secwatch.observer — SEC 8-K summary
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Issuer:     Palladyne AI Corp. (PDYN)
CIK:        0001826681
Form:       8-K
Filed at:   2024-12-27T23:59:59+00:00
Accession:  0000950170-24-140797
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud

Palladyne AI Corp. enters amended employment agreement with CEO Benjamin G. Wolff through 2027
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- CEO Benjamin G. Wolff will receive net base salary of ~$1 per year for 2025, then $250,000 annually for 2026-2027.
- Wolff is eligible for a cash payment of up to 1,800,000 times stock FMV upon vesting conditions including continued employment until Oct 31, 2027.
- Target annual bonus opportunity of 150% of base salary starting in 2026.
- Severance includes salary through remainder of employment term, bonus severance, and COBRA premium reimbursement for up to 12 months.
- Agreement supersedes preliminary terms from Oct 30, 2024 and replaces prior employment agreement dated Jan 17, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826681/000095017024140797/0000950170-24-140797-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826681/000095017024140797/pdyn-20241226.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-140797

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