Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 12, 2023, American Shared Hospital Services (the “Company”) appointed Robert Hiatt as its Chief Financial Officer, effective April 17, 2023. Mr. Hiatt will also serve as the Company’s principal financial officer and principal accounting officer.
Mr. Hiatt, age 57, was previously the Chief Financial Officer of AmeriCash Loans, a consumer finance company from October 2007 to December 2022. While at AmeriCash Loans, Mr. Hiatt was responsible for leading the finance team including internal financial reporting, external audit and tax coordination and debt management. From August 2003 to July 2007, Mr. Hiatt served as the Executive Vice President and Chief Financial Officer of United Financial Mortgage Corp, a provider of residential mortgages. Prior to that, Mr. Hiatt was Vice President Finance and Chief Accounting Officer of Novamed, Inc., an operator of ambulatory surgery centers, from September 1997 to August 2003. Mr. Hiatt received his Bachelor’s of Science in Accountancy from Miami University.
There are no family relationships between Mr. Hiatt and any of the directors and executive officers of the Company, nor are there transactions in which Mr. Hiatt has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Mr. Hiatt will receive an annual base salary of $210,000. He may receive a bonus based on attainment of performance goals in 2023 in an amount up to $35,000. In connection with the commencement of his employment, on April 17, 2023 (the “Grant Date”), Mr. Hiatt received an option award to purchase 20,000 shares of the Company’s common stock with an exercise price equal to the closing price of the Company’s common stock on the Grant Date. The option award will vest in equal annual installments over a five year period beginning on the first anniversary of the Grant Date. Mr. Hiatt is entitled to participate in all benefit plans generally made available to executive officers of the Company. A copy of the Offer Letter of Employment, dated April 12, 2023 (the “Offer Letter”), is attached hereto as Exhibit 10.1. The description of the Offer Letter set forth above is qualified in its entirety by reference to Exhibit 10.1.
As previously disclosed, in connection with the commencement of Mr. Hiatt’s employment, effective April 17, 2023, Craig Tagawa will continue to serve as the Company’s President and Assistant Secretary, but will no longer serve as the Company’s Chief Financial Officer, principal financial officer or principal accounting officer.
