AERGP Applied Energetics Inc (PK)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) November 25, 2024

 

APPLIED ENERGETICS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

001-14015		77-0262908
(Commission File Number)		(IRS Employer Identification No.)

 

9070 S Rita Road, #1500, Tucson, AZ		85747
(Address of Principal Executive Offices)		(Zip Code)

 

(520) 628-7415

(Registrant’s Telephone Number, Including Area Code)

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

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 240.14d-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, par value $.001 per share		AERG		OTCQB

 

 

 

Item 1.01 – Entry into a Material Definitive Agreement.

 

See disclosure under Item 5.02 below.

 

Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

Appointment of Christopher Donaghey as President and Chief Executive Officer

 

Effective November 25, 2024, Applied Energetics has appointed Christopher Donaghey to serve as its President and Chief Executive Officer.

 

In a press release issued on November 25, 2024, Bradford T. Adamczyk, Executive Chairman, stated, “We are pleased to announce Chris as our new Chief Executive. Chris is a dynamic business leader with a deep understanding of the industry, our customers’ needs and our operations. His diverse set of experiences in the defense industry, coupled with his keen understanding of the need for cutting-edge solutions to address the urgent threats to our national security, make him ideally suited to lead the company during its next phase of growth and customer adoption. We have every confidence in his ability to guide Applied Energetics and drive the company’s long-term success.” A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.

 

Mr. Donaghey, age 52, is an experienced financial executive with extensive experience in the defense industry and has served as the company’s Chief Operating and Financial Officer since August 2022, during which time he has led all aspects of Applied Energetics financial strategy, performance, reporting and long-range business planning, as well as investor relations, treasury, controller, and audit operations. He served as senior vice president and head of corporate development for Science Applications International Corporation (SAIC), a defense and government agency technology integrator, where he was responsible for executing the company’s mergers and acquisitions (M&A) and strategic ventures strategy. He joined SAIC in 2017, as senior vice president of finance for SAIC’s operations. Mr. Donaghey is also a Founder and Executive Board member of the Silicon Valley Defense Group, a non-profit organization whose mission is to create the nexus of pioneering ideas, people, and capital that will unlock new sources of innovation for national security and power the digital evolution of the defense industrial base. Prior to joining SAIC, Donaghey was Vice President of Corporate Strategy and Development for KeyW Corporation, a national security solutions provider for the intelligence, cyber and counterterrorism communities, where he guided the overall corporate strategy, M&A, and capital markets activities. Mr. Donaghey was also a senior research analyst for SunTrust Robinson Humphrey Capital Markets during which time, he was ranked the number one defense analyst and number two analyst overall for stock selection by Forbes/Starmine in 2005 and was named in the Wall Street Journal Best on the Street survey in 2005, 2008, and 2009.

 

Mr. Donaghey served in the U.S. Navy Reserve where he provided scientific and technical analysis of missile guidance and control systems and advanced electronics for the Short-Range Ballistic Missile group at the Defense Intelligence Agency’s Missile and Space Intelligence Center. Donaghey earned his bachelor’s degree in mechanical engineering from Texas Tech University and served as an officer in the U.S. Navy. Mr. Donaghey served on Applied Energetics’ Board of Advisors from April 30, 2019 until becoming Chief Operating and Financial Officer.

 

Executive Employment Agreement

 

We have entered into an Executive Employment Agreement with Mr. Donaghey setting forth the terms of his service as President and Chief Executive Officer. The agreement is for a term of three years and is renewable thereafter for sequential one-year periods. The agreement may be terminated by the company for “Cause” or by Mr. Donaghey for “Good reason” both of which terms are defined in the agreement. The agreement may also be terminated, without Cause or Good Reason, by either party upon sixty days’ written notice to the other.

 

 

The agreement calls for (i) a cash salary of $400,000 per annum, payable monthly, and eligibility for a discretionary bonus within 60 days of the end of each year, and (ii) incentive stock options to purchase up to 1,000,000 shares of our common stock at an exercise price of $0.78 per share under the company’s 2018 Incentive Stock Plan. These options vest in installments based upon achievement by the company of target amounts of “gross revenue” (as defined under US GAAP) during any one fiscal-year period (each, an “Annual Revenue Target”) as follows: with respect to 170,000 shares, upon achievement of an Annual Revenue Target of $10 million; with respect to an additional 330,000 shares, upon achievement of an Annual Revenue Target of $25 million; and with respect to the remaining 500,000 shares, upon achievement of an Annual Revenue Target of $50 million. The installments shall be cumulative. (I.e., the options may be exercised, as to any or all shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of the options, and achievement of more than one Annual Revenue Target in any one fiscal-year period will cause the options to vest as to shares covered by both such installment amounts.).

 

In the event of a termination of the agreement by Donaghey with Good Reason, or by us without cause, we must pay him any unpaid base compensation due as of the termination date as well as any pro rata unpaid bonus and any unpaid expenses plus additional severance of 90 days’ base salary.

 

Resignation of Gregory J. Quarles as President and Executive Officer and Appointment as CEO Emeritus

 

In conjunction with the appointment of Mr. Donaghey, the Board of Directors has accepted the resignation of Dr. Quarles as President and Executive Officer, effective November 25, 2024, and has entered into an Employment and Transition Agreement with Dr. Quarles pursuant to which he is to serve as CEO Emeritus. This agreement has an initial term of one year and may be extended by mutual agreement for an additional year. Under this agreement, he is to receive a salary at a monthly rate of $33,333 until March 1, 2025 and $29,167 thereafter, subject to certain performance criteria.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit 10.1		Executive Employment Agreement
Exhibit 10.2		Employment and Transition Agreement
Exhibit 99		Press Release, dated November 25, 2024, -- Applied Energetics Chris Donaghey as President and Chief Executive Officer
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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 thereunto duly authorized.

 

	APPLIED ENERGETICS, INC.
	By:	/s/ Christopher Donaghey
		Christopher Donaghey,
		President and Chief Executive Officer

 

Date: December 2, 2024

 

 

3

 

Exhibit 10.1

 

Executive Employment Agreement

 

This Employment Agreement (the “Agreement”) is made and entered into as of November 25, 2024, by and between Christopher Donaghey (the “Executive”), and Applied Energetics, Inc, (the “Company”) (collectively, the “Parties”).

 

RECITALS

 

WHEREAS, Employer is a corporation that specializes in the development and manufacturing of innovative directed energy solutions, ultra-short pulse lasers, and related technologies for the national security, medical technology, and advanced manufacturing markets (the “Business”).

 

WHEREAS, the Company desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS, the Executive desires to be employed by the Company on such terms and conditions.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

 

1. Term. The Executive’s employment hereunder shall commence on November 25, 2024 (the “Effective Date”) and continue for an initial period of three years thereafter. Following such initial period, the Agreement shall automatically renew, upon the same terms and conditions, for successive periods of one year each until the Executive’s employment terminates pursuant to Section 5 of this Agreement. The period during which the Executive is employed by the Company hereunder is hereinafter referred to as the “Employment Term.”

 

2. Position and Duties.

 

2.1 Position. During the Employment Term, the Executive shall serve as Chief Executive Officer and, until a successor is appointed, principal accounting and financial officer of the Company and, as such, shall perform such services as are set forth in Schedule I to this Agreement. The Executive agrees to perform the services hereunder to the best of his ability in a diligent and conscientious manner, to devote appropriate time, energies and skill to those duties called for hereunder and to be available as deemed necessary by mutual agreement of the parties during the term of this Agreement.

 

2.2 Duties. In addition to the services set forth in Schedule I hereto, the Executive shall have such duties, powers, authority, and responsibilities as shall be determined from time to time by Executive and the Board of Directors, which duties, powers, authority, and responsibilities are consistent with the Executive’s position. During the Employment Term, the Executive will devote his full business time and attention to the performance of the Executive’s duties hereunder as he deems necessary and appropriate, for provision of services in a professional and competent manner to the Company. The Executive shall maintain such professional credentials and satisfy any and all legal or regulatory requirements for the performance of his services under this Agreement.

 

 

3. Place of Performance. The principal place of Executive’s employment shall be Arizona, and the Executive shall work an average of seven to ten days in the Company’s Tucson headquarters per month. The Executive may perform the remainder of his obligations under this Agreement at any location he deems necessary and appropriate, subject to reasonable approval of the Board of Directors and subject to his using a secure, NIST compliant connection to the Company’s information technology system. Executive may be required to travel on Company business during the Employment Term.

 

4. Compensation.

 

4.1 Base Salary. The Company shall pay the Executive an annual base salary of $400,000 in periodic installments in accordance with the Company’s customary payroll practices and applicable Arizona wage payment laws, but no less frequently than monthly (the “Base Salary”). The Executive’s Base Salary may not be decreased during the Employment Term.

 

4.2 Equity Compensation. The Company shall issue to the Executive, on the date hereof, Incentive Stock Options to purchase up to one million (1,000,000) shares of the Company’s common stock at an exercise price of $_____ per share, representing the fair market value on the date hereof by reference to the last closing price of the common stock on the OTCQB. Such options shall be subject to vesting and become exercisable only during the term of Executive’s employment in installments based upon achievement by the Company of target amounts of “gross revenue” (as defined under US GAAP) during any one fiscal-year period (each, an “Annual Revenue Target”) as follows: with respect to 170,000 shares, upon achievement of an Annual Revenue Target of $10 million; with respect to an additional 330,000 shares, upon achievement of an Annual Revenue Target of $25 million; and with respect to the remaining 500,000 shares, upon achievement of an Annual Revenue Target of $50 million. The installments shall be cumulative. (I.e., the options may be exercised, as to any or all shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of the options, and achievement of more than one Annual Revenue Target in any one fiscal-year period will cause the options to vest as to shares covered by both such installment amounts.) Such options shall also have a term of ten years and be subject to the terms and conditions of the Company’s 2018 Stock Incentive Plan and the standard form of Incentive Stock Option Agreement thereunder.

 

4.3 Annual Bonus.

 

(a) For each calendar year of the Employment Term, the Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) in an amount in cash or stock, if any, determined by the Board of Directors of the Company, in its sole discretion, with the Executive abstaining from any vote or action by written consent on such Annual Bonus.

 

 

(b) The Annual Bonus, if any, will be paid within two and a half (2 1/2) months after the end of the applicable calendar year.

 

4.4 Expense Reimbursements. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by the Executive in connection with the performance of his duties under this Agreement. The payment(s) shall be made on the day of the next regular payroll following submission by Executive of a reimbursement request to the Company in accordance with the Company’s standard reimbursement policy.

 

4.5 Benefits. During the Employment Term, the Executive shall be entitled to benefits consistent with the practices of the Company and governing benefit plan requirements (including plan eligibility provisions). Notwithstanding the foregoing, during the Employment Term, the Company shall provide the Executive with benefits equal or better to those benefits provided to or received by Executive from the Company as the date this Agreement is executed.

 

(a) Employee Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices, and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”) to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Executive may, in lieu of participating in the Company’s health insurance plan for himself and his immediate family, elect COBRA coverage from his prior employer, in which case, the Company will cover all premiums payable by the Executive for such coverage for a period of up to eighteen (18) months from the date of this Agreement or such shorter period as the Executive may be entitled to receive such COBRA benefits.

 

(b) Vacation and paid sick and family leave consistent with federal, state, and local laws and in an amount consistent with other executives in the Company but no less than four weeks.

 

(c) The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business and travel expenses incurred by the Executive in connection with the performance of his duties under this Agreement. The Company shall reimburse the Executive for expenses of moving and relocation of the Executive and his immediate family to Tucson, AZ (including the Tucson metropolitan area) within eighteen (18) months of the date of this Agreement.

 

 

4.6 Indemnification.

 

(a) In the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”), other than any Proceeding initiated by the Executive or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates with respect to this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, the Executive shall be indemnified and held harmless by the Company to the maximum extent permitted under applicable law from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys’ fees). Costs and expenses incurred by the Executive in defense of such Proceeding (including attorneys’ fees) shall be paid by the Company in advance of the final disposition of such litigation and in no event more than 90 days after receipt by the Company of a written request for payment and appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought.

 

(b) During the Employment Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall purchase and maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to the Executive on terms that are no less favorable than the coverage provided to other directors and similarly situated executives of the Company.

 

5. Termination of Employment.

 

5.1 The Executive’s employment hereunder may be voluntarily terminated by Executive or the Company at any time and for any reason upon 60 days’ prior written notice.

 

5.2 The Executive’s employment hereunder may be terminated by the Company at any time, effective immediately, for Cause. For purposes of this Section 5, the term “Cause” shall mean any (i) material breach of this Agreement by Executive which remains uncured for ten days following written notice thereof, (ii) gross negligence or willful misconduct by Executive in the performance of services hereunder, (iii) any action taken by Executive which is reasonably likely to cast the Company in an unfavorable light or bring negative publicity to the Company or (iv) the unavailability, inability or refusal of Executive to perform and deliver the services hereunder in a reasonable professional and timely manner.

 

5.3 Executive may terminate his employment under this Agreement at any time, effective immediately, for “Good Reason.” “Good Reason” shall mean: (a) material breach of this Agreement by the Company which remains uncured for ten days following written notice thereof; (b) a material change to the services, duties, authority or responsibilities assigned to Executive under this Agreement, absent mutual agreement; (c) a change to Executive’s title, absent mutual agreement; (d) any reduction to the compensation and/or benefits stated in Section 4 hereof, absent mutual agreement or a general restructuring of compensation affecting all of management; (e) the Company becomes either insolvent or in non-SEC reporting “shell” status within two years of the Commencement Date; or (e) a “change in control” (as hereinafter defined) of the Company. “Change in control” for purposes of this Agreement shall mean: the sale or disposition of more than 50% of the voting stock; a merger, consolidation, or share exchange that results in less than 50% of the voting stock remaining with the current owners; or a sale of all or substantially all of the assets of the Company.

 

 

5.4 If (a) the Company terminates the Executive’s employment for any reason other than Cause or (b) the Executive terminates his employment hereunder for “Good Reason,” then the Company shall pay to Executive severance pay in an amount representing 90 days’ Base Salary hereunder as of the date of such termination. In the event of a change in control, any unvested equity compensation awarded by the Company to Executive prior to the date of such change in control shall vest in full immediately prior to termination. The severance pay shall be paid to Executive in equal monthly payments for the 90-day period following the date of Executive’s termination.

 

5.5 This Agreement and Executive’s employment with the Company will terminate upon the Executive’s death or if the Executive becomes incapacitated by disability (as determined by a qualified medical professional). If this Agreement and Executive’s employment with the Company terminate by reason of death or disability, the Company shall pay to Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive, to his estate, payment in an amount representing 90 days’ Base Salary under this Agreement immediately prior to the date of death or incapacitation. The foregoing payment shall be made to Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive, to his estate in equal monthly installments for 90-day period following the date of death or incapacitation.

 

6. Cooperation. The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive’s cooperation in the future. Accordingly, following the termination of the Executive’s employment for any reason, to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive’s service to the Company; provided, however, that the Company shall make reasonable efforts to minimize disruption of the Executive’s other activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation and, to the extent that the Executive is required to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate of $550 per hour.

 

7. Confidential Information.

 

7.1 Executive understands that his relationship to the Company creates a relationship of confidence and trust with respect to any information of a confidential or secret nature that may be disclosed to Executive by the Company or by the business of any affiliate, customer or supplier of the Company or any other party with whom the Company agrees to hold information of such party in confidence (“Confidential Information”). Such Confidential Information includes but is not limited to plans, research, know-how, trade secrets, specifications, drawings, sketches, models, samples, data, technology, computer programs, documentation, relating to software, computer systems, source code, object code methodologies, product development, distribution plans, contractual arrangements, profits, sales, pricing policies, operational methods, technical processes, other business affairs and methods, plans for future developments and other technical and business information, including information related to inventions, which is not publicly available and can be communicated by any means whatsoever, including without limitation oral, visual, written and electronic transmission.

 

 

7.2 At all times, both during the term of this Agreement and after its termination, Executive will keep and hold all Confidential Information in strict confidence and trust and will not use or disclose any of such Confidential Information without the prior written consent of the Company, whether such Confidential Information was obtained prior to or during the term of this Agreement. Upon termination of his relationship with the Company, Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Company, and she will not take any documents or materials or copies thereof containing any Confidential Information, except as may be required for professional record keeping purposes. Executive represents and warrants that during any period prior to this Agreement in which he may have received or otherwise had access to Confidential Information, Executive did not disclose any such Confidential Information.

 

7.3 Executive agrees to notify the Company immediately upon discovery of (1) any unauthorized disclosure of Confidential Information, (2) any use of Confidential Information other than in pursuance of Executive’s business relationship with the Company, and (3) any other breach of this Agreement by Executive, and Executive will cooperate with the Company in every reasonable way to help the Company regain possession of the Confidential Information and prevent its further unauthorized use.

 

7.4 Confidential Information shall not include that information otherwise defined as Confidential Information that (1) entered the public domain without a breach by Executive of any obligation owed the Company, (2) became demonstrably known to Executive prior to the Company’s disclosure of such information to his, or (3) became known by or available to Executive from a source other than the Company subsequent to the Company’s disclosure of such information to Executive, without any breach of any obligation of confidentiality owed to the Company.

 

8. Non-Competition. During the term of this Agreement and for a period of one year following termination of his relationship with the Company for any reason, Executive will not, either alone or jointly with others or as an agent, consultant or employee of any person, firm or company, directly or indirectly, voluntarily or involuntarily, carry on or engage in any activity or business which is or may reasonably be in direct competition with the business of the Company or any of its affiliates, successors or assigns.

 

9. Non-Solicitation. During the term of this Agreement and for a period of two years following termination of his relationship with the Company for any reason, Executive will not, either alone or in association with others (i) solicit, divert, take away, encourage or attempt to divert or take away the business or patronage of any of the clients, customers or business partners of the Company which were contacted, solicited or served by the Company or any of its affiliates during the 12-month period prior to the termination or cessation of the Executive’s service to the Company; (ii) solicit, induce or attempt to induce any employee or independent contractor of the Company or its affiliates to terminate their employment or other engagement with the Company or any such affiliate; (iii) hire, recruit or attempt to hire, or engage or attempt to engage as an independent contractor, any person who was employed or otherwise engaged by the Company or any of its affiliates at any time during the term of this Agreement.

 

 

10. Non-Contravention. The Executive hereby represents and warrants to the Company that nothing contained in this Agreement constitutes a breach of any other agreement or covenant to which the Executive is a party or by which he is bound, including without limitation, any covenant not to compete or confidentiality or similar agreement.

 

11. Governing Law. Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Arizona without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the State of Arizona. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

12. Entire Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

13. Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive and the Company. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.

 

14. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement. The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

 

 

15. Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

16. Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

17. Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice):

 

If to Employer:

Attn: Bradford T. Adamczyk, Executive Chairman

Applied Energetics, Inc.

9070 S. Rita Road, Suite 1500

Tucson, Arizona 85747

 

Copy to: Mary P. O’Hara, Esq.

Applied Energetics, Inc.

9070 S. Rita Road, Suite 1500

Tucson, Arizona 85747

mohara@appliedenergetics.com

 

If to Employee:

Christopher Donaghey

207 McLean Pl

Severna Park, MD 21146

Cdonaghey@appliedenergetics.com

 

18. Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. If the Executive incurs any state or local income tax liability whatsoever by virtue of his performance of any obligation under this Agreement, the Company shall reimburse Executive for any such payment(s) he remits to any state or local taxing authority within 15 days of the date Executive submits the reimbursement request to the Company.

 

19. Acknowledgement of Full Understanding. The parties acknowledge and agree that they have fully read, understand and voluntarily enter into this Agreement. The parties acknowledge and agree they have had an opportunity to ask questions and consult with an attorney of his or its choice before signing this Agreement.

 

[Signature page follows.]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	EMPLOYER:
	Applied Energetics, Inc.
	By:	/s/ Bradford Adamczyk
	Name:	Bradford T. Adamczyk
	Its:	Executive Chairman
	Date:	November 25, 2024
	EXECUTIVE:
	By:	/s/ Christopher Donaghey
	Name:	Christopher Donaghey
	Date:	November 25, 2024

 

 

SCHEDULE I

 

Services

 

●

Leadership, provide leadership for all aspects of the company’s operations, including the development and implementation of the company’s strategy

 

●

Develop and execute the company’s strategic vision and long-term objectives in close collaboration with other executive team members.

 

●

Develop the company’s 3-5 year strategic plan. Set strategic goals and evaluate the company’s success in reaching them.

 

●

Create, communicate and implement the company’s vision, mission, and overall direction.

 

●

Oversee the day-to-day operations of and establish key performance indicators (KPIs) for the organization and its various department.

 

●

Lead and direct the executive team in developing organizational plans, business initiatives, and strategy.

 

●

Regularly report to internal and external stakeholders, providing detailed business and financial updates.

 

●

Act as the public face of the company and communicate with customers, government entities, stockholders, and the general public

 

●

Build and maintain strong relationships with stakeholders, including board members, investors, brand partners, vendors, and clients.

 

●

Build, attract, and maintain top talent, fostering an inclusive and diverse work environment and organizational culture.

 

●

Assess and minimize risks to the company

 

●

Drive and manage the organization’s financial performance, cash flow, and mitigate financial risks to ensure sustainable growth. Oversee the creation and execution of budgets, forecasts, and other financial data to make informed decisions.

 

●

Uphold corporate governance and ensure compliance with all applicable laws and regulations that align with the company’s values and strategic direction.

 

 

Exhibit 10.2

 

EMPLOYMENT AND TRANSITION AGREEMENT

 

This Employment and Transition Agreement (“Agreement”), dated as of November 25, 2024, is by and between Applied Energetics, Inc., a Delaware corporation (“Company”), and Gregory J. Quarles, an individual having a principal residence at 4729 E Sunrise Drive, #203, Tucson, AZ 85718 (“Employee”). Employee and Company may each be referred to herein individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, Employee has served as Chief Executive Officer and President, since May 6, 2019 and January 1, 2021, respectively, pursuant to a certain Executive Employment Agreement, dated as of April 18, 2019 and amended as of December 15, 2020, November 30, 2021, and November 29, 2022, respectively (as so amended, the “Executive Employment Agreement”); and

 

WHEREAS, Employee and Company desire to terminate the Executive Employment Agreement in accordance with the terms and conditions set forth in this Agreement; and

 

WHEREAS, Company desires to retain Employee, and Employee desires to continue to serve the Company, as CEO Emeritus on an at-will basis to perform Services (as defined below) for the Company, upon the terms and subject to the conditions set forth in this Agreement and the Company’s separate policies and procedures.

 

NOW, THEREFORE, in consideration of the promises and mutual covenants set forth herein, the Parties agree, warrant, and acknowledge:

 

1. Employment. The Company hereby employs Employee as CEO Emeritus, and Employee hereby accepts such employment, upon the terms and subject to the conditions set forth in this Agreement. Employee’s employment with the Company shall be on an at-will basis and, as such, may be terminated at any time by Employer or Employee, with or without cause, pursuant to the terms of Section 9 hereof. The parties acknowledge and agree that service under this Agreement shall be deemed to constitute “Continuous Service” as such term is defined in the Restricted Stock Unit Agreement, dated as of November 29, 2022, by and between Employee and Company.

 

2. Services and Duties. Employee shall perform the services and duties set forth on Schedule I hereto and any and all other services and duties of a similar nature as the Company may determine and/or delegate to Employee from time to time consistent with this Agreement (the “Services”). Employee shall perform the Services on a full-time basis, conscientiously, in good faith and to the best of Employee’s ability. Employee agrees to serve the Company faithfully and diligently and to comply with all policies and procedures of the Company in the performance of the Services.

 

3. Compensation. The Employee’s position is an exempt position. During the Term (as hereinafter defined), the Company will pay to Employee cash compensation at an annual salary as follows: (a) through February 28, 2025, such salary shall be $33,333 per month (representing an annualized rate of $400,000 per year); (b) for the period beginning March 1, 2025 through the date of final approval of the 2026 Department of Defense budget as certified and set forth in the Congressional Record, such salary shall be $29,167 per month (representing an annualized rate of $350,000 per year); and (c) for the remainder of the Term, such salary shall either (i) continue to be $29,167 per month if the Compensation Milestones set forth on Schedule I hereto are met or (ii) be adjusted to $25,000 per month (representing an annualized rate of $300,000 per year) if such Compensation Milestones are not met. Such salary shall be payable in accordance with the Company’s standard payroll practices, with applicable taxes and standard deductions withheld (the “Salary”).

 

 

4. Expenses. The Company shall reimburse Employee for reasonable and necessary expenses incurred by Employee in furtherance of Company business, subject to prior written approval of each such expense by an officer of the Company and provided Employee submits records of each such expense in form and substance satisfactory to the Company. Employee shall comply with the Company’s Travel and Expense Policy, as amended from time to time, in incurring any such expenses and submitting any requests for reimbursement.

 

5. Benefits. Employee shall be eligible to participate in the standard employee benefit plans, programs and policies of the Company offered to other similarly situated employees, whether now existing or established after the date hereof, to the extent that Employee is eligible under the general provisions thereof as in effect from time to time. Company may rescind any employee benefit plans, programs, or policies at any time in its discretion unless otherwise provided by law.

 

6. Proprietary Information and Inventions Agreement. Employee shall execute and be bound by a Proprietary Information and Inventions Agreement, substantially in the form attached here as Exhibit A (“PIIA”), including all restrictive covenants set forth in the PIIA.

 

7. Employee’s Representations and Warranties. Employee represents and warrants to the Company that: (i) Employee has the experience and ability to perform the Services required by this Agreement; (ii) Employee will perform the Services in a professional, competent, workmanlike, and timely manner; (iii) Employee has the legal power and competence to enter into and perform this Agreement; (iv) Employee is not a party to any other agreements or understandings which would prevent Employee from fulfilling the terms of this Agreement or which would be violated by entering into this Agreement and the PIIA and performing Employee’s obligations hereunder and under the PIIA, including any non-competition, non-solicitation or non-disclosure restrictive covenants; and (v) all material created by Employee hereunder and/or furnished by Employee in connection with the Services (1) is and shall be wholly original (except to the extent it is furnished by the Company), (2) will not be libelous, slanderous or defamatory, (3) will not violate, infringe upon or give rise to any adverse claim with respect to any common law or any other right whatsoever (including, without limitation, any copyright, patent, trademark, service mark, right of privacy or publicity or contract right) of any person, firm or corporation, and (4) will not violate any other applicable law. Employee shall not improperly use or disclose to the Company or any of its employees, agents, or contractors any confidential or proprietary information belonging to any former employer of Employee or any other person or entity to which Employee owes a duty of confidentiality or nondisclosure with respect to such information.

 

8. Employee Handbook. Employee agrees to abide by and comply with the Company’s Employee Handbook, together with all appendices thereto, as may be amended by the Company and presented to the Employee from time to time, including its anti-harassment and anti-discrimination provisions.

 

9. Term and Termination.

 

9.1 Term. Unless sooner terminated in accordance with this Section 9, this Agreement shall have an initial term of one year beginning on the date hereof and may be extended for an additional one-year period upon mutual agreement of the parties no later than 30 days prior to the one-year anniversary hereof (the “Term”).

 

9.2 Termination. Either party may terminate this Agreement at any time, for any reason or no reason upon thirty (30) days’ written notice to the other party of such termination. Upon termination of this Agreement, the Company shall pay Employee severance consisting of any Salary, vacation days, and unreimbursed expenses accrued but unpaid as of the termination date; provided, however, that if Company terminates this Agreement without cause during the initial year of the Term, such severance shall consist of all unpaid Salary due to Employee for the initial year of the Term and any such accrued vacation days and unreimbursed expenses as of the termination date.

 

 

9.3 Termination Notice. Any written notice of termination (“Termination Notice”) by Employee shall set forth the date and the circumstances forming the basis for such termination. After giving any Termination Notice to the Company, Employee shall fulfil all Services to Company through the date of termination.

 

9.4 Return of Company Property. Employee warrants and agrees that upon termination of his employment for any reason, he will return to Company all files, memoranda, documents, information, and records, including any and all electronically stored copies of the foregoing, as well as laptop computers, cell phones, tablets, pagers, radios, credit cards, keys, badges, and any other property of the Company or its affiliates in Employee’s possession. Employee acknowledges that e-mails are included in Company property and must be returned. To the extent necessary to access Company property, Employee agrees to provide Employee’s passwords or passcodes.

 

10. Equity Trading Schedule. As further consideration for compensation and other benefits provided to Employee under this Agreement, during the Term, Employee shall maintain in force and effect a trading plan under Rule 10b5-1 which shall be subject to the trading schedule set forth on Schedule II to this Agreement (the “Trading Schedule”) and shall refrain from trading in securities of the Company, including purchasing, selling, lending or otherwise hypothecating or granting options on such securities, except in accordance with such Trading Schedule. In the event of termination of this Agreement, the Trading Schedule shall remain in full force and effect through December 31, 2026.

 

11. Transition. Effective upon execution of this Agreement, Employee hereby resigns as President and Chief Executive Officer of Company, and the parties agree that the Executive Employment Agreement is hereby terminated and of no further force or effect. During the Term, Employee shall use his best efforts to support his successor as President and Chief Executive Officer and to ensure the successful transition of the business operations and financial affairs of the Company to such successor and the Company’s management team. This shall include, without limitation, facilitating meetings with representatives of Company’s current and prospective customers and strategic partners as requested, refraining from conduct that involves criticizing disparaging or otherwise defaming the Company or its management to such representatives or the public at large, and providing any reasonably necessary information for development of relationships with such representatives. The parties hereby waive any notice of termination or other requirements under the Executive Employment Agreement, and any provision therein which is inconsistent with or contrary to the provisions of this Agreement shall be deemed waived to the extent necessary to give effect to the terms of this Agreement.

 

12. Full Payment and General Release.

 

12.1. Employee acknowledges, warrants, and represents that he has received all payments he was entitled to receive as wages, salary, bonuses, fees, or other forms of compensation for any and all work performed by him for Company, along with any accrued benefits, through the most recently completed pay period under the terms of the Executive Employment Agreement and that all necessary federal and state taxes and other withholdings, authorized deductions, and other deductions required by law have been deducted from these payments by the Company. Employee further acknowledges, warrants, and represents that he has not performed any work for which he has not been fully compensated or that he has not reported to the Company through the date of this Agreement

 

12.2. Employee hereby releases and forever discharge the Company and its affiliates, directors, officers, and executives from any and all action or claims, which he may have arising out of or in connection with the Executive Employment Agreement or by reason of any matter, act, action, inaction, decision, event, or thing prior to the date you execute this Agreement, including any action or claim in tort, breach of contract or otherwise.

 

 

12.3. This Agreement specifically encompasses, without limitation, those releasable claims that could be brought pursuant to the following statutes: any human rights based state statute applicable in Connecticut, Delaware, or your state of residence; any employment based state statute applicable in Connecticut, Delaware, or your state of residence; Arizona Civil Rights Act, Arizona Employment Protection Act, Arizona wage and hour laws including but not limited to the Arizona Wage Payment Statutes, Arizona Fair Wages and Healthy Families Act; Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq., as amended by the Older Workers Benefit Protection Act; Americans With Disabilities Act, 42 U.S.C. §§ 12101-12213; Employee Retirement Income Security Act (ERISA), 29 U.S.C. § 1001, et seq.; Fair Labor Standards Act, 29 U.S.C. § 201, et seq.; Family and Medical Leave Act, 29 U.S.C. § 2601, et seq.; National Labor Relations Act, 29 U.S.C. § 151, et seq.,; Occupational Safety and Health Act, 29 U.S.C. § 651, et seq.; Rehabilitation Act, 29 U.S.C. § 701, et seq.; Title VII, 42 U.S.C. § 2000(e), et seq., as amended by the Civil Rights Act of 1991; Worker Adjustment Retraining and Notification Act, 29 U.S.C. § 2101, et seq.; and/or, any other federal or state statute that affords consultants and/or employees protections of any kind whatsoever.

 

12.4. Notwithstanding the foregoing provisions of this Section 12, you are not releasing any of your rights to indemnification you may be entitled to under the Executive Employment Agreement, the Company’s organizational documents or other agreements or arrangements, to coverage under the Company’s directors’ and officers’ insurance policy, and to your rights as a holder of Company equity. This provision does not waive your right not waivable by law to file an administrative charge or complaint with any federal or state administrative agencies, or to participate in the investigation of any state or federal agency with respect to issues related to your employment with the Company, although you expressly agree that the releases contained in this agreement waive any right you may have to recover damages or other monetary relief in any lawsuit or other proceeding brought on your behalf or for your benefit by any state or federal administrative agency

 

13.

Miscellaneous.

 

13.1 Remedies. Employee understands and agrees that if Employee breaches or threatens to breach any of the provisions of this Agreement, Company may suffer immediate and irreparable harm and that monetary damages would be an inadequate remedy. Employee agrees that, in the event of such breach or threatened breach of any of the provisions of this Agreement, Company shall have the right to seek injunctive relief from a court to restrain Employee (on a temporary, preliminary or permanent basis) from violating the provisions of this Agreement, and that any such injunctive relief shall be in addition to (and not instead of) any and all other remedies to which Company may be entitled, including money damages. Company shall not be required to post a bond to secure against an imprudently granted injunction (whether temporary, preliminary or permanent).

 

13.2 Assignment. Company may assign or transfer this Agreement in its sole discretion in connection with a merger, acquisition or similar transaction. Employee may not assign its rights or delegate its obligations under this Agreement.

 

 

13.3 Notice. Any notice, invoice or other correspondence between the Parties contemplated in this Agreement, in order to be valid, will be in writing or in written electronic format, and will be sent by U.S. Mail, electronic mail, personal service or express courier to the applicable Party, to one or more of the addresses corresponding to that Party below, or any other address designated by either Party by such notice. Such notices will be deemed delivered upon receipt:

 

If to Company:

Applied Energetics, Inc.

9070 S. Rita Road, Suite 1500

Tucson, Arizona 85747

Attn: Bradford T. Adamczyk, Executive Chairman

badamczyk@appliedenergetics.com

 

With a copy to:

Attn: Mary P. O’Hara, General Counsel, CLO and Secretary

mohara@ appliedenergetics.com

 

If to Employee: To the physical or e-mail address set forth on the signature page of this Agreement or as may be updated by Employee in writing delivered to the Company in accordance with this Section 11.3.

 

13.4 Survival. All provisions of this Agreement which by their nature should survive termination, including, without limitation, Sections 7, 9-12 and 13.9-11, shall continue in full force and effect upon any termination of this Agreement.

 

13.5 Successor and Assigns. This Agreement and the rights and obligations created hereunder shall be binding upon and shall inure to the benefit of the Parties and their respective successors and assigns.

 

13.6 Entire Agreement; Amendment. This Agreement and the PIIA embody the entire agreement of the Parties hereto and supersedes all prior written and oral agreements and understandings between the Parties with respect to the subject matter hereof.

 

13.7 Severability. If any term, provision or condition, or any part thereof, of this Agreement shall for any reason be found or held invalid or unenforceable by any court or governmental agency of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder of such term, provision or condition nor any other term, provision or condition, and this Agreement shall survive and be construed as if such invalid or unenforceable term, provision or condition had not been contained therein.

 

13.8 Headings. The headings of sections herein are inserted for convenience of reference only and shall be ignored in the construction or interpretation hereof.

 

13.9 Governing Law. This Agreement shall be governed by, and interpreted and construed in accordance with, the law of the State of Arizona, without regard to principles of conflict of laws. All legal suits, actions or proceedings arising out of or relating to this Agreement shall be brought exclusively in the state or federal courts situated in the County of Pima, State of Arizona.

 

13.10 No Implied Waiver. No failure or delay on the part of the Parties hereto to exercise any right, power, or privilege hereunder or under any instrument executed pursuant hereto shall operate as a waiver; nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. All rights and remedies granted herein shall be in addition to other rights and remedies to which the Parties may be entitled at law or in equity.

 

 

13.11 Further Assurances. Employee agrees to execute and deliver such other documents, certificates, agreements, and other writings, and to take such other actions, as may be reasonably necessary or desirable in order to consummate or implement expeditiously the transactions contemplated by this Agreement.

 

13.12 Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile or e-mailed PDF), each of which shall be deemed an original, but which together shall constitute one and the same instrument and will become effective when one or more such counterparts have been signed by each Party and delivered to the other Party.

 

13.13 Attorneys’ Fees. Parties agree that if legal action is commenced by either party to enforce the terms of this Agreement, the non-prevailing party will be liable for the prevailing party’s reasonable attorneys’ fees and costs.

 

[signature page follows]

 

 

By signing this Agreement below, (1) each Party agrees to be bound by each of its terms, (2) each Party acknowledges that such Party has read and understood this Agreement and the important restrictions it imposes upon such Party, and (3) each Party represents and warrants to the other Party that the warranting Party has had ample and reasonable opportunity to consult with legal counsel of Party’s own choosing and own expense and understands its terms, including that it places significant obligations on the Parties.

 

Applied Energetics, Inc.:

Employee:

 

By:	/s/ Bradford T. Adamczyk		By:	/s/ Gregory J. Quarles
Name:	Bradford T. Adamczyk			Gregory J. Quarles
Title:	Executive Chairman			4729 E Sunrise Tucson, AZ 85718 E-mail: gquarles@appliedenergetics.com

 

 

7

 

Exhibit 99

 

Applied Energetics, Inc

 

Applied Energetics Names Chris Donaghey President and CEO

 

Tucson, Ariz., November 25, 2024 – Applied Energetics, Inc. (OTCQB: AERG),  a leader in the field of advanced optical technologies and ultrashort pulse laser (USPL) technologies, today announced that its Board of Directors has elected Chris Donaghey as the company’s new president and chief executive officer, effective November 25, 2024.

 

 

 

A respected defense industry veteran and seasoned operator, Donaghey brings more than two decades of experience with leading defense companies focused on advancing emerging technology and innovation into mission critical applications for national security. Since August 2022, he has served as the company’s Chief Financial Officer and Chief Operating Officer. Donaghey will continue to serve as the company’s principal financial officer on an interim basis.

 

Applied Energetics Executive Chairman Brad Adamczyk said, “We are pleased to announce Chris as our new Chief Executive. Chris is a dynamic business leader with a deep understanding of the industry, our customers’ needs and our operations. His diverse set of experiences in the defense industry, coupled with his keen understanding of the need for cutting-edge solutions to address the urgent threats to our national security, make him ideally suited to lead the company during its next phase of growth and customer adoption. We have every confidence in his ability to guide Applied Energetics and drive the company’s long-term success.”

 

“I deeply value the board’s confidence in me and am grateful for the opportunity to lead the Applied Energetics team forward,” said Mr. Donaghey. “I am honored to succeed Greg, who has built one of the best positioned portfolios of optical and ultrashort pulse laser technologies for defense and commercial applications. As a leadership team, we are focused on accelerating Applied Energetics’ transition from early-stage research and development to deployable products, achieving critical milestones as we deliver on our existing customer contracts, and look to secure additional opportunities and industry partnerships. I am looking forward to building on the significant progress we have achieved to date, and to exceed the expectations of our customers, employees and shareholders.”

 

 

Applied Energetics, Inc

 

Donaghey succeeds Dr. Gregory Quarles, who is stepping down as CEO from the company, having served as president, CEO, and as a member of Applied Energetics’ Board of Directors since 2019. Prior to joining Applied Energetics full time, Greg was a member of the Applied Energetics Scientific Advisory Board beginning in 2017. Dr. Quarles will transition to a newly created position as both CEO Emeritus and Executive for Government and Institutional Relations, responsible for engagement with US Government decision makers and influencers on AE capabilities, DoD budget planning, maintaining and building other key partner and congressional relationships, and to ensure a smooth transition for the organization.

 

During his tenure as CEO, Dr. Quarles has been instrumental in transforming the company’s strategy, structure and organization, and establishing a strong foundation for the future. Since the appointment of Dr. Quarles, the company acquired Applied Optical Sciences, Inc., an innovator in photonics and advanced USP laser development, relocated its headquarters to a purpose-built advanced laser technology facility at the UA Tech Park, and significantly enhanced the scientific and technical teams. These successful strategic initiatives have been essential in securing and supporting the company’s three current DoD contract awards, funded by three different military branches, and designed to address critical customer missions utilizing Directed Energy technical innovation.

 

“On behalf of the board and our shareholders, we would like to thank Greg for his outstanding leadership and contributions during the last eight years, “commented Brad Adamczyk, Executive Chairman of Applied Energetics. “He joined the company at a critical point in its transformation, shaping the company’s portfolio to meet the challenges of today’s global security environment and demonstrating a strong commitment to the customer. Greg has made remarkable contributions as the leader of Applied Energetics, leaving the company far better positioned for success.”

 

“I am proud of and grateful to the team we have built at Applied Energetics and the tenacity and resilience they demonstrated as we worked through an incredibly ambitious and challenging transformation. We have quite literally reset the company for the future, and we believe we are in position to lead our industry for decades to come,” said Dr. Greg Quarles. “I have had the pleasure of working closely with Chris for several years. He is a proven leader, and I look forward to working closely with Chris and our leadership team as they continue the momentum we have built.”

 

Chris Donaghey Biography

 

Donaghey, 52, is an experienced executive with a proven track record in delivering profitable growth, including extensive experience within the defense industry. He joined Applied Energetics in August 2022, serving as the company’s Chief Financial Officer and Chief Operating Officer where he led all aspects of Applied Energetics financial strategy, performance, reporting and long-range business planning, as well as investor relations, treasury, controller, and audit operations. Prior to Applied Energetics, Donaghey served as senior vice president and head of corporate development for Science Applications International Corporation (SAIC), a defense and government agency technology integrator. In this role, Donaghey was responsible for executing the company’s mergers and acquisitions (M&A) and strategic ventures strategy working closely with the senior management team to support SAIC’s strategic plan with an emphasis on M&A and external emerging technology investments. Donaghey is also a Founder and Executive Chairman of the Silicon Valley Defense Group, a non-profit organization whose mission is to connect the people, capital, and ideas that will ensure allied democracies retain a durable technol-security advantage.

 

 

Applied Energetics, Inc

 

Prior to joining SAIC, Donaghey was vice president of Corporate Strategy and Development for KeyW Corporation, a national security solutions provider for the Intelligence, Cyber and Counterterrorism Communities, where he guided the overall corporate strategy, M&A, and capital markets activities. Donaghey was also a senior research analyst for SunTrust Robinson Humphrey Capital Markets where he provided investment advice and insight to institutional investors covering public defense technology, government IT services, and commercial aerospace industries. During his tenure at SunTrust, Donaghey was ranked the number one defense analyst and number two analyst overall for stock selection by Forbes/Starmine in 2005 and was named in the Wall Street Journal Best on the Street survey in 2005, 2008, and 2009.

 

Donaghey earned his bachelor’s degree in mechanical engineering from Texas Tech University and served as an officer in the U.S. Navy.

 

About Applied Energetics, Inc.

 

Applied Energetics, Inc., a leader in Advanced Optical Technologies and Ultrashort Pulse Directed Energy Solutions, utilizes patented, dual-use laser and optical technologies to advance critical industries, including defense, national security, biomedical and manufacturing. Applied Energetics pioneered and holds all crucial intellectual property rights to the development and use of Laser Guided Energy technology and related solutions for defense, security, commercial, and medical applications.

 

Forward Looking Statements

 

Certain statements in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to the historical or current facts and can be identified by the use of forward-looking words such as “may,” “believe,” “will,” “expect,” “project,” “anticipate,” “estimates,” “plans,” “strategy,” “target,” “prospects,” or “continue,” and words of similar meaning. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition and may cause our actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. We do not assume any obligation to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting such forward-looking statements.

 

Applied Energetics, Inc. Investor information contact:

 

Kevin McGrath, Managing Director
Cameron Associates, Inc.
kevin@cameronassoc.com
T: 646-418-7002

 

SOURCE: Applied Energetics, Inc.

 

 

 

v3.24.3

Cover	Nov. 25, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 25, 2024
Entity File Number	001-14015
Entity Registrant Name	APPLIED ENERGETICS, INC.
Entity Central Index Key	0000879911
Entity Tax Identification Number	77-0262908
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	9070 S Rita Road,
Entity Address, Address Line Two	#1500
Entity Address, City or Town	Tucson
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85747
City Area Code	520
Local Phone Number	628-7415
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	AERG
Security Exchange Name	NONE
Entity Emerging Growth Company	false

---