Sarcos appoints Kiva Allgood as President and CEO; Benjamin Wolff becomes Executive Chairman

Palladyne AI Corp.

Effective Dec. 13, 2021, Benjamin G. Wolff resigns as CEO and becomes Executive Chairman; Kiva Allgood succeeds him as President and CEO.
Allgood, formerly Global Head of IoT and Automotive at Ericsson, receives $450k base salary, 100% target bonus, and $6M in equity (option + RSU).
Wolff's base salary reduced to $350k; no annual bonus starting 2022; eligible for ~$500k RSU annually.
Board expanded to nine members; Allgood appointed as Class I director with term expiring at 2022 annual meeting.
No material disagreement triggered CEO transition; Wolff continues as Chairman and board member.

item 5.02 item 9.01

Executive movements

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Role change

Benjamin G. Wolff

Executive Chairman

PDYN · Palladyne AI Corp.

Effective: 2021-12-13
Successor: Kiva Allgood
Filed: December 13, 2021, 6:59 PM ET

the Board of Directors (the “Board”) approved the appointment of Benjamin G. Wolff as Executive Chairman of the Company, and Mr. Wolff resigned from his position as Chief Executive Officer of Sarcos Technology and Robotics Corporation (the “Company”), each effective as of December 13, 2021.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Benjamin G. Wolff was appointed as Executive Chairman at Palladyne AI Corp..

Action: resigned as Chief Executive Officer and appointed as Executive Chairman
Role: Executive Chairman

Exact text from the filing

the Board of Directors (the “Board”) approved the appointment of Benjamin G. Wolff as Executive Chairman of the Company, and Mr. Wolff resigned from his position as Chief Executive Officer of Sarcos Technology and Robotics Corporation (the “Company”), each effective as of December 13, 2021.

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Palladyne AI Corp. filing history →

Source: SEC EDGAR

accession 0001564590-21-060069

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