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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">WASHINGTON, D.C. 20549</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">FORM 8-K</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">CURRENT REPORT</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">PURSUANT TO SECTION 13 OR 15(D)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">OF THE SECURITIES EXCHANGE ACT OF 1934</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported):</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 26, 2019</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Commission File Number: 0-29923</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">CUI Global, Inc.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact Name of registrant as specified in Its Charter)</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Colorado</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">84-1463284</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or jurisdiction of</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">incorporation or organization)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Identification No.)</p>
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			<td style="vertical-align:bottom;width:50%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">20050 SW 112th Avenue, Tualatin, Oregon</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">97062</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of Principal Executive Offices)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip Code)</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(503) 612-2300</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Registrant&#8217;s telephone number)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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):</p>

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			<td style="vertical-align: bottom; width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</td>
			<td style="vertical-align: bottom; width: 93%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td>
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			<td style="vertical-align: bottom; width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
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			<td style="vertical-align: bottom; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</td>
			<td style="vertical-align: bottom; width: 93%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a- 12)</td>
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			<td style="vertical-align: bottom; width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</td>
			<td style="vertical-align: bottom; width: 93%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))</td>
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			<td style="vertical-align: bottom; width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 93%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
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			<td style="vertical-align: bottom; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<td style="vertical-align: bottom; width: 93%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company&nbsp;&#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Securities registered pursuant to Section 12(b) of the Act:</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Title of each class</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Trading Symbol(s)</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Name of each exchange on which registered</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Common stock, $0.001 par value</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">CUI</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Nasdaq Capital Market</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On September 26, 2019, the CUI Global, Inc. Board of Directors unanimously adopted a resolution, effective October 1, 2019, accepting the resignation of William J. Clough as the Company CEO and appointing James F. O&#8217;Neil as the CEO of the Company and subsidiaries and Vice-Chairman of the Board of Directors. The Board ratified the appointment of Mr. Clough as President, Chief Legal Officer and Executive Chairman of the Board of Directors.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">There are no arrangements or understandings between Mr.&nbsp;O&#8217;Neil and any other person pursuant to which he was appointed as CEO. There are no transactions in which Mr.&nbsp;O&#8217;Neil has an interest requiring disclosure under Item 404(a)&nbsp;of Regulation S-K of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Mr. O&#8217;Neil was appointed as a non-employee director July 9, 2019. Effective October 1, 2019, James F. O&#8217;Neil will be employed as Chief Executive Officer of CUI Global, Inc. under the terms of an employment agreement, a copy of which is attached hereto.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During 2019, Mr. O&#8217;Neil was awarded options to acquire up to 1,600,000 shares of Company common stock, $0.001 par value per share. Mr. O&#8217;Neil&#8217;s 1,600,000 stock options, represent a 600,000 share option granted July 9, 2019, with an exercise price of $0.84 that vest in twelve equal quarterly tranches from the date of grant (July 9, 2019) with the first 50,000 share option vesting on the grant date, July 9, 2019, and thereafter every quarter until the 600,000 options have all fully vested. Mr. O&#8217;Neil was granted an option to purchase 1,000,000 shares at an exercise price equal to the Company&#8217;s common stock closing price on Nasdaq for the trading day immediately prior to the Effective Date, October 1, 2019. These 1,000,000 stock options shall vest in equal monthly installments over thirty-six (36) months commencing on October 1, 2019.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Mr. O&#8217;Neil expressly acknowledges that this option to purchase common stock is subject to shareholder approval of an equity incentive plan of which Mr. O&#8217;Neil is entitled to participate. If shareholders do not approve an equity incentive plan, which includes this option to purchase common stock within one (1) year of the date of the grant, then Mr. O&#8217;Neil agrees that he shall forfeit all right, title and interest in and to these options.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Effective October 1, 2019, the Board of Directors unanimously appointed Sarah Tucker to the Company Board of Directors as an Independent Director. The Board has determined that Ms. Tucker meets the independence standards adopted by the Board within the meaning of Rule 5605(a)(2) of The NASDAQ Stock Market and Item 407(a) of Regulation S-K</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Sarah Tucker is a veteran executive for the business development, planning, engineering, procurement and construction of oil and gas projects globally. She has led projects with budgets from $5 million to over $3 billion in refining, petrochemicals, power, and offshore (both shallow and deep water) for oil and liquified natural gas in Angola, Brazil, China, India, Italy, Korea, Mexico, Nigeria, Oman, Qatar, Spain, the United Kingdom and the United States. She has served as an operations executive and managing director for major engineering, construction and petrochemical technology companies including Kellogg, KBR, Kellogg-Mitsubishi Development Company, Raytheon Engineers and Constructors, Kvaerner Engineering and Construction of Norway. Over the past several years, she has worked closely with Mexican national oil company PEMEX to establish the country&#8217;s first deep water project valued at $14 billion.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Sarah studied at the University of Kansas, Rice University and Lamar University.&nbsp; She is a licensed professional engineer and holds a bachelor&#8217;s degree in Civil/Structural Engineering from Lamar. She served on the Rice University Engineering and Construction Global Forum from 2008 - 2016, serving as chair from 2008 - 2010.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">There are no arrangements or understandings between Ms.&nbsp;Tucker and any other person pursuant to which she was appointed as a director. There are no transactions in which Ms. Tucker has an interest requiring disclosure under Item 404(a)&nbsp;of Regulation S-K of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). For her service as a non-employee, independent director, Ms. Tucker shall receive an annual Director Compensation of $100,000, payable quarterly, 50% in cash payment and 50% in Company equity.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Section 9 - Financial Statements and Exhibits</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 9.01 Financial Statements and Exhibits.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Exhibit No.</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Description</p>
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			<td style="vertical-align: bottom; width: 11%; padding-left: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;99.1</td>
			<td style="vertical-align: bottom; width: 86%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><a href="ex_159055.htm" style="-sec-extract:exhibit;">Press release dated October 1, 2019</a></td>
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			<td style="vertical-align: bottom; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11%; padding-left: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;99.2</td>
			<td style="vertical-align: bottom; width: 86%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><a href="ex_159056.htm" style="-sec-extract:exhibit;">James F. O&#8217;Neil Employment Agreement</a></td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b>Signature</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Signed and submitted this 2<sup>nd</sup> day of October 2019.</p>

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			<td colspan="2" valign="top" width="38%">
			<p style="margin-top: 0; margin-bottom: 0;">CUI Global, Inc.</p>
			</td>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
			</td>
			<td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp; &nbsp; &nbsp; /s/&nbsp;</font>Daniel N. Ford</p>
			</td>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Daniel N. Ford</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Chief Financial Officer</p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:238.5pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</p>

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</body></html>
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cui20190930_8k.htm
UNITED STATES 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):
September 26, 2019
Commission File Number: 0-29923
CUI Global, Inc.
(Exact Name of registrant as specified in Its Charter)
Colorado
84-1463284
(State or jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
20050 SW 112th Avenue, Tualatin, Oregon
97062
(Address of Principal Executive Offices)
(Zip Code)
(503) 612-2300
(Registrant's telephone number)
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 240.1 4d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.001 par value
CUI
Nasdaq Capital Market
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On September 26, 2019, the CUI Global, Inc. Board of Directors unanimously adopted a resolution, effective October 1, 2019, accepting the resignation of William J. Clough as the Company CEO and appointing James F. O'Neil as the CEO of the Company and subsidiaries and Vice-Chairman of the Board of Directors. The Board ratified the appointment of Mr. Clough as President, Chief Legal Officer and Executive Chairman of the Board of Directors.
There are no arrangements or understandings between Mr. O'Neil and any other person pursuant to which he was appointed as CEO. There are no transactions in which Mr. O'Neil has an interest requiring disclosure under Item 404(a) of Regulation S-K of the Securities Act of 1933, as amended (the "Securities Act").
Mr. O'Neil was appointed as a non-employee director July 9, 2019. Effective October 1, 2019, James F. O'Neil will be employed as Chief Executive Officer of CUI Global, Inc. under the terms of an employment agreement, a copy of which is attached hereto.
During 2019, Mr. O'Neil was awarded options to acquire up to 1,600,000 shares of Company common stock, $0.001 par value per share. Mr. O'Neil's 1,600,000 stock options, represent a 600,000 share option granted July 9, 2019, with an exercise price of $0.84 that vest in twelve equal quarterly tranches from the date of grant (July 9, 2019) with the first 50,000 share option vesting on the grant date, July 9, 2019, and thereafter every quarter until the 600,000 options have all fully vested. Mr. O'Neil was granted an option to purchase 1,000,000 shares at an exercise price equal to the Company's common stock closing price on Nasdaq for the trading day immediately prior to the Effective Date, October 1, 2019. These 1,000,000 stock options shall vest in equal monthly installments over thirty-six (36) months commencing on October 1, 2019.
Mr. O'Neil expressly acknowledges that this option to purchase common stock is subject to shareholder approval of an equity incentive plan of which Mr. O'Neil is entitled to participate. If shareholders do not approve an equity incentive plan, which includes this option to purchase common stock within one (1) year of the date of the grant, then Mr. O'Neil agrees that he shall forfeit all right, title and interest in and to these options.
Effective October 1, 2019, the Board of Directors unanimously appointed Sarah Tucker to the Company Board of Directors as an Independent Director. The Board has determined that Ms. Tucker meets the independence standards adopted by the Board within the meaning of Rule 5605(a)(2) of The NASDAQ Stock Market and Item 407(a) of Regulation S-K
Sarah Tucker is a veteran executive for the business development, planning, engineering, procurement and construction of oil and gas projects globally. She has led projects with budgets from $5 million to over $3 billion in refining, petrochemicals, power, and offshore (both shallow and deep water) for oil and liquified natural gas in Angola, Brazil, China, India, Italy, Korea, Mexico, Nigeria, Oman, Qatar, Spain, the United Kingdom and the United States. She has served as an operations executive and managing director for major engineering, construction and petrochemical technology companies including Kellogg, KBR, Kellogg-Mitsubishi Development Company, Raytheon Engineers and Constructors, Kvaerner Engineering and Construction of Norway. Over the past several years, she has worked closely with Mexican national oil company PEMEX to establish the country's first deep water project valued at $14 billion.
Sarah studied at the University of Kansas, Rice University and Lamar University.  She is a licensed professional engineer and holds a bachelor's degree in Civil/Structural Engineering from Lamar. She served on the Rice University Engineering and Construction Global Forum from 2008 - 2016, serving as chair from 2008 - 2010.
There are no arrangements or understandings between Ms. Tucker and any other person pursuant to which she was appointed as a director. There are no transactions in which Ms. Tucker has an interest requiring disclosure under Item 404(a) of Regulation S-K of the Securities Act of 1933, as amended (the "Securities Act"). For her service as a non-employee, independent director, Ms. Tucker shall receive an annual Director Compensation of $100,000, payable quarterly, 50% in cash payment and 50% in Company equity.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d)      Exhibits
Exhibit No.
Description
99.1
Press release dated October 1, 2019
99.2
James F. O'Neil Employment Agreement
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.
Signed and submitted this 2
nd
day of October 2019.
CUI Global, Inc.
By:
/s/
Daniel N. Ford
Daniel N. Ford
Chief Financial Officer