News Article
Advanced Photonix hires Jeffrey Anderson as CFO
Anderson has a varied background and run accounting organisations with only 5 employees and as many as 140 in over 14 different countries.
The new appointment by Advanced Photonix of Chief Financial Officer, Anderson is effective August 29, 2011.
Richard (Rick) Kurtz President and CEO of Advanced Photonix, stated, "Jeff has over 30 years of business experience, starting in public accounting and moving into a number of high technology companies with annual revenues ranging from $50 million to over $3 billion. He has guided companies through merger and acquisitions and he has completed over ten financings involving bond and equity raises. He has run accounting organisations with as few as 5 employees and as many as 140 in over 14 different countries. To complement his business background he has a BA, MBA, CPA and CMA, this unique combination of skills will be important in managing the growth of API. We look forward to having Jeff be part of the API Team and we will continue to look to build on our strong internal management talent pool in the future."
In connection with his appointment as the Chief Financial Officer of API, API entered into an employment agreement with Anderson on August 29, 2011. Anderson's employment agreement provides, among other things, that he will receive upon the commencement of his employment a grant of restricted stock under the API 2007 Equity Incentive Plan covering 100,000 shares of API Class A Common Stock. He will also have an option to acquire 160,000 shares of API Class A Common Stock pursuant to the API 2007 Equity Incentive Plan at an exercise price per share equal to fair market value of the shares on the grant date.
Finally, Anderson will receive a one-time relocation bonus of $50,000. The restricted stock and options granted to Anderson upon the commencement of his employment vest in quarterly instalments on each of the first four anniversaries of the date of the grant.
