iLearningEngines, Inc. (NASDAQ:AILE), a provider of prepackaged software solutions, has announced a series of compensation adjustments for its top executives, as per a recent 8-K filing with the Securities and Exchange Commission. Effective from Thursday, August 22, 2024, the company's Compensation Committee has approved significant salary increases and established target bonuses for the 2024 fiscal year.
Chief Financial Officer and Treasurer S. Farhan Naqvi's annual salary has been raised from $300,000 to $450,000 with a target bonus of $159,836 for the fiscal year. Similarly, President and Chief Business Officer Balakrishnan Arackal's salary has increased from $350,000 to $500,000, with a bonus target of $177,596. Chief Legal Officer, Executive Vice President - Corporate Affairs and Secretary David Samuels will now earn a base salary of $450,000, up from $350,000, with the same bonus target as Naqvi. Senior Vice President - Technology and Products Ramakrishnan Parameswaran has seen his salary double from $100,000 to $200,000, with a target bonus of $53,279.
The bonuses for FY 2024 are contingent upon the company meeting specific revenue and Adjusted EBITDA targets for the year. The Board reserves the right to pay these incentives in either cash or equity.
In addition to these adjustments, the Compensation Committee has also approved one-time cash bonuses for these executives. Naqvi and Arackal will receive $50,000 and $58,000 respectively, while Samuels and Parameswaran will each get $33,000. These one-time bonuses are subject to standard income tax withholding and employment taxes.
The company, headquartered in Bethesda, Maryland, and incorporated in Delaware, is recognized under the SIC code for Services-Prepackaged Software (7372). These latest compensation developments follow the company's name change from Arrowroot Acquisition Corp. on December 10, 2020. The fiscal year for iLearningEngines ends on December 31.
This news is based on information contained in a press release statement from iLearningEngines, Inc.
In other recent news, AI-centric firm iLearningEngines has successfully secured an additional $20 million in funding, supplementing its existing Loan and Security Agreement. This move follows the full utilization of a previously established $40 million senior secured revolving credit facility. The extra funding was obtained via an uncommitted accordion feature in the original loan agreement, extending the revolving commitments by up to $20 million, subject to lender approval.
The syndicate of lenders now includes Valley National Bank and East West Bank. The term of the Revolving Facility is set for three years, with the interest on outstanding loans tied to the Adjusted Term SOFR rate plus a 3.50% per annum, maintaining a floor of 4.00%. These recent developments have been met with optimism by iLearningEngines CEO Harish Chidambaran and East West Bank Senior VP Jack Grady, both foreseeing a positive impact on the company's growth plans.
iLearningEngines, known for its AI applications and use cases via its proprietary platform, continues to cater to a global customer base across sectors including healthcare, education, and public services. The company's No Code AI canvas focuses on rapid deployment and scaling of AI solutions, with an emphasis on data security and compliance.
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