Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  American Virtual Cloud Technologies, Inc.    AVCT

AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.

(AVCT)
  Report
SummaryQuotesChartsNewsCompanyFinancials 
SummaryAll NewsPress ReleasesOfficial PublicationsSector news

AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC. : Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits (form 8-K)

share with twitter share with LinkedIn share with facebook
09/16/2020 | 05:30pm EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 16, 2020, American Virtual Cloud Technologies, Inc. (the "Company") announced the appointment of Xavier Williams as Chief Executive Officer of the Company, with an effective date of October 1, 2020 (the "Effective Date"). Mr. Williams will also be appointed to serve on the Company's board of directors (the "Board") effective as of the Effective Date.

Mr. Williams, age 52, has served in a number of leadership capacities over the past 30 years at AT&T across multiple disciplines including finance, strategy, sales, product management, global operations and human resources, most recently as President of Public Sector and FirstNet from July 2020 to September 2020. Prior to this position, he served as President of Government Solutions and National Business from October 2019 to June 2020, President of Global Public Sector and Wholesale Markets from October 2017 to September 2019, President of Business Operations from March 2017 to September 2017, President of National Business from November 2016 to March 2017, and Executive Vice President of AT&T's Global Customer Service business from January 2015 to October 2016. Mr. Williams received a BS in Business Administration from Edinboro University of Pennsylvania and an MBA from the University of Pittsburgh'sKatz School of Business.

In connection with his appointment, Mr. Williams entered into an employment agreement, to be effective as of the Effective Date (the "Employment Agreement"), with the Company, pursuant to which he will serve as Chief Executive Officer of the Company, reporting to the Board, on an "at-will" basis. Mr. Williams will also serve on the Board pursuant to the Employment Agreement.

Mr. Williams will receive an initial base salary of $600,000 per year, subject to annual reviews and potential increases, in the discretion of the Board. Mr. Williams will receive a one-time bonus of $300,000, payable within 30 days following the Effective Date. Mr. Williams will also be entitled to an annual bonus for each full fiscal year during his employment term, with a target bonus amount equal to 150% of his annual base salary, subject to the achievement of performance objectives to be established by the Board each year. For 2020, Mr. Williams will be entitled to receive a minimum cash bonus equal to 75% of his annual base salary.

Pursuant to the Employment Agreement, Mr. Williams will be entitled to receive grants of equity awards under the Company's 2020 Equity Incentive Plan (the "Plan") consisting of (i) 500,000 restricted stock units upon the approval of the Board and (ii) additional annual grants of restricted stock units if the Company exceeds certain specified increases in stock price, as described in the Employment Agreement.

If Mr. Williams's employment under the Employment Agreement is terminated by the Company without "cause" (as such term is defined in the Employment Agreement), the Company will be obligated to pay to Mr. Williams, in addition to accrued but unpaid salary and benefits, (i) continued payment of base salary for one year, (ii) a pro-grated bonus (if applicable), and (iii) continued benefits, including health care and life insurance. The Company's obligation to pay any of the foregoing severance obligations (other than salary and benefits accrued through the date of termination of employment) would be subject to Mr. Williams' execution of a release of claims against the Company and Mr. Williams' compliance with any surviving non-competition, non-solicitation, confidentiality and assignment of inventions obligations to the Company.

                                       1

If, during the term of the Employment Agreement and within 12 months following a change in control of the Company Mr. Williams' employment under the Employment Agreement is terminated by the Company without cause, the Company will be obligated to pay Mr. Williams a lump sum severance benefit equal to one time his base salary plus one and one-half times his target bonus payout. In addition, any shares of restricted stock or other equity awards previously granted to Mr. Williams and scheduled to vest within 12 months of such termination would accelerate and be fully vested.

The Employment Agreement contains customary confidentiality provisions, which apply both during and for 18 months after the term of the Employment Agreement, and customary non-competition and non-solicitation provisions, which apply during the term of the Employment Agreement and for 12 months thereafter.

The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 8.01 Other Events.

On September 16, 2020, the Company issued a press release regarding the appointment of Mr. Williams. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.                                Exhibit
10.1            Employment Agreement between the Company and Xavier Williams.
99.1            Press Release dated September 16, 2020.


                                       2

© Edgar Online, source Glimpses

share with twitter share with LinkedIn share with facebook
All news about AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.
09/23AMERICAN VIRTUAL CLOUD TECHNOLOGIES, : Regulation FD Disclosure, Financial State..
AQ
09/16AMERICAN VIRTUAL CLOUD TECHNOLOGIES, : Change in Directors or Principal Officers..
AQ
09/16AT&T : AVCT Announces Xavier Williams as New CEO
AQ
08/14AMERICAN VIRTUAL CLOUD TECHNOLOGIES : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FI..
AQ
08/11AMERICAN VIRTUAL CLOUD TECHNOLOGIES, : Entry into a Material Definitive Agreemen..
AQ
08/05AMERICAN VIRTUAL CLOUD TECHNOLOGIES : AVCtechnologies Announces Agreement to Buy..
PU
08/05AMERICAN VIRTUAL CLOUD TECHNOLOGIES, : Regulation FD Disclosure, Financial State..
AQ
08/05RIBBON COMMUNICATIONS : AVCtechnologies Announces Agreement to Buy Ribbon's Kand..
AQ
07/07AMERICAN VIRTUAL CLOUD TECHNOLOGIES, : Change in Directors or Principal Officers..
AQ
06/29AMERICAN VIRTUAL CLOUD TECHNOLOGIES : Management's Discussion and Analysis of Fi..
AQ
More news
Financials (USD)
Sales 2020 - - -
Net income 2020 -5,02 M - -
Net Debt 2020 8,56 M - -
P/E ratio 2020 -8,05x
Yield 2020 -
Capitalization 79,5 M 79,5 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 7
Free-Float 18,4%
Chart AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.
Duration : Period :
American Virtual Cloud Technologies, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Managers
NameTitle
Darrell J. Mays Chief Executive Officer & Director
Lawrence E. Mock Chairman
Graham McGonigal Chief Operating Officer
Thomas Hugh King Chief Financial Officer
U. Bertram Ellis Independent Director
Sector and Competitors