UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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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 March 17, 2023, Presto Automation Inc. (the “Company”) appointed Stanley Mbugua, age 52, the Company’s Chief Accounting Officer, a newly-created position for the Company. Prior to joining Presto, Mr. Mbugua served as Chief Accounting Officer at Skillz Inc. (NYSE: SKLZ), a mobile eSports platform, a position he held since 2021. Mr. Mbugua served as Group Vice President and Chief Accounting Officer of Rimini Street, a software company delivering third-party enterprise software support for Oracle, SAP, JD Edwards, PeopleSoft, Siebel, and other applications, from 2017 to 2021. From 2015 to 2017, Mr. Mbugua served as Senior Director and Corporate Controller at Lattice Semiconductor, a manufacturer of high-performance programmable logic devices. Mr. Mbugua is a Certified Public Accountant and has a Bachelor’s degree from the University of Nairobi.
Mr. Mbugua will be entitled to receive an annual base salary of $340,000 and an annual bonus opportunity of 30% of his base salary. Mr. Mbugua will be granted 250,000 restricted stock units (“RSUs”) pursuant to the Company’s 2022 Incentive Award Plan, 25% of which will vest on February 6, 2024, with the remainder vesting in equal installments monthly over the next 36 months thereafter. Mr. Mbugua is also entitled to participate in or receive benefits under the employee benefit programs maintained by the Company, including its health, dental, vision, life and disability insurance benefits.
Mr. Mbugua has no family relationships, as defined in Item 401 of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with any director or executive officer of the Company, and there are no arrangements or understandings with any person pursuant to which he will be selected as an officer of the Company. In addition, there have been no transactions directly or indirectly involving Mr. Mbugua that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Exchange Act.
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SIGNATURE
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.
PRESTO AUTOMATION INC. | |||
By: | /s/ Susan Shinoff | ||
Name: | Susan Shinoff | ||
Title: | General Counsel and Corporate Secretary | ||
Dated: March 21, 2023