Technologies, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | | 001-37900 | | 26-2640654 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
5670 W. Chandler Blvd., Suite 130
Chandler, Arizona 85226
(Address of principal executive offices, including zip code)
(480) 347-1111
(Registrant’s 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:
| ¨ | 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 Stock, par value $0.0001 | | MRAM | | 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.
On May 10, 2022, the compensation committee of the board of directors of Everspin Technologies, Inc. (the “Company”) granted the following restricted stock units (“RSUs”) to the named executive officers of the Company:
| Name | | Number of RSUs granted | |
| Darin Billerbeck, Executive Chairman of the Board | | | 25,802 | (1) |
| Sanjeev Aggarwal, President and Chief Executive Officer | | | 25,802 | (2) |
| Anuj Aggarwal, Chief Financial Officer | | | 23,721 | (2) |
(1) The RSUs vest in seven equal monthly installments starting on June 1, 2022.
(2) The RSUs vest 25% per year over four years on each of January 1, 2023, 2024, 2025 and 2026.
These additional RSUs were granted to the named executive officers to compensate for incomplete awards of RSUs that were previously granted on March 14, 2022 as disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 2, 2022 due to an administrative error that resulted in less RSUs granted than were originally approved.
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.
| | Everspin Technologies, Inc. |
| Dated: May 12, 2022 | |
| | By: | /s/ Anuj Aggarwal |
| | | Anuj Aggarwal |
| | | Chief Financial Officer |
