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On January 10, 2017, the Board of Directors (the "Board") of Numerex Corp. (the "Company") terminated the employment of Marc Zionts as Chief Executive Officer. Under the terms of his employment agreement, Mr. Zionts is required to resign as a member of the Board of Directors and comply with certain other restrictive covenants.
Effective January 11, 2017, the Board appointed Kenneth Gayron as interim Chief Executive Officer. Mr. Gayron will continue to serve as Chief Financial Officer. Mr. Gayron's annual base salary will be increased from $300,000 to $330,000. Mr. Gayron also will receive a discretionary cash bonus of $50,000 for 2016. In addition, Mr. Gayron will be granted 25,000 restricted stock units and options covering 25,000 shares, each of which will vest in four annual cumulative installments beginning on the first anniversary of the date of grant.
Effective January 11, 2017, the Board appointed Kelly Gay, age 57, as Chief Operating Officer. From May 2014 until May 2016, Ms. Gay served as the Company's President, Network Solutions. Prior to that time, Ms. Gay was CEO and President of Omnilink Systems Inc. (electronic tracking and monitoring devices) since April 2010. The Company acquired Omnilink in May 2014. From May 2016 until January 2017, Ms. Gay served on the Board of Directors of 1105 Media, a privately-held provider of business-to-business (B2B) marketing and media services.
Ms. Gay will receive an annual base salary of $330,000. In addition, Ms. Gay will be granted 25,000 restricted stock units and options covering 25,000 shares, each of which will vest in four annual cumulative installments beginning on the first anniversary of the date of grant.
A copy of a press release issued by the Company on January 11, 2017 is attached hereto as Exhibit 99.1 and incorporated by reference herein.
EX 99.1 Press Release dated January 11, 2017
Numerex Corp |
By: | /s/ Kenneth Gayron |
Name: Kenneth Gayron | |
Title: Interim Chief Executive Officer and Chief Financial Officer |
Exhibit No. | Description | |
EX-99.1 | Press Release |