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.
Interim President and Chief Executive Officer Compensation
As previously disclosed, on June 29, 2022, the Board of Directors (the “Board”) of Hyperfine, Inc. (the “Company”) appointed R. Scott Huennekens as Interim President and Chief Executive Officer of the Company, effective as of July 29, 2022. Mr. Huennekens currently serves as Executive Chairperson of the Board.
On July 8, 2022, the Board approved the terms of compensation to be granted to Mr. Huennekens for his service as Interim President and Chief Executive Officer. Mr. Huennekens will be compensated in the amount of $30,000 per month, effective as of July 1, 2022, until a new President and Chief Executive Officer is duly appointed and qualified (the “Huennekens Interim Compensation”). In addition, Mr. Huennekens will continue to be entitled to an annual cash retainer fee of $50,000, an annual equity grant and the reimbursement of expenses for his service as a non-employee director in accordance with the Company’s Nonemployee Director Compensation Policy.
Termination of Consulting Agreement
In connection with the Board’s approval of the Huennekens Interim Compensation, on July 8, 2022, the Company terminated the Consulting Agreement, dated as of April 25, 2021, by and between Hyperfine Operations, Inc., a wholly-owned subsidiary of the Company, and Mr. Huennekens (the “Consulting Agreement”), effective June 30, 2022. Under the Consulting Agreement, Mr. Huennekens was entitled to payment of $10,000 per month for his service as Executive Chairperson.
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.
| HYPERFINE, INC. | ||||||
| Date: July 14, 2022 | By: | /s/ Neela Paykel | ||||
| Neela Paykel | ||||||
| General Counsel, Chief Compliance Officer and Corporate Secretary | ||||||