On November 23, 2016, Towerstream Corporation (the Company) entered into an employment agreement with Arthur Giftakis, who has served as its Chief Operating Officer since February 16, 2016 (the Employment Agreement).Under the Employment Agreement, Mr. Giftakis will serve as the Companys Chief Operating Officer for a base salary of $230,000 per year. He shall be eligible for bonus compensation of up to $115,000 per year in cash, stock or options, as may be approved at the discretion of the Compensation Committee. The Employment Agreement has a term of two years and may be automatically renewed for additional one year terms unless earlier terminated by either party with three months prior notice. Upon termination for any reason, the executive shall be entitled to accrued but un paid salary and bonus. Upon termination without cause by the Company, for good reason by the executive or within 180 days of a change of control, the executive shall also be entitled to the greater of his base salary through the balance of the employment period or twelve months base salary, continued participation in the Companys benefits plans to be paid by the Company and immediate vesting of all stock option and other equity awards.
The description of the Employment Agreement included herein is incomplete.The Employment Agreement contains various additional terms and conditions which are included in Exhibit 10.1 hereto and should be reviewed in its entirety.
Item 9.01.Financial Statements and Exhibits.
Description of Exhibit
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 25, 2016
/s/ Philip Urso
Philip Urso, Interim Chief Executive Officer
makes a similar move, sign up!