false 0001702924 0001702924 2024-01-05 2024-01-05

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

 

FORM 8-K

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 5, 2024

 

 

WRAP TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its Charter)

 

 

 

1817 W 4th Street, Tempe, Arizona 85281
(Address of principal executive offices)

 

(800) 583-2652
(Registrant’s Telephone Number)

 

Not Applicable
(Former name or address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

 

 

On January 5, 2024 (the “Termination Date”), Chris DeAlmeida’s employment as Chief Financial Officer of Wrap Technologies, Inc. (the “Company”) was terminated without cause, effective immediately, pursuant to a Separation Agreement and Mutual Release of Claims (the “Separation Agreement”). The termination of Mr. DeAlmeida’s employment was not the result of any disagreement regarding any matter relating to the Company’s operations, policies, or practices.

 

Pursuant to the Separation Agreement, Mr. DeAlmeida is entitled to receive severance payments in a total amount equal to $137,500, representing six months of Mr. DeAlmeida’s base salary as in effect immediately prior to the Termination Date, payable in substantially equal installments over a six-month period in accordance with the Company’s payroll schedule, beginning after any applicable revocation period has expired without exercise.

 

The Separation Agreement provides Mr. DeAlmeida with 21 days in which to review the Separation Agreement prior to accepting it. The Separation Agreement further provides that Mr. DeAlmeida shall have the opportunity to revoke his acceptance of the Separation Agreement within seven calendar days of his execution thereof. The Separation Agreement shall become enforceable on the eighth day following Mr. DeAlmeida’s execution thereof if he does not revoke his acceptance of the Separation Agreement by written notice before such time.

 

Mr. DeAlmeida further agreed to provide his continued cooperation with the Company and its affiliates through January 31, 2024, or such later date as may be mutually agreed to (the “Cooperation Period”). In connection with Mr. DeAlmeida’s continued cooperation, the Company has agreed to compensate Mr. DeAlmeida at an hourly rate of $175 for all hours worked and that were requested by the Company during the Cooperation Period.

 

The Separation Agreement also provides for a mutual release of claims by Mr. DeAlmeida and the Company, as well as certain customary mutual covenants regarding non-disparagement.

 

The description of the terms of the Separation Agreement contained in this Item 5.02 is qualified in its entirety by reference to the full text of the agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

 

 

(d) Exhibits.

 

 

 

 

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.