UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 


 

FORM 8-K

  


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 18, 2019

AMERITYRE CORPORATION

(Exact name of registrant as specified in its charter)

 

NEVADA

000-50053

87-0535207

(State or other jurisdiction

(Commission File Number)

(IRS Employer ID No.)

of incorporation)

  

  

 

1501 Industrial Road, Boulder City, Nevada  89005

(Address of principal executive office)

 

Registrant's telephone number, including area code: (702) 293-1930

 

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 (see General Instruction A.2. below):

 

☐ 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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Not applicable.

 

 

 

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 December 18, 2019, Michael F. Sullivan, the Company’s Chief Executive Officer finalized the negotiation of the renewal of his employment contract.

 

Mr. Sullivan’s compensation package is a summarized below. See the full agreement in Exhibit 10.1.

 

 

Compensation.

 

(a)     Annual salary of $165,000 per year;

 

(b)     Stock award of 1.98 million shares of the Company’s common stock vesting ratably during the calendar year of 2020;

 

(c)     Bonus compensation up to twenty (20)% of annual salary under Section 5(a) based on certain financial performance objectives as described in Section 5(c ); and,

 

(d)     Health and medical insurance as available for full-time employees, and participation in any retirement, pension, profit-sharing, stock option, or other plan as in effect from time to time on the same basis as other employees.

 

ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS.

 

10.1     Michael F. Sullivan compensation agreement.

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.

 

Dated:  December 20, 2019

 

AMERITYRE CORPORATION

 

/s/ Lynda R. Keeton-Cardno               

Lynda R. Keeton-Cardno

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

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