---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-028608"
form_type: "8-K"
ticker: "PDYN"
cik: "0001826681"
company_name: "Palladyne AI Corp."
filed_at: "2023-06-16T23:59:59+00:00"
generated_at: "2026-06-13T23:11:30.449680+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Sarcos details CEO Allgood's $473K severance; shareholders approve reverse stock split

## Summary
- Former CEO Allgood receives $473K severance, 12-month COBRA, $28K housing stipend, auto lease termination payment.
- CTO Denis Garagić gets new employment agreement: $337K base salary, 35% target bonus, change-in-control severance terms.
- Shareholders ratified Ernst & Young as auditor (106.3M votes for) and approved reverse stock split (105.9M for).
- Class II directors elected: Matthew Shigenobu Muta, Laura J. Peterson, Dennis Weibling (83.9M, 84.5M, 82.9M votes for).

## SEC filing metadata
- accession: 0000950170-23-028608
- form_type: 8-K
- ticker: PDYN
- cik: 0001826681
- company_name: Palladyne AI Corp.
- filed_at: 2023-06-16T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1826681/000095017023028608/0000950170-23-028608-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1826681/000095017023028608/strc-20230612.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-028608
- JSON: https://secwatch.observer/filing/0000950170-23-028608.json
- Plain text: https://secwatch.observer/filing/0000950170-23-028608.txt

## Key facts
- Executive change
  Kiva Allgood departed as Chief Executive Officer at Palladyne AI Corp..
  - Action: ceased
  - Role: Chief Executive Officer
  source text: Kiva Allgood ceased to be Chief Executive Officer of the Company and its subsidiaries (together, the “Company Group”) on May 11, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826681/000095017023028608/0000950170-23-028608-index.htm
- Shareholder Votes
  Palladyne AI Corp. shareholders approved Ratification of Appointment of Independent Registered Public Accounting Firm at the 2023-06-14 meeting.
  - Proposal: auditor ratification
  - Outcome: passed
  - Meeting: 2023-06-14
  source text: Proposal Two - Ratification of Appointment of Independent Registered Public Accounting Firm . The appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the Company’s fiscal year ending December 31, 2023 was ratified. For Against Withhold Broker Non-Votes 106,289,066 21,915 23,743 —
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826681/000095017023028608/0000950170-23-028608-index.htm
- Shareholder Votes
  Palladyne AI Corp. shareholders approved Election of Class II Directors at the 2023-06-14 meeting.
  - Proposal: director election
  - Outcome: passed
  - Meeting: 2023-06-14
  source text: Proposal One - Election of Class II Directors . The following nominees were elected as Class II directors to hold office until our 2026 annual meeting of stockholders and until their respective successors are elected and qualified. Nominee For Withhold Broker Non-Votes Matthew Shigenobu Muta 83,885,787 3,318,606 19,130,331 Laura J. Peterson 84,500,422 2,703,971 19,130,331 Dennis Weibling 82,861,669 4,342,724 19,130,331
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826681/000095017023028608/0000950170-23-028608-index.htm
- Shareholder Votes
  Palladyne AI Corp. shareholders approved Approval of the Reverse Stock Split Proposal at the 2023-06-14 meeting.
  - Proposal: reverse split
  - Outcome: passed
  - Meeting: 2023-06-14
  source text: Proposal Three – Approval of the Reverse Stock Split Proposal. The authorization and approval of the proposed amendments to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split and reduce the total number of authorized shares of common stock. For Against Withhold Broker Non-Votes 105,861,969 466,256 6,499 —
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826681/000095017023028608/0000950170-23-028608-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.