secwatch.observer — SEC 8-K summary
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Issuer:     FRANKLIN WIRELESS CORP (FKWL)
CIK:        0000722572
Form:       8-K
Filed at:   2021-10-04T23:59:59+00:00
Accession:  0001683168-21-004671
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Franklin Wireless renews CEO OC Kim's employment for 3 years at $300k salary; change-of-control payout of $5M set
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- CEO OC Kim's management agreement renewed for three years (Oct 1, 2021 – Sep 30, 2024) with $300,000 annual salary plus $700/month car allowance.
- Upon a change of control, CEO OC Kim receives $5,000,000 lump sum plus full acceleration of unvested stock options.
- COO David Lee also received a renewed change-of-control agreement on the same date.
- Both agreements are effective October 1, 2021 and contain binding arbitration and California governing law.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722572/000168316821004671/0001683168-21-004671-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722572/000168316821004671/franklin_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-21-004671

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