UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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 April 15, 2025, following the approval of the compensation committee of the board of directors (the “Board”) of Sonim Technologies, Inc. (the “Company”), the Company and Clay Crolius, the Company’s Chief Financial Officer, entered into that certain first amendment to employment agreement (the “First Amendment to Employment Agreement”), amending the amended and restated letter agreement previously entered into by the Company and Mr. Crolius, dated as of December 8, 2023 (the “CFO Employment Agreement”). The terms of the CFO Employment Agreement were amended as follows:
| (i) | the definition of “Change in Control” was revised to include the following events: (a) the removal of a majority of the Board at any point during a period of two (2) consecutive years and (b) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition of all or substantially all of the Company’s assets; and | |
| (ii) | the severance provision of the CFO Employment Agreement was amended to: (a) extend the protection period to twelve (12) months following a Change in Control, (b) add a “triggering event” defined to include: (i) a termination of Mr. Crolius’s employment by the Company other than for death, disability or “cause” or (ii) a termination of employment by Mr. Crolius following a reduction in position, pay or other constructive termination events, and (c) to increase the severance benefits payable to Mr. Crolius by adding a guaranteed pro-rated bonus of not less than 20% of Mr. Crolius’s annual salary. |
The foregoing description of the First Amendment to Employment Agreement is qualified in its entirety by reference to the full text of the First Amendment to Employment Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
Description | |
| 10.1 | First amendment to employment agreement, dated as of April 15, 2025, by and between Sonim Technologies, Inc. and Clay Crolius | |
| 104 | Cover Page Interactive Data file (embedded within the Inline XBRL document) |
SIGNATURES
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.
| SONIM TECHNOLOGIES, INC. | ||
| Date: April 16, 2025 | By: | /s/ Clay Crolius |
| Name: | Clay Crolius | |
| Title: | Chief Financial Officer | |