Company: AWRE
Filing Date: 2025-02-05
Form Type: 8-K
Source: 0000950170-25-013916
Chunk: 1

Company: AWARE INC /MA/
Filing Date: 2025-02-05
Form: 8-K
Item: Item 1.01
Chunk 1
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 (the “ Amlani Employment Agreement”). Pursuant to the Amlani Employment Agreement, Mr. Amlani will receive the following compensation: (a) an annual base salary of $400,000, (b) annual cash incentive compensation as determined by the Board or the Compensation Committee with an initial target annual incentive compensation up to 50% of his base salary and tied to Company performance targets as determined by the Compensation Committee, (c) a signing bonus of $75,000 with a pro-rated portion of the signing bonus repayable by Mr. Amlani to Aware if within two years after the Effective Date his employment is terminated by Aware for “ Cause” or he resigns his employment with the Company without “ Good Reason”, (d) a stock option exercisable for 848,157 shares of Aware’s common stock, with an exercise price of $1.70 per share and vesting over four years (25% vesting on the first anniversary of the Effective Date and thereafter in 36 equal monthly installments), (e) a stock option exercisable for 106,020 shares of Aware’s common stock, with an exercise price of $1.70 per share and vesting on the first anniversary of the Effective Date if certain year-over-year bookings growth occurs for Aware in 2025, and (f) a stock option exercisable for 106,020 shares of Aware’s common stock, with an exercise price of $1.70 per share and vesting on the second anniversary of the Effective Date if certain year-over-year bookings growth occurs for Aware in 2026.

Subject to Mr. Amlani signing and delivering to Aware a release of claims, Mr. Amlani will also be eligible to receive compensation upon termination of Mr. Amlani’s employment by Aware without “ Cause” or by Mr. Amlani for ” Good Reason” as follows: (a) an amount equal to Mr. Amlani’s base salary paid during the twelve (12) months immediately preceding the termination of Mr. Amlani’s employment with Aware and (b) Aware paying 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