Business Context and Reporting Period
This Form 8-K is a current report filed by Akers Biosciences, Inc. (the "Company") on January 31, 2020. The report discloses the formalization of an executive leadership appointment and the associated compensatory arrangements.
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 terms.
- Annual Base Salary: $300,000 for the Executive Chairman.
- Payment Terms: Payable monthly in equal installments, retroactive to November 1, 2019.
- Benefits: Includes health, dental, life, disability insurance, and 401(k) participation.
- Bonuses: Discretionary cash and/or securities awards determined by the Board.
Material Changes
The primary material change reported is the execution of an Executive Chairman Agreement with Christopher C. Schreiber on January 24, 2020. While Mr. Schreiber was appointed Executive Chairman by the Board on November 1, 2019, this filing formalizes the written agreement governing his role, compensation, and termination rights.
Guidance, Outlook, and Risks
The filing contains no financial guidance, market outlook, or discussion of general business risks. Specific contractual terms include:
- Employment Status: The relationship is "at-will," allowing termination by the Company for any reason or voluntary resignation by Mr. Schreiber with 60 days' notice.
- Restrictive Covenants: Mr. Schreiber is subject to a one-year non-compete and non-solicitation restriction following termination of the agreement.
Investor Verification Checklist
- Verify the total cash compensation obligation retroactive to November 1, 2019.
- Review the full text of the Executive Chairman Agreement (Exhibit 10.1) for specific bonus criteria and termination severance details not summarized in the text.
- Confirm the impact of this appointment on the Company's cash burn rate given the lack of reported revenue in this filing.