SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2019
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction of||(Commission||(I.R.S. Employer|
|incorporation)||File Number)||Identification No.)|
999 Vanderbilt Beach Rd, Suite 601
|(Address of principal executive offices)||(Zip Code)|
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|[ ]||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|[ ]||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|[ ]||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|[ ]||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
|Item 5.02||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
On March 11, 2019, David Lethem, Chief Financial Officer of FTE Networks, Inc. (the “Company”), notified the Company that he is resigning as the Company’s Chief Financial Officer, effective March 11, 2019. The Company previously entered into a transition, separation, and general release agreement (the “Separation Agreement”) with Mr. Lethem, pursuant to which the Company has agreed to pay Mr. Lethem a severance payment of $87,500, which shall be paid in equal installments over a six-month period. In addition to certain releases and post-employment covenants, Mr. Lethem is also returning 466,151 shares of Company common stock. The foregoing summary of the terms and conditions of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is attached hereto as Exhibit 10.1.
The Company has launched a search process for a successor Chief Financial Officer.
|Item 9.01.||Financial Statements and Exhibits.|
|10.1||Transition, Separation and General Release Agreement, dated as of February 26, 2019, by and between FTE Networks, Inc. and David Lethem|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|FTE NETWORKS, INC.|
|By:||/s/ Anthony Sirotka|
|Interim Chief Executive Officer|
|Date: March 12, 2019|