<SEC-DOCUMENT>0001753926-20-000201.txt : 20200722
<SEC-HEADER>0001753926-20-000201.hdr.sgml : 20200722
<ACCEPTANCE-DATETIME>20200722171516
ACCESSION NUMBER:		0001753926-20-000201
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200722
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20200722
DATE AS OF CHANGE:		20200722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEARONE INC
		CENTRAL INDEX KEY:			0000840715
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				870398877
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33660
		FILM NUMBER:		201042061

	BUSINESS ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116
		BUSINESS PHONE:		8019757200

	MAIL ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEARONE COMMUNICATIONS INC
		DATE OF NAME CHANGE:	20020204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER ELECTRONICS CORP
		DATE OF NAME CHANGE:	19910808
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">UNITED STATES</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM 8-K</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CURRENT REPORT</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Date of report (Date of earliest event reported): </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">July 22</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">, 2020 (July 16, 2020)</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold; text-decoration: underline;">ClearOne, Inc.</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Exact name of registrant as specified in its charter)</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Delaware</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">001-33660</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">87-0398877</font></p>
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<p style="margin: 0pt 0pt 0pt 2.25pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(State or Other Jurisdiction</font></p>
<p style="margin: 0pt 0pt 0pt 2.25pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">of Incorporation)</font></p>
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<p style="margin: 0pt 0pt 0pt 2.25pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Commission</font></p>
<p style="margin: 0pt 0pt 0pt 2.25pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">File Number)</font></p>
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<p style="margin: 0pt 0pt 0pt 1.5pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Identification No.)</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">5225 Wiley Post Way, Suite 500, Salt Lake City, Utah</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">84116</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Address of principal executive offices)</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">+1 (801) 975-7200</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Registrant&#8217;s telephone number, including area code)</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Not applicable</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Former name or former address, if changed since last report)</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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:</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">[</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">]</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company [</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">]</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. [</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">]</font></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="margin: 0pt 7.5pt 0pt 72pt; text-indent: -72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 5.02</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>
<p style="margin: 0pt 0pt 0pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">July 16, 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Board of Directors (the &#8220;Board&#8221;) of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ClearOne, Inc. (the &#8220;Company&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">increased the size of the Board from </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">four (4) to five (5)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> persons and elected </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Lisa Higley</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as a member of the Board effective as of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">July </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to serve a term </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">expiring at the next annual meeting of stockhol</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ders of the Company or until her</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> earlier death, resignation or removal. </font></p>
<p style="margin: 6pt 0pt 0pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ms. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Higley has been self-employed as a CPA </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">since June </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2009.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Previously, she was </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the CFO for Daisy D&#8217;s Paper Company </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">March 2007</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> until </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">January 2009</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, where she</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">managed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> all aspects of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">company&#8217;s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial and accounting responsibilities. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Additionally, Ms. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Higley was the CFO for Tunex from April 2006 to March 2007 where she was accountable for all</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> financial</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> aspects </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the corporation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Prior to that, Ms. Higley was a staff tax accountant at Wisen, Smith, Racker &amp; Prescott LLP from February 2004 to April 2006. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ms. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Higley</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> earned her Bachelor of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Science</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accounting</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> from the University of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Oregon</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and her MBA from </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Utah State University</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and has been a Utah CPA since </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2004</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin: 6pt 0pt 0pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Arial; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Ms. Higley is the daughter of Edward D. Bagley. Mr. Bagley is a significant stockholder of the Company who also performs consulting services to the Company and is the lender under a $3 million secured convertible note issued by the Company in December 2019. The Board has determined that Ms. Higley is not an independent director under Section 5605 of the NASDAQ Stock Market Rules.</font> <br></font></p>
<p style="margin: 6pt 0pt 0pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">All directors are eligible to receive equity awards under the Company&#8217;s equity compensation plans if, as and when such awards may be determined by the Board or its compensation committee</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. All directors are reimbursed by the Company for their out-of-pocket travel and related expenses incurred in attending all Board and committee meetings.</font></p>
<p style="margin: 6pt 0pt 0pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Except as set forth above, t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">here are no agreements or understan</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dings between the Company and Ms</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Higley in respect of her</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> service as a director of the Company, nor are ther</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e any transactions in which Ms. Higley </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">has any interests that are subject to disclosure by the Company as related person transactions pursuant to Item 404(a) of Regulation S-K.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">CLEARONE, INC.</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">July 22</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2020</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">/s/ Zeynep Hakimoglu</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Zeynep Hakimoglu</font></p>
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<p style="margin: 0pt 0pt 0pt 1.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Executive Officer</font></p>
<p style="margin: 0pt 0pt 0pt 1.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Principal Executive Officer)</font></p>
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