Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On April 21, 2020, Thomas J. Meaney, resigned as Chief Financial Officer of
Mikros Systems Corporation (the "Company") effective May 1, 2020. Concurrent
with Mr. Meaney's resignation, the Company appointed Mark J. Malone, currently a
member of the Company's Board of Directors (the "Board"), to serve as Chief
Financial Officer and Chief Strategist effective May 1, 2020. Mr. Meaney will
continue to serve as the Company's Chief Executive Officer and member of the
Board.
The information regarding the biographical information, business experience and
background of Mr. Malone, set forth in Part III. Item 10. DIRECTORS, EXECUTIVE
OFFICERS AND CORPORATE GOVERNANCE of the Company's Annual Report on Form 10-K
for the Company's fiscal year ended December 31, 2019, as filed with the United
States Securities Exchange Commission on March 30, 2020, is incorporated by
reference herein.
In connection with his appointment, Mr. Malone will receive a base salary of
$225,000 per annum and the initial vesting periods applicable to the 60,000
shares of restricted stock previously awarded to Mr. Malone have been reinstated
such that the shares will continue to vest in equal annual installments over the
five year period commencing on the date of the applicable grant.
Mr. Malone currently has a consulting agreement with the Company to provide
financial advisory, strategic planning and corporate governance consulting
services to the Board of Directors. That consulting agreement will terminate on
April 30, 2020.
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