Management Change/Compensation - Form 8-K

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

On April 15, 2024, Kopin Corporation (the "Company") and Michael Murray, President and Chief Executive Officer of the Company, executed a new employment agreement with an effective date of April 15, 2024 (the "Employment Agreement") to continue in his current role and serve as Chief Executive Officer and President. Under the Employment Agreement, Mr. Murray will receive an annual base salary of $495,000 with eligibility for a target bonus of 100% of base salary up to a maximum of 150% base salary based on a formula and the determination of achievement of goals as determined by the Board.

Mr. Murray is also eligible for the Company's standard benefits package and to participate in all applicable group employee benefit plans and programs offered. Mr. Murray is eligible to receive equity awards covering the Company's common stock. As of the effective date of the Employment Agreement, Mr. Murray is no longer eligible to participate in the executive stock program applicable to other senior executives of the Company. Provided that Mr. Murray continues to be employed by the Company on the date of a Change of Control (as defined in the Employment Agreement), all outstanding equity awards held by Mr. Murray immediately prior to the effective date of a Change of Control which vest based upon his continued service over time shall accelerate, become fully vested and/or exercisable, as the case may be, immediately prior to the Change of Control, and all outstanding equity awards held immediately prior to the Change of Control which vest based upon attainment of performance criteria shall vest based on target performance immediately prior to the change of control.

The foregoing description of the material terms of theEmployment Agreement does not purport to be acomplete description of the Employment Agreementand is qualified in its entirety by reference to the Employment Agreement, which will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ended March 30, 3024.