Company: AWRE
Filing Date: 2025-02-05
Form Type: 8-K
Source: 0000950170-25-013916
Chunk: 2

Company: AWARE INC /MA/
Filing Date: 2025-02-05
Form: 8-K
Item: Item 1.01
Chunk 2
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. Amlani’s employment with Aware.

Pursuant to the change of control provisions in the Amlani Employment Agreement, upon a “ Change of Control,” (a) all time-based stock options and any other time-based stock awards held by Mr. Amlani shall immediately accelerate and become fully exercisable or nonforfeitable and (b) any performance-based equity awards held by Mr. Amlani shall be treated as specified in any such award agreement and if not so specified, shall be deemed to have been achieved at target. In addition, if Mr. Amlani’s employment is terminated during the eighteen (18) month period following a “ Change of Control” by Aware without “ Cause” or by Mr. Amlani for “ Good Reason”, subject to Mr. Amlani signing and delivering to Aware a release of claims, Mr. Amlani will receive from Aware: (i) a lump-sum amount equal to Mr. Amlani’s base annual salary paid during the twelve (12) months immediately preceding the termination of Mr. Amlani’s employment with Aware, (ii) a lump-sum amount equal to Mr. Amlani’s target bonus for the year in

which the termination of employment occurs, and (iii) the difference between the cost of COBRA continuation coverage, should Mr. Amlani elect to receive it, for Mr. Amlani and any dependent who received health insurance coverage prior to termination of Mr. Amlani’s employment with Aware, and any premium contribution amount applicable to Mr. Amlani as of such termination, for a period of twelve (12) months following the date of termination of Mr. Amlani’s employment with Aware.

A copy of the Amlani Employment Agreement is attached as Exhibit 10.1 to this Report. The foregoing summary of the Amlani Employment Agreement is qualified in its entirety by reference to the Amlani Employment Agreement.

On February 4, 2025, Aware issued a press release, attached to this Form 8-K as Exhibit 99.1, announcing that Mr. Amlani had become Chief Executive Officer and President of Aware.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

No financial statements are required to be filed as part of this Report. The following exhibits are filed as part of this report:

(d) EXHIBITS.

  Number      Description                                                                                   
  10.1        Employment Agreement dated as of February 3,