CEO David Raun to step down; amended employment agreement with retention bonus and RSU

ONE STOP SYSTEMS, INC.

CEO David Raun will step down upon appointment of successor; amended agreement effective April 3, 2023 to June 24, 2023.
Mr. Raun receives retention bonus equal to 50% of $359K base salary, prorated daily through termination.
Eligible for discretionary grant of 201,000 RSUs vesting at 183.5 RSUs/day from Feb 2, 2023 through termination.
Severance: 12 months base salary, COBRA coverage, and accelerated vesting of RSUs scheduled to vest within 12 months.
Bylaws amended: quorum threshold reduced to one-third, and Rule 14a-19 requirements added.

item 1.01 item 5.02 item 5.03 item 9.01

Executive movements

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Departed

David Raun

Chief Executive Officer

OSS · ONE STOP SYSTEMS, INC.

Filed: April 7, 2023, 7:59 PM ET

the Company announced that David Raun, the Company’s Chief Executive Officer, will be stepping down, effective upon the appointment of his successor.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

David Raun departed as Chief Executive Officer at ONE STOP SYSTEMS, INC..

Action: stepping down
Role: Chief Executive Officer

Exact text from the filing

the Company announced that David Raun, the Company’s Chief Executive Officer, will be stepping down, effective upon the appointment of his successor.

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

ONE STOP SYSTEMS, INC.: Amended Bylaws to incorporate Rule 14a-19 requirements and decrease quorum threshold to one-third of voting power (effective 2023-04-07).

Change: bylaw amendment
Effective: 2023-04-07

Exact text from the filing

On April 7, 2023, the Company amended its Amended and Restated Bylaws (the “Bylaws”) to (i) revise Article II, Section 2.5 of the Bylaws to incorporate those requirements set forth in Rule 14a-19 of the Securities Exchange Act of 1934, as amended, as recently implemented by the SEC; and (ii) to revise Article II, Section 2.8 of the Bylaws to decrease the quorum threshold necessary to conduct business at shareholder meetings of the Company to one-third of the voting power of the Company’s capital stock issued and outstanding as of the relevant record date.

View on SEC.gov

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ONE STOP SYSTEMS, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-095388

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