Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 1, 2021, Wrap Technologies, Inc. (the "Company") announced the
appointment of Glenn Hickman as Chief Operating Officer ("COO"). Since March
2021, Mr. Hickman has served as a consultant to the Company, and following his
appointment as COO, Mr. Hickman will continue to work closely with the growing
engineering and operations teams to continue building out the Company's product
Hickman is a proven executive with extensive research and development, supply
chain, manufacturing, and software engineering experience. Hickman worked at
Axon Enterprises (formerly TASER International) from 2011-2019, serving as Vice
President of Research and Development from 2014-2019. At Axon, Hickman led the
launch of six hardware products, all connected to an ecosystem of cloud software
and mobile apps. He created engineering and supply chain processes and grew the
engineering team from 35 to 70. Hickman was responsible for establishing the
company's first manufacturing line in Shenzhen, China, and an optics engineering
team in Finland.
Hickman graduated with distinction from Stanford University, receiving his
Bachelor and Master of Science in Mechanical Engineering. Hickman received his
MBA with honors from Northwestern University's Kellogg School of Management with
a double major in Strategy and Marketing.
In his capacity as COO, Mr. Hickman will be an at-will employee, and shall be
paid an annual base salary of $225,000 per year. In connection with his
appointment as a consultant, Mr. Hickman was issued (i) a seven year option to
purchase 70,000 shares of the Company's common stock at an exercise price of
$5.50 per share ("Option"), and (ii) 30,000 shares of restricted stock ("RSUs").
The RSUs vest 33.33% on July 1, 2022 with the balance vesting ratably every six
months over the next two years thereafter. The Option vests 33.33% on July 1,
2022 with the balance vesting ratably every month beginning August 1, 2022 over
the next two years thereafter.
On July 1, 2021, Woody Norris, inventor of the BolaWrap, retired from the
Company as Chief Technology Officer. Mr. Norris will continue to play an active
role at the Company as a consultant focusing on new innovations.
A copy of the press release announcing the appointment of Mr. Hickman and Mr.
Norris' retirement is attached to this Current Report on Form 8-K as Exhibit
99.1 and is incorporated by reference herein.
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