Business Context and Reporting Period
This Form 8-K is a current report filed by Heatwurx, Inc. on May 27, 2014. The filing discloses a change in senior management, specifically the appointment of a new Chief Financial Officer (CFO). Note: The request metadata references "Processa Pharmaceuticals, Inc.," but the filing text explicitly identifies the registrant as Heatwurx, Inc.
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 appointment details.
Material Changes
- Executive Departure: Allen Dodge is stepping down as Chief Financial Officer, a position he held since August 2012.
- Executive Appointment: Alexander Kramer has been appointed as the new Chief Financial Officer, effective June 10, 2014.
Compensation and Employment Terms
The filing details the compensatory arrangements for the new CFO, Alexander Kramer:
- Base Salary: $180,000 annually.
- Equity Grant: Options to purchase up to 100,000 shares of common stock at an exercise price of $3.00 per share.
- Vesting Schedule: Options vest ratably on an annual basis over a three-year period.
- Severance: If terminated for any reason other than gross negligence within the first two years, Mr. Kramer is entitled to two months' base salary and immediate vesting of 20,000 options.
- Benefits: Eligible for company-sponsored health, vision, life, and disability plans.
- Employment Status: At-will employment.
Investor Verification Checklist
- Verify the effective date of the CFO transition (June 10, 2014) and the departure of Allen Dodge.
- Confirm the terms of the stock option grant, specifically the $3.00 strike price and the 3-year vesting schedule.
- Review the press release (Exhibit 99.1) for additional context on the strategic rationale for the leadership change.
- Check subsequent filings for any updates to the company's financial status, as this 8-K contains no financial metrics.