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): January 12, 2016
CACHET FINANCIAL SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | | 000-53925 | | 27-2205650 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
18671 Lake Drive East
Southwest Tech Center A
Minneapolis, MN 55317
(Address of principal executive offices) (Zip Code)
(952) 698-6980
(Registrant’s telephone number, including area code)
(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))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 12, 2016, the Company’s Board of Directors and its Compensation Committee completed its annual review of the executive team’s annual salaries and equity compensation incentives and approved the following changes:
| Executive | | 2016 Base Salary (1) | | | New Stock Options (2) | |
| | | | | | | |
| Darin McAreavey | | $ | 265,000 | | | | 320,000 | |
| Chief Financial Officer | | | | | | | | |
| | | | | | | | | |
| Bruce Whitmore | | $ | 220,000 | | | | 150,000 | |
| Chief Information Officer | | | | | | | | |
| | | | | | | | | |
| Jeffrey Mack | | $ | 335,000 | | | | 350,000 | |
| Chief Executive Officer | | | | | | | | |
| (1) | Darin McAreavey’s and Jeff Mack’s annual base salary increased to $255,000 and $305,000, respectively, effective January 1, 2016 and will increase to $265,000 and $335,000, respectively, effective June 1, 2016. Bruce Whitmore’s annual salary increased to $220,000 effective January 1, 2016. |
| | | |
| (2) | The stock options referenced above were issued with an exercise price of $0.41 per share reflecting the closing price of the Company’s stock on January 12, 2016 and have a life of 5 years. The vesting schedule of the stock options is 1/3rd on date of grant, 1/3rd on January 12, 2017 and the remaining 1/3rd on January 12, 2018. |
SIGNATURE
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.
CACHET FINANCIAL SOLUTIONS, INC.:
(Registrant)
| By: | /s/ Darin P. McAreavey | |
| | Darin p. Mcareavey,Chief Financial Officer | |
Dated: January 19, 2016
