secwatch.observer — SEC 8-K summary
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Issuer:     Palladyne AI Corp. (PDYN)
CIK:        0001826681
Form:       8-K
Filed at:   2024-10-31T23:59:59+00:00
Accession:  0000950170-24-119243
Event type: leadership
Sentiment:  positive
Materiality: 0.70
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Palladyne AI extends CEO Wolff to Nov 2027; adopts inducement plan for 500K shares
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- CEO Benjamin Wolff's term extended to November 1, 2027; first-year salary net ~$1/year, then $250K base plus 150% bonus target.
- Phantom equity award of 1.8M shares (cliff vest at term end, cash-settled) or, with shareholder approval, restricted stock award of 1.5M shares.
- Board adopted 2024 Inducement Plan reserving 500,000 shares for equity grants to new employees as material inducement, effective December 15, 2024.
- Severance on qualifying termination includes salary, target bonuses, and full vesting of equity incentive.
- Amendment is preliminary and subject to final agreement; Wolff's current employment term was set to expire February 23, 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826681/000095017024119243/0000950170-24-119243-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826681/000095017024119243/pdyn-20241030.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-119243

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer