SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 18, 2018 (September 16, 2018)
|(Exact name of registrant as specified in its charter)|
|(State or other jurisdiction
|(IRS Employer |
|923 Incline Way #39, Incline Village, NV 89451|
|(Address of principal executive offices)|
|(Registrant's telephone number, including area code)|
|(Former name or former address, if changed since last report.)|
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Emerging Growth Company ☒
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|Item 5.02||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
On September 16, 2018, the Board of Directors (the “Board”) of Aerkomm Inc. (the “Company”) at a special telephonic meeting of the Board increased the size of the Board from six members to seven members and appointed Mr. Richmond Akumiah as the Company’s seventh director, effective September 17, 2018, to serve until his successor is duly elected and qualified.
Mr. Akumiah is an engineering and financial management professional with years of experience in decision support, budgeting, forecasting, credit analysis, cost accounting, mergers and acquisitions, quantitative analysis, financial and operational analysis, strategic planning and corporate development. Since September 2018, Mr. Akumiah has been employed as a Senior Advisor, Investments and Operations by the State of New Jersey, Division of Investment. From 2014 to 2018, Mr. Akumiah was a research consultant for WorldQuant LLC, A Greenwich, Connecticut based investment management firm. Prior to that, from 2007 to 2014, Mr. Richmond was employed as a consultant for Wolters Kluwer. Prior to Walters Kluwer, Mr. Akumiah was employed in a number of positions in various financial management capacities. Mr Akumiah has also served as Chief Financial Officer of Hands On Network (Points of Light).
Mr. Akumiah is an associate member of the American Society of Civil Engineers.
Mr. Akumiah obtained a Master of Business Administration degree in Finance from New York University, in 1982, and a Bachelor’s degree in Engineering from Harvard University, in 1980.
Mr. Akumiah will receive an annual cash compensation fee of $20,000 to be paid in four quarterly installments. He will also receive an initial stock option grant under the Company’s 2017 Equity Incentive Plan to purchase 20,000 shares of the Company’s common stock. This option will have an exercise price equal to the closing price of the common stock Friday, September 14, 2018, on the OTCQX. Mr. Akumiah will be automatically granted an additional option to purchase 20,000 shares of the Company’s common stock on the date of each annual meeting.
There are no arrangements or understandings between Mr. Akumiah and any other persons pursuant to which he was elected as a director. There is no family relationship that exists between Mr. Akumiah and any directors or executive officers of the Company. In addition, there has been no transaction, nor is there any currently proposed transaction between Mr. Akumiah and the Company, that would require disclosure under Item 404(a) of Regulation S-K.
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.
|Date: September 18, 2018||AERKOMM INC.|
|/s/ Jeffrey Wun|
|Name: Jeffrey Wun|
|Title: Chief Executive Officer|