form8k.htm
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): November 18, 2009
eMagin
Corporation
(Exact
name of registrant as specified in its charter)
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Delaware
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000-24757
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56-1764501
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(State
or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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3006 Northup Way, Suite 103,
Bellevue WA 98004
(Address
of principal executive offices and Zip Code)
Registrant's
telephone number, including area code (425)-284-5200
Copies
to:
Richard
Friedman, Esq.
Sichenzia
Ross Friedman Ference LLP
61
Broadway
New York,
New York 10006
Phone:
(212) 930-9700
Fax:
(212) 930-9725
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))
Item
5.02. Departure of Directors or Principal Officers; Election of
Director; Appointment of Principal Officers.
Andrew
Sculley, Jr., the Chief Executive Officer and President of eMagin Corporation
(the “Company’) has been appointed, effective as of November 18, 2009, to the
Company’s Board of Directors.
Mr.
Sculley has been serving as the Company’s Chief Executive Officer and President
under an employment agreement dated May 13, 2008 (the “Employment
Agreement”), pursuant to
which Mr. Sculley is serving as the Company’s Chief Executive Officer and
President, effective June 1, 2008. Pursuant to the Employment
Agreement, Mr. Sculley is being paid a salary of $320,000 per
annum. If Mr. Sculley voluntarily terminates his employment
with the Company, other than for Good Reason as defined in the Employment
Agreement, he shall cease to accrue salary, personal time off, benefits and
other compensation on the date of voluntary termination. The Company may
terminate Mr. Sculley’s employment with or without cause. If the Company
terminates without cause, Mr. Sculley will be entitled to, at the Company’s sole
discretion, either (i) monthly salary payments for twelve (12) months, based on
his monthly rate of base salary at the date of such termination, or (ii) a
lump-sum payment of his salary for such 12 month period, based on his monthly
rate of base salary at the date of such termination. Mr. Sculley shall also be
entitled to receive (i) payment for accrued and unpaid vacation pay and (ii) all
bonuses that have accrued during the term of the Employment Agreement, but not
been paid. Pursuant to Mr. Sculley’s employment agreement during the
term of his employment, the Company is to use reasonable good faith efforts to
cause him to be elected and re-elected as a member of the Company’s Board of
Directors.
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.
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eMagin
Corporation
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Date:
November 23, 2009
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By:
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/s/ Paul
Campbell
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Name: Paul
Campbell
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Title:
Chief Financial Officer
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