Business Context and Reporting Period
This Form 8-K Current Report was filed by PeerStream, Inc. (not Intelligent Protection Management Corp.) on December 10, 2019, reporting events occurring on December 9, 2019. The filing addresses corporate governance changes, specifically the appointment of a new Chief Financial Officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and employment terms.
Material Changes
The primary material change is the appointment of Kara Jenny as Chief Financial Officer (CFO), effective December 9, 2019. She replaces Alexander Harrington, who served as interim CFO since May 6, 2019. Mr. Harrington will continue to serve as Chief Executive Officer.
Management Commentary and Compensation Details
- Base Salary: Ms. Jenny will receive an annualized base salary of $200,000, subject to annual review.
- Annual Bonus: Eligible for an annual incentive bonus of at least 25% of base salary for the 2020 calendar year, contingent on performance goals.
- Equity Grant: Subject to Board approval, Ms. Jenny will receive a stock option for 75,000 shares of common stock, vesting in four equal annual installments.
- Severance: In the event of termination without "cause" or resignation for "good reason," Ms. Jenny is entitled to three months of base salary and continued health insurance premiums for up to three months.
- Experience: Ms. Jenny brings over 20 years of senior financial expertise, including prior roles as CFO at Walker Innovation and Bluefly, Inc.
Investor Verification Checklist
- Verify the exact grant date and exercise price of the 75,000 stock options once approved by the Board.
- Confirm the specific performance goals established by the Compensation Committee for the 2020 annual bonus.
- Review the full text of the Employment Agreement for definitions of "cause," "good reason," and "change in control."
- Monitor future filings for the company's financial performance, as this 8-K contains no operational or financial results.