secwatch.observer — SEC 8-K summary
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Issuer:     Palladyne AI Corp. (PDYN)
CIK:        0001826681
Form:       8-K
Filed at:   2021-12-13T23:59:59+00:00
Accession:  0001564590-21-060069
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826681/000156459021060069/0001564590-21-060069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826681/000156459021060069/strc-8k_20211209.htm
  HTML page:      https://secwatch.observer/filing/0001564590-21-060069

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